Question 1

What types of assets count for qualification?

Accepted Answer

Checking, savings, and brokerage accounts typically qualify. Retirement accounts count at a reduced value, usually 60-70% of the balance.

Question 2

Can I use asset depletion for a vacation home in Lakeport?

Accepted Answer

Yes, but second-home transactions carry stricter reserve requirements. Expect lenders to require more post-close assets.

Question 3

How is my qualifying income calculated?

Accepted Answer

Lenders divide eligible assets by a set term — often 360 months. A $1.8M asset base could generate $5,000 in qualifying monthly income.

Question 4

Do I need any employment history?

Accepted Answer

No. Asset depletion loans don't require employment. You qualify entirely on documented liquid assets.

Question 5

Are rates higher than conventional loans?

Accepted Answer

Yes, non-QM loans carry a rate premium over conventional products. Rates vary by borrower profile and market conditions.

Question 6

How long does it take to close in Lakeport?

Accepted Answer

Non-QM loans in rural counties can take 30-45 days. Appraisal scheduling in Lake County adds time — build that into your purchase contract.

Asset Depletion Loans in Lakeport, CA