Loading
Loading
Grover Beach sits on the Central Coast where the median household income of $93,398 stretches across a market shaped by coastal living and outdoor access.
Asset Depletion Loans open doors for buyers whose savings exceed their current income. If you've built substantial retirement accounts or investment portfolios, those assets count toward qualification.
620–640
Minimum FICO
10–25%
Down Payment Range
45–60 days
Typical Closing
$93,398
County Median Income
Asset Depletion Loans in Grover Beach
Asset Depletion Loans let lenders count a portion of your liquid assets as monthly income. Typically, lenders divide your total qualifying assets by 360 months to create an income figure.
Credit requirements run 620–640 FICO minimum, though 660+ strengthens approval odds. Down payment ranges from 10% to 25% depending on asset strength and loan amount.
Local decision guide
Use this guide to connect asset depletion loans eligibility, lender expectations, and local market factors before comparing payment options in Grover Beach.
Grover Beach sits on the Central Coast where the median household income of $93,398 stretches across a market shaped by coastal living and outdoor access.
Asset Depletion Loans open doors for buyers whose savings exceed their current income. If you've built substantial retirement accounts or investment portfolios, those assets count toward qualification.
Asset Depletion Loans let lenders count a portion of your liquid assets as monthly income. Typically, lenders divide your total qualifying assets by 360 months to create an income figure.
Asset Depletion Loans remain a niche product. Most major lenders don't offer them; portfolio lenders and credit unions lead the market.
California brokers can access asset depletion programs through portfolio lenders and some community banks. Closing timelines run 45–60 days. Documentation is heavier than conventional loans — expect multiple statements and asset verification letters.
Asset Depletion Loans make sense for Grover Beach buyers who are retired or semi-retired with strong savings but modest W-2 income. If your portfolio exceeds $400,000 and your income is under $60,000 annually, this program often beats FHA or conventional...
The trade-off: rates run higher and closing costs are steeper because fewer lenders compete. If you have strong W-2 income, conventional financing will be cheaper. Asset depletion shines when savings are your real strength.
Conventional loans require documented income and typically 20% down to avoid PMI. Asset Depletion Loans let you put down 10–15% and count savings as income instead. The trade-off: conventional rates run lower, but you might not qualify without W-2 earnings.
FHA loans accept lower credit scores and smaller down payments, but mortgage insurance never cancels if you put down less than 10%. Asset Depletion Loans have no mortgage insurance.
The SLO County Board of Supervisors approved a 2026 Legislative Platform prioritizing housing, transportation, and water infrastructure.
The city council also backed a half-cent transportation sales tax measure for the November 2026 ballot. Road and transit improvements support property accessibility and neighborhood connectivity, factors that matter to retirees choosing where to settle.
Typically no — most lenders count only liquid, accessible assets. IRAs and 401(k)s face early withdrawal penalties and tax consequences. Brokerage accounts, savings, and money market funds count.
Most lenders require 620–640 FICO minimum. Scores above 660 improve approval odds and may lower rates. A few portfolio lenders go as low as 600, but expect higher rates and stricter asset requirements.
Asset Depletion Loans typically require 10–25% down. The exact amount depends on your total assets, credit score, and the lender's guidelines. Larger down payments strengthen your application and may improve your rate.
Fewer lenders offer this product, so there's less rate competition. Underwriting is also more complex — lenders verify assets thoroughly, which increases their costs. You pay for specialized expertise and limited supply.
Plan for 45–60 days. Asset verification and documentation take longer than conventional loans. Some portfolio lenders move faster, but 50 days is a realistic average for Grover Beach purchases.