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Westmorland sits in Imperial County — a rural, agricultural area where many residents don't draw a W-2 paycheck. Asset depletion loans are built exactly for that profile.
This is a non-QM loan. That means it falls outside standard government guidelines. Lenders calculate income by dividing your liquid assets over a set term instead of using pay stubs.
680 (typical)
Min Credit Score
20%+ common
Down Payment
Not required
Income Docs
2-3 months
Asset Statements
Asset Depletion Loans in Westmorland
Lenders take your eligible liquid assets — think savings, brokerage accounts, retirement funds — and divide them by the loan term in months. That result becomes your qualifying income.
Credit requirements vary by lender. Most want at least a 680 score. Down payments typically start at 20%. Rates vary by borrower profile and market conditions.
Local decision guide
Use this guide to connect asset depletion loans eligibility, lender expectations, and local market factors before comparing payment options in Westmorland.
Westmorland sits in Imperial County — a rural, agricultural area where many residents don't draw a W-2 paycheck. Asset depletion loans are built exactly for that profile.
This is a non-QM loan. That means it falls outside standard government guidelines. Lenders calculate income by dividing your liquid assets over a set term instead of using pay stubs.
Lenders take your eligible liquid assets — think savings, brokerage accounts, retirement funds — and divide them by the loan term in months. That result becomes your qualifying income.
Most retail banks don't offer asset depletion loans. This product lives in the wholesale and non-QM lender space. You won't find it at a standard branch window.
SRK CAPITAL works with 200+ wholesale lenders. That reach matters here — asset depletion guidelines vary significantly from one lender to the next.
The biggest mistake I see: borrowers assuming all assets count equally. Some lenders discount retirement accounts by 30-40% before calculating income. That changes your qualifying number fast.
Document everything before you apply. Recent statements — usually 2-3 months — are required. Lenders need to verify the assets are liquid and accessible, not tied up or pledged.
Bank statement loans are the closest alternative. Both are non-QM. But bank statement loans work better for self-employed borrowers with consistent cash flow. Asset depletion fits retirees or those with large lump-sum holdings.
DSCR loans serve rental property investors. If you're buying an income-producing property in Imperial County, that program may produce a stronger approval than asset depletion.
Imperial County has a strong agricultural economy. Landowners, farm operators, and retired growers often hold significant assets without showing consistent income. Asset depletion was designed for exactly this borrower.
Rural properties in Westmorland can complicate appraisals. Fewer comparable sales mean slower underwriting. Factor in extra time when planning your purchase or refinance timeline.
Savings, brokerage accounts, and retirement funds typically qualify. Illiquid assets like real estate or business equity usually do not count.
Lenders divide your total eligible assets by the loan term in months. That monthly figure becomes your qualifying income for underwriting.
Farmland often has appraisal challenges that affect loan approval. The qualifying income calculation works fine — the property type is the variable to watch.
No. The assets just need to exist and be accessible. Lenders verify them on paper — you don't liquidate anything to qualify.
Conventional loans require documented income like pay stubs or tax returns. Asset depletion is non-QM and skips that requirement entirely.