Question 1

How much in assets do I need for a Baldwin Park home?

Accepted Answer

Plan on 2-3x the loan amount in liquid assets. For a $500K loan, expect $1M-$1.5M minimum to qualify and keep adequate reserves.

Question 2

Can I use my 401(k) for asset depletion qualifying?

Accepted Answer

Yes, but lenders discount retirement accounts 30-40% for early withdrawal penalties. A $1M IRA counts as $600K-$700K in qualifying assets.

Question 3

Do I actually deplete my assets to get this loan?

Accepted Answer

No. The assets stay in your accounts. Lenders just use the balance to calculate theoretical monthly income for qualifying purposes.

Question 4

What if my assets are in foreign accounts?

Accepted Answer

Most lenders accept foreign accounts with proper documentation. You'll need English translations of statements and verification the funds can transfer to the US.

Question 5

How does asset depletion compare to stated income loans?

Accepted Answer

Stated income loans no longer exist after 2008. Asset depletion requires full documentation of assets, just not employment income.

Asset Depletion Loans in Baldwin Park: Qualify Using Your Portfolio, Not Your Paystub