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Quincy sits in Plumas County, where the Treasure Canyon gold mine project is bringing infrastructure investment to the region. The median household income here is $64,946, which stretches to cover homes in the mid-range comfortably.
Asset Depletion Loans let you convert retirement savings into qualifying income. This opens doors for buyers who have assets but limited employment income.
620+
Minimum FICO
10% to 20%
Down Payment Range
45–60 days
Typical Approval
$64,946
County Median Income
Asset Depletion Loans in Quincy
Asset Depletion Loans use a formula that converts liquid retirement assets into monthly income. Lenders typically require 620+ FICO and allow you to count 60% of accessible savings as annual income.
Down payments range from 10% to 20% depending on the lender and your total asset position. The county's median income of $64,946 means a typical buyer here can support a purchase in the $350,000 to $450,000 range.
Local decision guide
Use this guide to connect asset depletion loans eligibility, lender expectations, and local market factors before comparing payment options in Quincy.
Quincy sits in Plumas County, where the Treasure Canyon gold mine project is bringing infrastructure investment to the region. The median household income here is $64,946, which stretches to cover homes in the mid-range comfortably.
Asset Depletion Loans let you convert retirement savings into qualifying income. This opens doors for buyers who have assets but limited employment income.
Asset Depletion Loans use a formula that converts liquid retirement assets into monthly income. Lenders typically require 620+ FICO and allow you to count 60% of accessible savings as annual income.
Asset Depletion Loans are a niche product offered by a handful of portfolio lenders and credit unions. Retail banks rarely carry them because the underwriting is specialized and the loans stay in-house.
Approval timelines run 45 to 60 days because the lender must verify asset documentation thoroughly. Expect to provide bank statements, brokerage statements, and proof of account ownership dating back several months.
Asset Depletion Loans make sense for Quincy buyers who are retired or semi-retired with solid savings but no W-2 income. If you have $200,000 in a brokerage account and $50,000 annual Social Security, this program bridges the gap.
They don't work well if your assets are illiquid or if you need to preserve every dollar for living expenses. The lender will count a portion of your savings as income, which reduces what you can actually spend later.
Conventional loans require documented income—W-2s, tax returns, or pay stubs. Asset Depletion Loans skip that requirement and use your savings instead, which helps buyers without recent employment.
The tradeoff is a higher rate and stricter down-payment rules. Conventional loans at 20% down carry no mortgage insurance; Asset Depletion Loans typically require PMI even with substantial equity.
Feather River College's Upward Bound program is connecting Plumas County students to UC Davis and other universities. That kind of educational access matters for families planning to stay in the region long-term.
The new state park along the Feather River in nearby Yuba County signals regional recreation investment. Outdoor access and infrastructure upgrades support property values in Quincy and surrounding areas.
Yes. Asset Depletion Loans convert a portion of your liquid retirement accounts into qualifying income. The lender typically counts 60% of accessible savings as annual income for approval.
Most lenders require a minimum FICO of 620. Some portfolio lenders will work with scores in the 600–619 range if your assets are strong and your debt is minimal.
No. Asset Depletion Loans are designed for retirees and semi-retired buyers. Employment income is not required if your savings are sufficient to meet the lender's qualifying formula.
Expect to put down 10% to 20% depending on your total assets and the lender's guidelines. Higher down payments improve your approval odds and may lower your rate slightly.
Yes. Most Asset Depletion Loans carry PMI because the lender views the income as non-traditional. Even with 15% down, PMI typically applies until you reach 80% LTV through principal paydown.