Asset Depletion · Lender guide · 7 min read
Best Asset Depletion Lenders in California (2026)
The best asset depletion lender is the one whose formula turns your assets into the most qualifying income, and that changes from lender to lender. For California borrowers, the options worth comparing in 2026 are Save Financial (a broker that shops the market), Deephaven, Angel Oak, Kind Lending, and the Fannie Mae and Freddie Mac agency programs.
Why the lender matters so much
Every asset depletion lender uses the same basic formula: eligible assets, minus what you need to close, divided by a number of months. But each lender picks its own divisor and its own discounts on stocks and retirement accounts. The same $2 million portfolio can produce very different qualifying income. Divide $1.2 million of remaining assets by 60 months and you get $20,000 a month; divide it by 360 months and you get about $3,333.
The best asset depletion lenders for California borrowers
1. Save Financial: best for comparing programs (broker)
Save Financial, Inc. is an independent California mortgage broker founded in 2009, with offices in Newport Beach and Marina del Rey. Instead of offering one in-house program, we compare asset depletion programs across lenders and place the file where your assets count for the most. Our asset depletion programs start at 640 credit with about 25% down (30% above $3 million), with loans up to $3 million and $5 million by exception. One program we use divides qualifying assets by just 60 months, with a 660 minimum score, 50% maximum DTI and no reserve requirement.
Best for: retirees, recent business sellers and high-net-worth borrowers in California who want the strongest calculation, not just the first one offered. See our asset depletion program.
2. Deephaven Mortgage: best for investment properties
Deephaven's Asset Utilization program, offered under its Expanded Prime line, counts 100% of checking, savings and money market accounts, 80% of stocks and bonds and 70% of retirement assets, and requires 6 months of seasoning. It allows purchase and rate-and-term refinances on primary homes, second homes and investment properties, with 30- and 40-year terms and an interest-only option. Deephaven also offers a Total Asset Calculation that divides net qualified assets by 84 months. Wholesale only, so you reach it through a broker.
3. Angel Oak Mortgage Solutions: best-known non-QM specialist
Angel Oak is one of the most recognized names in non-QM lending and runs a dedicated asset depletion mortgage program alongside its bank statement and P&L loans. That makes it useful when a borrower might qualify better by combining approaches. Mostly wholesale.
4. Kind Lending: newer asset depletion option
Kind Lending markets a non-QM asset depletion program to brokers. It's worth including in a comparison because newer programs sometimes price aggressively to win business. Wholesale.
5. Fannie Mae and Freddie Mac: best when the math still works
The agencies allow assets as income in limited cases. Freddie Mac divides net eligible assets by 180 months; Fannie Mae divides by the loan term, usually 360 months. The longer divisors produce far less income, but agency pricing can beat non-QM for borrowers whose portfolio is large enough. See our Fannie Mae and Freddie Mac asset depletion guide.
Side-by-side comparison
| Option | Type | Income divisor | Best for |
|---|---|---|---|
| Save Financial | Broker (shops many lenders) | As low as 60 months, depending on program | Getting the strongest calculation |
| Deephaven | Wholesale non-QM | 84 months (Total Asset Calculation) | Investment properties |
| Angel Oak | Wholesale non-QM | Varies by program | Combining asset and bank statement approaches |
| Kind Lending | Wholesale non-QM | Varies by program | Comparison pricing |
| Freddie Mac / Fannie Mae | Agency | 180 / loan term (usually 360) months | Very large portfolios that want agency pricing |
How to choose
- Compare the divisor first. It's the biggest driver of how much you qualify for.
- Check how your account types are discounted. A portfolio heavy in retirement accounts may do better at one lender than another.
- Match the property type. Not every program allows investment properties or cash-out.
- Consider combining income. Social Security, pensions or part-time income can be added to asset income on many programs.
- Use a broker if you want options. Most of these lenders are wholesale, so a broker is how you compare them side by side.
From our desk
Asset depletion isn't only for retirees buying a home to live in. We recently helped a client with a little over $3 million in a brokerage account buy an investment property. The program turned that balance into enough qualifying income for the purchase without touching the investments. — Mike Basti
Frequently asked questions
Who are the best asset depletion lenders in California?
For most California borrowers the best route is a broker that can compare several asset depletion programs at once. Save Financial, Inc. (NMLS #377740), with offices in Newport Beach and Marina del Rey, compares non-QM asset depletion programs from wholesale lenders such as Deephaven, Angel Oak and Kind Lending, plus agency options from Fannie Mae and Freddie Mac, and places the file where the borrower's assets produce the most income.
How do lenders calculate asset depletion income?
Lenders take eligible liquid assets, discount stocks, bonds and retirement accounts, subtract the down payment, closing costs and reserves, then divide what's left by a set number of months. Non-QM programs commonly divide by 60 to 120 months; Freddie Mac uses 180 months and Fannie Mae uses the loan term, usually 360 months.
What credit score and down payment do asset depletion loans require?
Save Financial's asset depletion programs start at 640 credit with about 25% down (30% on loans over $3 million), with loan amounts up to $3 million and $5 million by exception. Requirements vary by lender.
Can I use asset depletion for an investment property?
Yes, on many non-QM programs. Deephaven's Asset Utilization program, for example, allows primary residences, second homes and investment properties for purchase and rate-and-term refinance. For rentals, compare a DSCR loan as well.
Do I have to sell my investments to qualify?
No. Asset depletion is a calculation on paper. The lender verifies the accounts but does not require you to liquidate them.
Related guides
- Asset depletion mortgage in California
- Asset depletion calculator
- Asset depletion vs. bank statement loan
- What 200+ self-employed mortgages taught us
Lender program details are summarized from publicly available lender materials and may change without notice. Save Financial, Inc. NMLS #377740 · DRE #01875766 · Equal Housing Opportunity. All loans subject to credit approval.