The Quick Read: It depends on the program and the loan size. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review. Large assets never replace credit. They sit beside it.
- The portfolio non-QM program starts at a 660 floor.
- Above the super-jumbo line, the floor is 700. That line is $3,500,000 on a primary residence and $3,000,000 on a second home or investment property.
- Score sets leverage. On a primary-residence purchase, the maximum loan-to-value ratio steps down as loan size rises, and higher credit scores are required at the largest loan amounts.
- The assets-only path skips debt-to-income. It needs U.S. liquid assets equal to the loan plus closing costs.
- Above $4,000,000, every file is reviewed case by case before submission.
What Does “Assets-Only” Mean?
“Assets-only” is a nickname, and lenders use several names for the same idea. You will see asset depletion, asset utilization, asset-based and asset qualifier. They share one feature: your liquid savings stand in for paycheck or tax-return income.
Across the wholesale network, two distinct paths exist, and they behave differently.
Asset allowance divides your liquid assets by 36, 60 or 84 months to create monthly income. It applies to primary and second homes only, at 80% leverage maximum, through select wholesale programs. At 36 months it supplements other income when debt-to-income is at or below 60%. At 60 months it supplements when debt-to-income is above 60%. At 84 months it can stand alone, and it is required on any loan above $3,500,000. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Assets-only uses no debt-to-income test at all. You qualify when your U.S. liquid assets equal the loan amount, plus closing costs, plus sixty months of any net loss on other residential property you own.
Both paths still pull your credit. Neither one is a “no credit” loan.
Why Credit Carries More Weight When Income Is Calculated
On a normal file, the lender sees pay stubs or deposits and can watch income arrive. On an asset file, income is a formula. The lender cannot watch money arrive, so your payment history becomes the main evidence of how you handle obligations.
That is why the score does three jobs at once:
1. It sets whether the file is eligible at all.
2. It sets the maximum leverage for your loan size.
3. It decides which reserve and overlay rules apply.
A strong balance sheet proves you can pay. A strong score proves you do. Lenders want both.
Which Score Does the Lender Use?
Most programs pull all three bureaus and use the middle score, not the highest. With two borrowers on the loan, lenders generally use the lower of the two middle scores.
One practical point follows. The score you see in a free app may come from a different scoring model. Expect a gap, and plan around the lower number.
What Changes at Each Score Level?
Score and loan size move together. The bigger the loan, the higher the score the program wants at its top leverage. This table shows the best available cell on a primary residence purchase, through select wholesale programs, subject to full underwriting.
| Loan size | Purchase LTV ceiling | Credit for this leverage |
|---|---|---|
| $300K to $1M | 90% | 680+ |
| $1M to $1.5M | 85% | 700+ |
| $1.5M to $2M | 85% | 720+ |
| $2M to $3M | 80% | 720+ |
| $3M to $3.5M | 75% | 720+ |
| $3.5M to $4M | 75% | 760+ |
Second homes and investment property run about five points lower at every size. Cash-out ceilings sit lower still, topping out at 80% on a primary residence.
Above $4,000,000, nothing is flat. The bank portfolio program takes over with its own ladder, and every file is reviewed case by case before submission. Treat any leverage figure at that size as a starting point for a conversation, not a promise.
Above the super-jumbo line, the overlays tighten together: a 700 credit floor, a clean 0x30x24 housing history, and 48 months of seasoning after any credit event. The borrower must be a U.S. citizen or permanent resident. Cash-out proceeds cannot satisfy reserves.
If you plan an interest-only structure, the floor moves up. The portfolio program wants 700 for interest-only. Lendmire’s piece Interest-only DSCR Loan Credit Score Requirements covers that structure in detail.
What Lenders Check Beyond the Number
Two borrowers with the same score can look very different on the report. Underwriters read the detail:
- Housing payment history. Over the super-jumbo line, a single 30-day late on a housing payment in the past 24 months is a problem.
- Credit events. Bankruptcy, foreclosure and similar events carry a seasoning clock. Above the super-jumbo line, that clock is 48 months.
- Utilization. High card balances drag a score down. They also signal stress.
- Recent inquiries and new debt. Fresh accounts change both your score and your debt picture.
Exact treatment of credit events below the super-jumbo line depends on the program. Ask before you assume.
Can Strong Assets Make Up for a Weaker Score?
Only inside the program’s floor. Assets can help you land in a better spot on the ladder. They cannot lower the floor itself, which is 660 on the portfolio program and 680 on the bank program.
Where assets do help is the structure. With more qualifying liquidity, you can choose a lower-leverage loan, put more down, or use the 84-month path as a standalone qualifier. Those choices can strengthen a borderline file, subject to lender review.
Know what counts, because that is where files shrink. Retirement accounts count at 70%, or 80% once you are 59½ or older. Business funds, gifts, unvested stock and cryptocurrency never count. Trusts count only when they are a revocable living trust.
Home equity does not count either. The federal ability-to-repay rule says assets for this purpose exclude the value of the home securing the loan.
A Worked Example: Same Assets, Different Scores
Picture two borrowers. Each is a founder who sold a business, holds the same liquid portfolio, and wants a primary residence with a loan between $1,000,000 and $1,500,000.
Borrower A has a middle score in the high 700s. Borrower B sits at 665. Both clear the 660 floor on the portfolio program.
On the ladder, though, that loan size lists a 700+ tier for the 85% purchase ceiling. Borrower A fits it. Borrower B probably does not. In practice that usually means a smaller loan, a larger down payment, or a file reviewed on a different structure. Underwriting decides.
The assets are identical, yet the outcomes diverge. That is the score doing its job.
Here is the honest second lesson. If Borrower B’s score came from one high-utilization month, a short paydown could move the file to Borrower A’s tier. The balance sheet was never the problem.
What If Your Score Falls Short?
You have four real options, and the right one depends on how short you are.
1. Wait and repair. If you are within a few points, a clean-up may be cheaper than a restructure.
2. Shrink the loan. A smaller loan can land in a lower credit tier on the ladder.
3. Raise the down payment. Lower leverage can widen what a program will consider.
4. Switch qualification paths. If you own a business, twelve or twenty-four months of bank statements may fit better. The floors are 660 on the portfolio program and 680 on the bank program, so this helps your documentation, not your score.
Lendmire’s piece Bank Statement Loan vs Assets-Only Mortgage walks through that choice.
A 30/60/90-Day Credit Prep Checklist
Days 1 to 30
- Pull all three reports and dispute clear errors.
- Pay card balances down toward a low share of each limit.
- Stop opening new accounts.
Days 31 to 60
- Keep every payment on time, especially housing.
- Ask for statements that show the new balances.
- Gather retirement and brokerage statements for the asset review.
Days 61 to 90
- Re-pull your scores and compare them to the tier you need.
- Settle on loan size and leverage.
- Request a quote so the file is placed on the right program.
Score improvement is not instant, and nothing here promises a specific gain. The point is to arrive at underwriting with the cleanest report you can show.
Myths About Credit and Asset-Based Loans
“There is a standard federal minimum score.” No. The federal rule requires a good-faith repayment determination based on income or assets. It sets no score. Each program sets its own floor, which is why published numbers vary so widely.
“Assets-only means no underwriting.” Wrong. Statements must be consecutive and recent, and third-party records must back the assets. The CFPB’s compliance guide lists savings, vested retirement funds, stocks, bonds, CDs and trust amounts as assets a lender may consider. Loans that skipped both income and asset checks are a different animal, and they are remembered from the subprime crisis as no income, no asset loans.
“A high score alone gets me approved.” No. The asset pool, leverage, reserves and documentation all still decide eligibility.
“I have to sell my assets.” Generally no. The assets are tested on paper and documented, not liquidated.
How Credit Is Weighed Across Three Paths
| Path | Qualifies mainly on | Role of credit |
|---|---|---|
| Assets-only | Liquid assets vs. loan | Floor, tier and leverage |
| Bank statement | Deposits after expenses | Floors: 660 portfolio, 680 bank |
| DSCR investor loan | Property rent vs. payment | Lender-set minimums |
If you are buying a rental, the DSCR route qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. The complete DSCR loans guide explains when that fits better than a personal-asset path. The investor-loan footprint and credit minimums differ from the consumer programs described here.
Key Terms Defined
Asset allowance: a method that divides liquid assets by a set number of months to create qualifying monthly income.
Assets-only: a path with no debt-to-income test, where your liquid assets must equal the loan plus costs.
Debt-to-income (DTI): your monthly debt payments divided by your monthly income. The network allows up to 50% on most files.
Seasoning: the waiting period after a credit event, such as foreclosure, before a lender will consider you.
Middle score: the median of your three bureau scores, which most programs use.
Where to Start
Lendmire is a broker that shops multiple wholesale programs, and its consumer mortgage lending is licensed in 16 states. Reach the team at 828-256-2183. Tax treatment varies, so consult a qualified tax professional before relying on any deduction.
Frequently Asked Questions
What is the lowest credit score an assets-only mortgage can accept?
On the portfolio non-QM program, the floor is 660, through select wholesale programs and subject to full underwriting. Past the super-jumbo line, the floor becomes 700. Most borrowers need more than the floor, because leverage tiers reward higher scores.
Does a large balance let me qualify with a low score?
No. Assets cannot lower the floor. They can help you choose a stronger structure, such as a bigger down payment or a smaller loan, which may strengthen eligibility within the floor.
Do investment properties follow the same score rules?
The ladder lists investment property and second home leverage about five points below primary residence at each size. The asset allowance path is limited to primary and second homes. For investment property, a rental-income path such as a DSCR loan is often the cleaner fit.
Does a bankruptcy or foreclosure end my chances?
Not forever, but seasoning applies. Above the super-jumbo line, a lender wants 48 months of seasoning after a credit event. Below that line, the rule depends on the program, so ask before you apply.
Can retirement accounts count toward the asset test?
Yes, at a discount. Retirement accounts count at 70%, or 80% if you are 59½ or older. Business funds, gifts, unvested stock, cryptocurrency and most trusts do not count.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage focused on DSCR investor financing, helping arrange programs through wholesale and investor-lending channels in 41 markets, including Washington, D.C. DSCR loans are evaluated by the lender on property cash flow rather than personal income, subject to lender guidelines, supporting LLC closings and accommodating investors with four or more financed properties. Scotsman Guide Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB – 12 CFR 1026.43 (Ability-to-Repay)
This article is part of Lendmire’s super jumbo bank statement loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How High a Credit Score Does a P&L Only Jumbo Loan Need? · How High a Credit Score Does a Super Jumbo Bank Statement Second-Home Loan Need? · How Much Down Payment Does a Super Jumbo Self-Employed Mortgage Need?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.