Question 1

What counts as a liquid asset for this loan?

Accepted Answer

Checking, savings, and brokerage accounts typically qualify. Retirement accounts may count at a discount, often 60–70% of their value.

Question 2

Do I need any income at all to qualify?

Accepted Answer

Not necessarily. The asset calculation replaces income entirely. Some lenders still want to see minimal recurring income, but many do not require it.

Question 3

Can I use this loan to buy rural or ag land in Corning?

Accepted Answer

It depends on the property. Lenders have acreage caps and restrictions on ag-zoned land. Bring the property details to your broker before assuming it qualifies.

Question 4

How does the monthly income calculation work?

Accepted Answer

Lenders divide eligible assets by a set term — commonly 60 to 84 months. That result becomes your qualifying monthly income.

Question 5

Is the rate higher than a conventional loan?

Accepted Answer

Yes. Non-QM loans carry more risk for lenders, so rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 6

How long does it take to close an asset depletion loan?

Accepted Answer

Expect 30 to 45 days. Non-QM underwriting takes longer than conventional. Having clean, organized asset statements speeds the process.

Asset Depletion Loans in Corning, CA