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San Rafael attracts high-net-worth buyers with substantial portfolios but limited W-2 income. Asset depletion loans were built for exactly this borrower.
Marin County real estate runs expensive. Qualifying on paper income alone rules out a lot of legitimate buyers who are sitting on serious wealth.
680+
Typical Min Credit Score
None (assets only)
Income Docs Required
60-90 days
Asset Seasoning
Non-QM
Loan Type
Typically higher
Rate vs Conventional
Asset Depletion Loans in San Rafael
Lenders take your liquid assets — brokerage accounts, savings, retirement funds — and divide them over a set term, typically 60 to 360 months. That math becomes your monthly income.
Most lenders want at least 12 months of reserves after closing. Credit requirements vary, but 680 or above puts you in a much stronger position.
Asset depletion is a non-QM product. Most big retail banks don't offer it. You need a broker with access to wholesale non-QM lenders — and there are real differences between them.
Asset types each lender accepts vary widely. Some count crypto. Others won't touch anything outside FDIC-insured accounts. The terms matter as much as the rate.
The deals I see fail here usually come down to asset documentation. Lenders want 2-3 months of statements showing the funds are seasoned — not a recent transfer from another account.
Vesting matters too. Assets held in a trust or LLC aren't always counted the same way. Get your documentation organized before you apply, not during underwriting.
Bank statement loans work well for self-employed borrowers with active business income. Asset depletion fits better when income has stopped — retired, semi-retired, or living off investments.
DSCR loans are the right call if you're buying a rental property. Asset depletion is the play for a primary or second home purchase in San Rafael where cash flow isn't part of the equation.
San Rafael sits in one of California's most affluent counties. Retirees, executives, and business owners who've sold companies are common borrowers here — all strong asset depletion candidates.
Marin properties often appraise high, and loan amounts frequently push into jumbo territory. Many non-QM lenders can stack asset depletion with jumbo guidelines to cover larger purchases.
Checking, savings, brokerage, and retirement accounts typically qualify. Retirement accounts are usually counted at 60-70% of their value.
Yes. Asset depletion works for primary residences and second homes. Investment properties usually require a DSCR loan instead.
Most lenders require 60-90 days of account history. Assets moved in recently often trigger additional scrutiny from underwriting.
Not always. Some lenders qualify you entirely on assets. Others want at least nominal income to support the file.
Yes, typically. Non-QM pricing runs above conventional. Rates vary by borrower profile and market conditions.
Sometimes. The borrower usually needs to be a named trustee with distribution rights. Lender requirements differ significantly.