Question 1

How do asset depletion loans work in Upland?

Accepted Answer

Lenders divide your liquid assets by a set number of months to calculate qualifying income. This amount determines how much home you can purchase in Upland without traditional employment verification.

Question 2

What assets qualify for asset depletion loans?

Accepted Answer

Eligible assets include bank accounts, stocks, bonds, mutual funds, and retirement accounts like IRAs and 401(k)s. Business assets and real estate equity typically don't count toward qualification.

Question 3

What credit score do I need for an asset depletion loan in Upland?

Accepted Answer

Most lenders require a minimum credit score of 620 to 680 for asset depletion programs. Higher scores above 700 typically secure better rates and more favorable terms.

Question 4

Can I use asset depletion loans for investment properties in San Bernardino County?

Accepted Answer

Yes, asset depletion loans work for both primary residences and investment properties. Many lenders allow purchases of multi-unit properties up to four units in Upland.

Question 5

How much should I expect for down payment requirements?

Accepted Answer

Down payments typically start at 10% to 20% for primary residences. Investment properties may require 20% to 25% down depending on the lender and property type in Upland.

Asset Depletion Loans in Upland: Qualify Using Your Liquid Assets