Question 1

How much in assets do I need for a Beverly Hills home purchase?

Accepted Answer

Requirements vary by property price and loan amount. Most lenders want to see assets totaling at least twice the loan amount after down payment and reserves. Rates vary by borrower profile and market conditions.

Question 2

Can I use retirement accounts to qualify for asset depletion loans?

Accepted Answer

Yes, most lenders accept 401(k), IRA, and other retirement accounts. Some lenders count 100% of the balance while others apply a discount factor of 60-70% depending on account type.

Question 3

Do asset depletion loans have higher interest rates than conventional mortgages?

Accepted Answer

Asset depletion loans typically carry slightly higher rates as non-QM products. However, competitive rates are available for borrowers with strong credit and substantial assets. Rates vary by borrower profile and market conditions.

Question 4

How long does approval take for asset depletion loans in Beverly Hills?

Accepted Answer

Timeline is often faster than traditional loans since there is less income documentation. Most asset depletion loans close within 30-45 days once you provide complete asset statements.

Question 5

Can I refinance my Beverly Hills home with an asset depletion loan?

Accepted Answer

Yes, asset depletion loans work for both purchases and refinances. This option helps retirees or business owners access equity without providing tax returns or employment verification.

Asset Depletion Loans in Beverly Hills: Qualify Using Your Wealth, Not Your Paycheck