In 2026, California asset depletion rates run about 0.5–2% above conventional (non-QM portfolio loans). A stronger FICO, a larger down payment, and a clean, well-documented asset file lower your rate, and comparing specialty lenders shaves it further. Model the payment in the calculator.
Why the premium is modest
Asset depletion loans don't meet agency (Fannie/Freddie) guidelines, so they're held in portfolios or sold to private investors. But the borrowers are typically very strong — substantial liquid assets, good credit, big down payments — so the 0.5–2% premium over conventional is smaller than many other non-QM products. You're paying for the flexible qualification method, not for being a risky borrower.
What sets your rate
Credit score
The biggest single driver — a stronger FICO (700+) prices well below the 640 floor.
Down payment / LTV
More down = lower risk = lower rate. 30% down beats the 20% minimum.
Asset strength & reserves
A large, clean asset file with ample residual reserves signals low risk.
Occupancy & property
Primary residence prices below investment property.
The lender
Non-QM terms aren't standardized — investors vary, so shopping matters.
How to price better
| Lever | Effect on your rate |
|---|---|
| Stronger FICO (700+) | Biggest reduction |
| Larger down payment | Meaningful reduction |
| Clean file + strong reserves | Lower risk pricing |
| Primary vs investment | Lower for primary |
| Compare specialty investors | Competition lowers it |
Reviewed by the licensing team at Save Financial, a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766) founded in 2009 and serving all 58 counties. Last reviewed July 2, 2026. Nothing here is tax advice.