Question 1

What assets qualify for asset depletion income?

Accepted Answer

Savings, brokerage, and vested retirement accounts typically count. Retirement accounts are usually discounted. Illiquid assets like real estate equity do not qualify.

Question 2

Can I use asset depletion for a second home in Carpinteria?

Accepted Answer

Yes. Asset depletion works for primary residences and second homes. Most lenders require 20% or more down on non-primary properties.

Question 3

How do lenders calculate my income from assets?

Accepted Answer

They divide your eligible asset balance by a set number of months — typically 60 to 84. That result becomes your qualifying monthly income.

Question 4

What credit score do I need for this loan?

Accepted Answer

Most non-QM lenders want a 680 or higher for asset depletion programs. Higher scores improve rate and program options. Rates vary by borrower profile and market conditions.

Question 5

Is asset depletion the same as a stated income loan?

Accepted Answer

No. Stated income loans required no documentation. Asset depletion requires full verification of every asset used to calculate income.

Question 6

Can I combine asset depletion with a jumbo loan amount?

Accepted Answer

Yes, select wholesale lenders offer jumbo asset depletion programs. Carpinteria's price points often require it. Guidelines vary, so lender selection matters.

Asset Depletion Loans in Carpinteria, CA