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Asset Depletion Loans in Maywood
Maywood's housing stock sits in the $400K-$650K range, making it accessible for asset-rich borrowers. Most lenders require 12-24 months of documented liquid assets to qualify.
This loan works for retirees, trust beneficiaries, and investors who have wealth but no W-2. Maywood's small-lot homes fit perfectly within typical asset depletion loan limits.
Lenders divide your total liquid assets by 360 months to calculate qualifying income. A $500K portfolio can generate roughly $1,400/month in qualifying income.
You need $200K+ in liquid assets to make this work in Maywood. Credit scores start at 620, but 680+ gets better rates.
Eligible assets include checking, savings, stocks, bonds, and retirement accounts. Most lenders apply a 60-70% haircut to retirement funds.
Down payment runs 10-20% depending on credit and asset profile. Higher reserves strengthen your application when assets are borderline.
Asset depletion sits in the non-QM space, so you won't find it at Wells Fargo or Chase. About 30 of our 200+ lenders offer these programs.
Rates typically run 1-2% above conventional due to the non-traditional qualification. Expect 7.5-9% in current markets, varying by profile.
Some lenders cap at $1M loan amounts while others go to $2M+. Maywood purchases rarely hit these limits, giving you more lender options.
I see this loan work best for three profiles: retirees downsizing into Maywood, beneficiaries of settlements or inheritance, and business owners whose tax returns don't reflect cash flow. The calculation is straightforward but documentation is strict.
The biggest mistake borrowers make is pulling money from accounts before applying. Don't touch those assets until after closing—every withdrawal triggers questions.
Seasoning matters. Lenders want to see assets sitting in accounts for 2-3 months minimum. A sudden $300K deposit two weeks before application kills most deals.
Bank statement loans work better if you have business revenue but low assets. DSCR loans make sense if you're buying Maywood investment property—no personal income needed.
Asset depletion beats bank statements when you're retired or between careers. It's cleaner than explaining business deposits and profit margins.
Foreign national loans overlap with this if you're not a US citizen but have substantial assets. Some lenders combine both programs.
Maywood sits just 7 miles southeast of downtown LA with mainly single-family homes built pre-1960. Appraisals rarely fall through here due to the established neighborhood character.
Property taxes run about 1.1% in LA County, lower than some neighboring cities. Your asset depletion calculation needs to account for PITI when lenders qualify you.
Most Maywood purchases are primary residences or family transfers. Investment property rules differ—lenders may require higher reserves or different asset ratios.
Checking, savings, stocks, bonds, mutual funds, and retirement accounts like 401(k) or IRA. Most lenders apply a 30-40% discount to retirement funds since they're not immediately accessible.
Yes, but lenders typically value your IRA at 60-70% ($240K-$280K) due to early withdrawal penalties. This generates roughly $670-$780 monthly in qualifying income based on a 360-month calculation.
30-45 days on average. Verification of assets adds time compared to conventional loans, especially if you hold accounts at multiple institutions.
Yes, most lenders require 6-12 months of reserves after closing. These reserves can be part of the same asset pool used for qualification.
Asset depletion rates run 1-2% higher than conventional mortgages. Strong credit and larger down payments get you closer to the lower end of that range.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.