Question 1

What assets count toward qualification?

Accepted Answer

Checking, savings, brokerage, and retirement accounts typically qualify. Business accounts and illiquid assets are often excluded.

Question 2

Can I use this loan to buy a primary residence in Elk Grove?

Accepted Answer

Yes. Asset depletion works for primary residences, second homes, and investment properties. Lender guidelines vary by property type.

Question 3

Do I need any income at all to qualify?

Accepted Answer

Not necessarily. Lenders convert your assets into imputed income. Some lenders require a small income floor — others don't.

Question 4

How much in assets do I need to qualify?

Accepted Answer

It depends on the loan amount and term. A lender divides your assets over 60–84 months and checks if that figure covers the payment.

Question 5

Is the rate higher than a conventional loan?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional programs. Rates vary by borrower profile and market conditions.

Question 6

Can I use my IRA or 401k?

Accepted Answer

Often yes, but lenders typically discount retirement accounts to 70% of value. Early withdrawal penalties may reduce the eligible amount further.

Asset Depletion Loans in Elk Grove, CA