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La Mirada sits in Los Angeles County, where the median household income is $87,760. That income supports homes in the $400,000 to $550,000 range comfortably.
The conforming loan limit for La Mirada in 2026 is $1,249,125. Most purchases here fall well below that ceiling. If you have substantial savings but modest recent income, asset depletion counts your liquid assets as qualifying income, letting you buy now...
620+
Minimum FICO
10–20%
Typical down payment
45–60 days
Underwriting timeline
$1,249,125
2026 conforming limit
Asset Depletion Loans in La Mirada
Asset depletion loans typically require 620+ FICO and 10% to 20% down. The lender divides your liquid assets by 360 months (30 years) and counts that monthly figure as income. A $300,000 savings account becomes roughly $833 per month in qualifying income.
Los Angeles County's median household income of $87,760 translates to roughly $7,313 per month gross. An asset depletion borrower with $250,000 in savings plus $2,000 monthly income qualifies on approximately $2,694 in total monthly income.
Local decision guide
Use this guide to connect asset depletion loans eligibility, lender expectations, and local market factors before comparing payment options in La Mirada.
La Mirada sits in Los Angeles County, where the median household income is $87,760. That income supports homes in the $400,000 to $550,000 range comfortably.
The conforming loan limit for La Mirada in 2026 is $1,249,125. Most purchases here fall well below that ceiling. If you have substantial savings but modest recent income, asset depletion counts your liquid assets as qualifying income, letting you buy now...
Asset depletion loans typically require 620+ FICO and 10% to 20% down. The lender divides your liquid assets by 360 months (30 years) and counts that monthly figure as income. A $300,000 savings account becomes roughly $833 per month in qualifying income.
Asset depletion loans are a niche product. Most retail banks and large lenders don't offer them. Brokers and portfolio lenders — institutions that hold loans on their own books — are the primary source.
Underwriting takes 45 to 60 days because the lender must verify asset history, document the depletion calculation, and confirm liquid funds are truly available. Appraisals and title work proceed on a standard timeline.
Asset depletion loans make sense in La Mirada for retirees with $250,000+ in liquid savings and minimal W-2 income. If you're 62+, have a paid-off rental property, and $400,000 in a brokerage account, this program lets you buy a primary residence without...
They don't work for buyers with modest savings and strong income. If you earn $120,000 annually and have $50,000 saved, conventional financing is faster, cheaper, and simpler.
Conventional loans require documented income — W-2s, tax returns, or 1099s. Asset depletion loans count savings instead. If your income is too low to qualify conventionally but your liquid assets are substantial, asset depletion is the only path.
FHA loans also accept lower income but require mortgage insurance for life if down payment is under 10%. Asset depletion loans at 15% down carry no mortgage insurance.
La Mirada is a stable, family-oriented community in northwest Los Angeles County. The city has good schools, parks, and proximity to employment centers in Orange County and Long Beach.
The area has limited new construction and steady demand from families and downsizers. Homes typically stay on market 30 to 45 days. That pace gives asset depletion borrowers time to close without pressure, since underwriting takes 45 to 60 days.
Lenders divide your liquid assets by 360 months. A $300,000 savings account becomes $833 monthly income. They combine that with any W-2 or 1099 income you have. The total qualifies you for a loan amount.
No. The lender counts the assets as income but doesn't require you to deplete them. Your down payment comes from savings, but the remaining balance stays invested and continues to generate the qualifying income.
Most lenders require 620+ FICO. Some portfolio lenders go as low as 600 with compensating factors like substantial liquid assets or a co-borrower with stronger credit.
Underwriting takes 45 to 60 days because the lender must verify asset history and document the depletion calculation. Closing typically occurs 60 to 75 days from application.
Yes. Rates run 0.25% to 0.5% higher than conforming conventional because the income is synthetic and the borrower pool carries higher risk. Call for today's quote.