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El Cajon's real estate market reflects San Diego County's strength. The county added more low-income rental units last year than in nearly 40 years, signaling sustained housing demand.
Asset Depletion Loans let retirees tap accumulated savings to qualify. This program opens doors when income alone wouldn't meet traditional lending thresholds.
620
Minimum Credit Score
10% to 20%
Down Payment Range
45-60 days
Typical Timeline
Asset Depletion Loans in El Cajon
Asset Depletion Loans are designed for borrowers with substantial savings but limited current income. Lenders typically require a minimum credit score of 620.
The program counts a portion of liquid assets as monthly income. San Diego County's median household income of $102,285 reflects the local purchasing power for homes in this range.
Local decision guide
Use this guide to connect asset depletion loans eligibility, lender expectations, and local market factors before comparing payment options in El Cajon.
El Cajon's real estate market reflects San Diego County's strength. The county added more low-income rental units last year than in nearly 40 years, signaling sustained housing demand.
Asset Depletion Loans let retirees tap accumulated savings to qualify. This program opens doors when income alone wouldn't meet traditional lending thresholds.
Asset Depletion Loans are designed for borrowers with substantial savings but limited current income. Lenders typically require a minimum credit score of 620.
Asset Depletion Loans remain a niche product in California's mortgage market. Fewer lenders offer them than conventional or FHA programs.
Underwriting takes longer because lenders must verify asset history carefully. Expect 45 to 60 days from application to closing.
Asset Depletion Loans make sense in El Cajon for retirees with substantial savings but modest Social Security or pension income. The program bridges the gap when traditional income ratios fall short.
Avoid this loan if you need to preserve every dollar for living expenses. The program works best when you have surplus assets.
Compared to FHA loans, Asset Depletion Loans require more documentation but offer flexibility for asset-rich, income-limited borrowers. FHA focuses on current income and carries lifetime mortgage insurance if down payment is under 10%.
Conventional loans demand higher credit scores and stricter income verification. Asset Depletion Loans fit when you have retirement savings but limited W-2 income.
San Diego County completed its biggest year of low-income housing construction in nearly 40 years. That investment signals long-term stability for retirees planning to stay in El Cajon.
The county's median household income of $102,285 reflects a stable, working population. Strong demographics keep property values grounded for long-term owners.
Yes — if you have substantial liquid assets. Lenders divide your savings by 360 months to create qualifying income. Combined with Social Security, this often gets you approved.
A minimum of 620, though 640 or higher strengthens your application. Lenders view this program as higher-risk, so credit history matters.
Typically 1/360th of your liquid assets per month. On $360,000 in savings, that's $1,000 monthly qualifying income. Lenders verify bank statements going back 2+ months.
Expect 45 to 60 days. The underwriting process is longer because lenders must verify asset history and calculate depletion schedules.
Yes — if the property generates rental income or you own it outright. Lenders can count equity in real estate toward your qualifying assets.