Most people don’t realize that qualifying income doesn’t have to come from a paycheck. If you have significant liquid assets — brokerage accounts, savings, post-tax investment portfolios — those assets can be converted into qualifying income through asset depletion. I’ve been placing asset depletion loans for high-net-worth California buyers since 2007. I’m Michael DiVita — DRE #01372066 | NMLS #241655, DiVita Home Finance (DRE #01818285 | NMLS #323700), Tiburon, CA. Call me at (800) 239-1103.

What Is Asset Depletion?

Asset depletion (also called asset dissipation or asset utilization) is a mortgage qualification method that converts your liquid assets into income — no W-2, no tax returns required. It’s built for high-net-worth borrowers who have significant wealth but don’t show traditional employment income: retirees, business owners who hold assets rather than salary, and investors with large brokerage portfolios.

This program is particularly powerful in California’s high-cost markets. In 2026, the high-balance conforming limits for California’s most expensive counties are:

San Francisco, Marin, San Mateo: $1,249,125
Alameda, Contra Costa, Santa Clara, Los Angeles, Orange: $1,209,750
Napa: $1,017,750
Sonoma: $977,500
Riverside (Palm Springs area): $644,000

Above these limits, jumbo asset depletion programs are available up to $4M+ from the wholesale lenders DiVita Home Finance works with.

The Biggest Secret: Banks and Brokers Use Very Different Math

Most people don’t know this: asset depletion is not calculated the same way everywhere. The difference between a bank and a wholesale mortgage broker can be enormous — and it directly affects how much home you can buy.

Major Banks: Divide by 360

At a major bank, they take the value of your liquid assets and divide by 360 months (30 years). On $1,000,000 in assets:

$1,000,000 ÷ 360 = $2,778/month
Annual income: ~$33,000/year
At 5× income: loan amount of ~$200,000

Aggressive Wholesale Lenders: Divide by 60

The wholesale lenders DiVita Home Finance works with on the broker side divide those same assets by just 60 months (5 years):

$1,000,000 ÷ 60 = $16,667/month
Annual income: ~$200,000/year
At 5× income: loan amount of ~$1,000,000

Same million dollars. Six times the purchasing power. That’s the difference between going to your bank and working with a broker who has access to aggressive wholesale lenders. This is why asset depletion borrowers — particularly in Marin, San Francisco, and LA — come to brokers rather than banks.

What About Retirement Accounts?

Retirement accounts — IRAs, 401(k)s — count toward asset depletion, but with an important haircut. If you’re not yet at retirement age, lenders reduce the face value by 30% to account for taxes and early withdrawal penalties.

So a $1,000,000 IRA counts as $700,000 in qualifying assets. Factor that into the depletion calculation alongside any liquid brokerage or savings accounts. A mix of post-tax liquid assets plus retirement accounts requires running the numbers separately to get your total qualifying income.

Who Asset Depletion Is Built For

Retirees with substantial savings but no current W-2 income
Business owners who take minimal salary but hold significant assets in the business or personal accounts
Investors with large brokerage or investment portfolios
Tech executives with concentrated stock or RSU holdings
High-net-worth buyers in Marin, San Francisco, Los Angeles, or Palm Springs luxury markets

Frequently Asked Questions

How much can I borrow using asset depletion if I have $2M in liquid assets?

With $2M in liquid post-tax assets and the most aggressive wholesale lenders (divide by 60 method): $2,000,000 ÷ 60 = $33,333/month qualifying income, or ~$400,000/year. At a 43% DTI, that supports roughly $1.8M–$2M in loan amount depending on other debt obligations. At a bank using divide-by-360, the same $2M in assets would generate only ~$66,000/year in qualifying income — supporting roughly $400K in loan amount. The lender you choose is the most important variable in asset depletion qualification. Call DiVita Home Finance at (800) 239-1103 to run your specific numbers.

Can I use asset depletion for a jumbo loan in Marin County or San Francisco?

Yes — asset depletion is available up to $4M+ through the wholesale jumbo lenders DiVita Home Finance works with. For Marin County and San Francisco — where the 2026 high-balance conforming limit is $1,249,125 — most luxury purchases require jumbo financing. Asset depletion jumbo programs typically require 20–30% down, 700+ credit score, and 12+ months of reserves. The qualifying income calculation (divide by 60 vs. divide by 360) still applies — which is why working with a broker vs. a bank matters even more at higher loan amounts.

What types of assets qualify for asset depletion?

Eligible assets typically include: checking and savings accounts, money market accounts, CDs, brokerage/investment accounts (stocks, bonds, mutual funds), retirement accounts (IRAs, 401(k)s — discounted 30% if pre-retirement age), and vested stock options or RSUs. Assets that generally do NOT qualify: equity in real property, business assets not accessible to you personally, unvested stock grants, or assets held in trust you don’t control. Cash-out from a recent property sale can often be counted if it’s in a liquid account at time of application.

Related Resources

Talk to Michael Directly

DiVita Home Finance | Tiburon, CA | Licensed since 2007. Michael DiVita DRE #01372066 | NMLS #241655. Company DRE #01818285 | NMLS #323700.

📞 (800) 239-1103

💬 Text: (310) 849-9124

Start Your Application

Asset Depletion Mortgage Explained: Bank vs. Broker — The Difference Is Massive