Question 1

What assets can I use to qualify?

Accepted Answer

Checking, savings, brokerage, and vested retirement accounts typically qualify. Retirement accounts are usually counted at 70% of their value.

Question 2

Can I use an asset depletion loan for a second home in Bishop?

Accepted Answer

Yes. Second homes are eligible. Expect a slightly higher rate than a primary residence. Rates vary by borrower profile and market conditions.

Question 3

How is my monthly income calculated?

Accepted Answer

Lenders divide your total eligible assets by a set term — often 60 to 84 months. That figure becomes your qualifying monthly income.

Question 4

Do I need a job to get this loan?

Accepted Answer

No. That's the point of asset depletion. You can qualify with zero employment income if your assets are large enough.

Question 5

What credit score do I need in Inyo County?

Accepted Answer

Most lenders require 680 or higher for asset depletion loans. Higher scores help you access better rates and terms.

Question 6

Are these loans harder to close in rural areas like Bishop?

Accepted Answer

Appraisals can be trickier in rural markets. Work with a broker who knows which lenders are comfortable with Eastern Sierra properties.

Asset Depletion Loans in Bishop, CA