Current asset-based guidelines, updated from one source.
One guideline source feeds every number here, and the page updates when the source does. The four cards carry the headline figures; the tables underneath show how each account type is credited on the asset qualifier path, how each is haircut on the asset depletion path, and what leverage each path and occupancy allows. The wholesale lender is not named.
Up to $4,000,000 on assets alone; $3,500,000 when assets become income
The asset qualifier path reaches $4,000,000 when the usable assets cover the whole loan; the asset depletion path runs from $125,000 to $3,500,000 with the assets converted into income instead. Both are program ceilings, not offers, and the placing lender confirms the amount for the file.
The asset qualifier path’s published floor; the depletion path follows the suite’s score and amount matrix
The published floor is 600 for the asset qualifier path. The asset depletion path prices by score tier inside the documentation suite’s matrix, and the leverage available at a given score falls as the loan grows. Either way the score is one input among several, settled in underwriting.
That ceiling on a purchase and 75% on a refinance when assets cover the loan; 60% on a depletion cash-out
Leverage tops out at 80% on a purchase whichever path carries the file. The paths part on the refinance: 75% when the assets cover the loan, and on the depletion side 80% for a rate-and-term and 60% for a cash-out. Investment property, available on the depletion path only, is capped lower.
Credited under 59½, and at 59½ or older, when assets cover the loan; 70% at any age when assets become income
A 401(k) or IRA is credited at 90% of its balance for an owner under 59½ and 100% for an owner at 59½ or older on the asset qualifier path; the asset depletion path counts a flat 70% of the balance. Brokerage, savings, money market, and certificates of deposit count in full when the assets cover the loan.
| Account type | Credit toward the loan |
|---|---|
| Brokerage accounts (stocks, bonds, funds) | 100% of the balance |
| Certificates of deposit | 100% of the balance |
| Money market accounts | 100% of the balance |
| Savings and checking | 100% of the balance |
| Retirement accounts (401(k), IRA) — owner under 59½ | 90% of the balance |
| Retirement accounts (401(k), IRA) — owner 59½ or older | 100% of the balance |
| Account type | Share counted |
|---|---|
| Cash accounts | 100% of the balance |
| Certificates of deposit | 100% of the balance |
| Securities (stocks, bonds, funds) | 80% of the balance |
| Private stock | 75% of the balance |
| Retirement accounts (any age) | 70% of the balance |
| Real-estate equity | 60% of the balance |
| Path and occupancy | Purchase | Rate-and-term | Cash-out |
|---|---|---|---|
| Asset qualifier — primary residence or second home | 80% | 75% | set by the lender |
| Asset depletion — primary residence | 80% | 80% | 60% |
| Asset depletion — second home | 80% | 80% | 60% |
| Asset depletion — investment property | 65% | 65% | 60% |
Two paths behind these pages: on the asset qualifier path the usable assets must equal or exceed the whole loan and no employment or income is documented; on the asset depletion path the usable assets are divided across the published number of months (the table above) into a qualifying income that carries the housing payment and other debts through the debt-to-income test. Reserves are not required on the qualifier path at or below the refinance leverage; the depletion path asks for statements at least one hundred twenty days old plus a current one. Minimum assets on the depletion path: the lesser of one million dollars or one and a quarter times the loan, never below a quarter million liquid when assets are the only income. Lendmire is a broker, not the lender, and the lender is not named.
Current asset-based snapshot · updated October 21, 2026 · a Lendmire loan officer confirms the path, the asset credit, and the leverage for the file before an offer.
This page describes program parameters, not an offer. The amounts, the credit floor, the leverage, the credit shares, the haircuts, and the seasoning are wholesale guidelines, subject to change without notice and to full underwriting; the statements, the credit report, and the appraisal decide every file. The calculator is illustrative and the lender’s own calculation governs. Lendmire is a mortgage broker, not a lender, licensed for consumer mortgages in sixteen states. NMLS #2371349.
What an asset-based mortgage is — and how the two paths qualify a file.
The asset-based program is one program with two doors. Through the first, a Petoskey buyer walks in with statements that add up to the loan and leaves employment and income out of the file entirely. Through the second, a buyer whose balances do not cover the loan walks in with the same statements and the lender turns them into a monthly figure to test against the payment. The cards below describe each door and the rules at the threshold.
For the program overview, see Lendmire’s asset-based mortgage program, or the statewide guide at Asset-Based Mortgage in Michigan; for the age rule on retirement withdrawals, see the IRS.
Two paths, one program
Think of the two paths as two thresholds. On the asset qualifier path the threshold is the loan amount itself: the credited balances must reach it. On the asset depletion path the threshold is a ratio: the credited balances, divided into monthly income, must carry the housing payment and the other debts. A Petoskey file with a large balance sheet usually clears the first; a file with a moderate one is often written on the second.
The asset qualifier path
On the asset qualifier path the lender adds up the eligible accounts, credits each at its share, and compares the total with the loan. Brokerage accounts, certificates of deposit, money market accounts, and savings count in full; a 401(k) or IRA counts at a reduced share while the owner is under 59½ and in full from 59½ on. Accounts combine across types, so a Petoskey buyer with a mixed balance sheet is read on the sum.
The asset depletion path
On the asset depletion path the lender applies a haircut to each account type, adds up what remains, and divides the total by a fixed number of months to produce a monthly qualifying income. Cash and certificates of deposit count in full, securities at a lower share, private stock lower still, retirement accounts lower again regardless of age, and real-estate equity lowest. A Petoskey file then runs through the debt-to-income test with the new payment included.
Seasoning, statements, and what counts
Seasoning means how long the money has been where the statements say it is. On the asset qualifier path, two months of statements for each qualifying account is the rule. On the asset depletion path the lender wants statements at least four months old plus the most recent one, with the sale of a business, an inheritance, or a legal settlement excused from the wait. A Petoskey buyer planning a purchase after a liquidity event plans the seasoning first.
Two paths, one set of inputs. The calculator shows the largest loan the assets would cover on the asset qualifier path inside the leverage ceiling, and the monthly income the same accounts would produce on the asset depletion path, so a Petoskey buyer can see which path the balance sheet favors before a loan officer confirms it.
Petoskey’s market in figures — and how asset-based lending fits.
An asset-based mortgage is written against the top of a local market, and these are Petoskey’s numbers from the U.S. Census Bureau: the population, the median home value, the share of households that own, and the owner households the program is sized against. Program figures live in the snapshot above; the figures here describe the market, not the file.
Market context only. Read the value figure against the leverage ceiling: the asset qualifier path finances a share of the price and the assets must cover the loan, so a higher median moves the asset threshold up with it. The ownership figures describe the market an appraiser values the home within.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Petoskey neighborhoods, distinct asset files.
A loan officer sees Petoskey as a set of distinct files, not one market. Below are the submarkets where asset-based loans are written most often, with the path, the occupancy, and the appraisal question each one usually raises.
Rental-ready properties
A Petoskey rental financed on assets is a depletion file by definition, read with the investment row of the leverage table and the program’s investor credit rules. The asset qualifier path does not reach investment property. Cash-out on a rental is capped at the depletion path’s cash-out ceiling, and the proceeds never count as assets. Median household income in Petoskey sits near $74,196 on the latest Census estimate.
Estate and compound properties
Petoskey’s estate and compound properties are where the program’s largest loans are written, and the asset qualifier path is the natural fit there: a balance sheet that covers a loan near the ceiling, no income in the file, and an appraisal that takes its time. The margin above the loan is the figure the loan officer watches. The median owner-occupied home value in Petoskey runs near $364,100 on the latest Census estimate.
Waterfront and view homes
Petoskey’s waterfront and view homes are bought by households whose wealth is in accounts and whose income is a line on a statement: the second home on the water, financed on the portfolio. The asset qualifier path covers the loan with no income in the file; the appraisal and the insurance are the property’s questions. On a home in Petoskey priced at or above the median, the asset qualifier path finances up to 80% of the price on a purchase — the balance of the price is the down payment, and the usable assets must cover the loan itself.
Year-round primary residences
The household that moves to Petoskey for good, selling a house elsewhere and living on the proceeds and the portfolio, is a principal-residence file on either path at the full purchase leverage. The proceeds season for two months on the asset qualifier path; the depletion path’s longer seasoning applies, since the sale of a home is not among its excused sources. Petoskey is home to about 5.9K people.
Resort condominium projects
A Petoskey resort condominium is an eligibility question before it is an asset question. The loan officer orders the project review early; if the building qualifies, the file proceeds on the account rules like any second-home purchase. The building’s status is settled before the path is chosen. Roughly 1,619 Petoskey households own their homes on the latest Census estimate — 61% of all households, the pool an asset-based purchase joins.
Second homes and vacation condominiums
A vacation condominium in Petoskey is a second-home file with a project review: the second-home row of the leverage table on either path, the dues in the depletion ratio, and the building’s status settled by the lender. The account rules are the same as for a house. About 39% of Petoskey’s households rent — roughly 1,029 renter households on the latest Census estimate.
The rules do not change with the street. Every Petoskey file is checked the same way: eligible accounts, credit share or haircut, usable total against the loan or divided into income, leverage against the ceiling for the purpose and occupancy, seasoning, and credit. The submarket shapes the price and the appraisal, nothing more.
Four ways Petoskey buyers put their assets to work.
Four ways Petoskey buyers put the program to work, from a principal residence bought on assets alone to a rental financed on depletion income. Each use names the path and the detail that most often decides the file.
Finance a second home or a rental on assets
For a rental, the asset depletion path is the only path open, at the investment-property leverage, with cash-out at the depletion path’s cash-out ceiling. For a second home, both paths are open. A Petoskey loan officer sorts the occupancy first, because it decides the path before the balances are even read.
Buy after a liquidity event, before the next venture
The seller of a Petoskey business, the founder after an exit, the household after an inheritance: the money is new, large, and often unaccompanied by income. The asset qualifier path reads it once the two months of statements exist; the depletion path excuses the usual seasoning for sale-of-business, inheritance, and legal-settlement funds.
Keep the investments invested
Borrowing against the strength of a balance sheet rather than spending it is the program’s quiet use. The Petoskey buyer keeps the brokerage account, the retirement accounts, and the savings in place; the lender reads the statements and writes the loan. Which path fits depends on whether the credited total reaches the loan and on the occupancy, since a rental is a depletion file.
Turn a portfolio into qualifying income
When the balances will not cover the loan, the depletion path turns them into a monthly figure instead. For a Petoskey buyer that means a longer seasoning, haircuts by account type, retirement balances counted at a flat share regardless of age, and a file that is read like any income file once the income is derived.
Measure a Petoskey loan against the assets before requesting a review.
The starting figures are a Petoskey price above the median, a loan at a share of the price inside both paths’ purchase leverage, and a balance sheet split among cash, brokerage, and retirement accounts with the owner under 59½. Change any of them. The verdict, the margin, the depletion income, and the payment update as you type.
Petoskey asset coverage estimate
A worked Petoskey example to start from: price, loan, cash, brokerage, and retirement balances with the owner under the age line. The results show the asset qualifier verdict first and the depletion reading beneath it.
Editable benchmark: 7.40% as of October 15, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not an asset-based mortgage quote.
Illustrative starting assumptions: a $500,000 price above the Petoskey median, a loan at seventy percent of the price, a balance sheet split among cash, brokerage, and retirement accounts with the owner under 59½, a thirty-year payment at the current Freddie Mac conforming benchmark, property taxes and insurance estimated for Michigan (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The credit percentages, the haircuts, and the divisor are wholesale program parameters hydrated from Lendmire’s guideline endpoint; the lender’s own calculation governs, and which accounts count, how they season, and what the age rule allows are settled in underwriting. The rate field carries the weekly Freddie Mac thirty-year conforming benchmark, a market reference and not an asset-based mortgage quote; the terms on an asset-based mortgage are set by the lender at lock. Taxes and insurance are estimates. Nothing here is tax or investment advice.
Same buyer, three ways to document the file.
Three routes to the same closing table, compared on what each one counts: the balance sheet in full, the balance sheet as income, or the deposit history of a business owner. A Petoskey loan officer prices the route the file supports best, and the comparison below explains how the choice is made.
Assets that cover the loan, assets as income, or deposits as income.
Usable assets equal to the whole loan, no employment or income documented, principal residences and second homes, purchase and refinance at the path’s leverage, two months of statements, reserves not required at or below the refinance leverage. The path with the fewest questions, and the one that asks the assets to cover the whole loan.
Haircut assets divided by the divisor into a monthly income, then the debt-to-income test with the new payment. Principal residences, second homes, and investment property; purchase, rate-and-term, and cash-out at published ceilings; a minimum-assets rule when the income stands alone; longer seasoning.
A different question entirely: not what the household owns but what the business brings in. The bank statement loan suits the Petoskey owner with strong deposits and modest savings, where the asset-based paths suit the household with strong savings and modest deposits. See Lendmire’s bank statement loan program.
Assets that cover the loan, assets that become income, deposits that become income: three answers to one question, and the right one for a Petoskey household is read off its statements. The comparison on this page is run for real on every file before the lender’s terms are put in writing. Loans above the conforming limit on documented income: Lendmire’s jumbo loan program.
What to prepare for a Petoskey scenario review.
An asset-based file is documented through statements rather than pay stubs, so the preparation is account-centered: every eligible account, every page of every statement for the required months, and the paperwork behind any large or recent deposit. The list below is the usual Petoskey set.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, the path, the accounts, and the credit picture. Nothing here is legal, tax, or investment advice.
Local details that can change the loan.
The figures in the snapshot are the program’s; the details below are where a Petoskey file moves. Which side of the age line the owner stands on, how long the money has been in place, which accounts the lender will count, and which path the occupancy allows are settled before the terms are written.
Use these checks to keep the Petoskey file clean and fundable.
Settle the age rule, the seasoning, and the eligible accounts first. Everything else in a Petoskey file, the path, the leverage, the loan amount, is arithmetic once those three are known.
- Confirm the age rule: the depletion path haircuts retirement balances at a flat share regardless of age.
- Count the months: two months of statements per account cover the loan on the asset qualifier path.
- Sort the accounts: real-estate equity and private stock count on the depletion path only.
Retirement accounts and the age line
The owner’s age decides how much of a 401(k) or IRA counts on the asset qualifier path: a reduced share under 59½ and the full balance from 59½ on. For a Petoskey file built mostly on retirement money, a birthday can be the difference between covering the loan and falling short, and a loan officer checks the date against the age line before the path is chosen.
Seasoning by path
Seasoning is the detail that most often sets the calendar for a Petoskey asset-based purchase. The asset qualifier path is the shorter wait; the depletion path is longer except where the funds came from the sale of a business, an inheritance, or a legal settlement. A loan officer reads the statements against the path’s clock before the contract is signed.
Which accounts count
Equity in other real estate counts on the asset depletion path at the smallest share of any account type and not at all on the asset qualifier path. Private stock counts on the depletion path at its own share. For a Petoskey buyer whose balance sheet is heavy with either, the depletion path is often the only one the usable total supports.
The minimum-assets rule on the depletion path
When depletion income is the only income in the file, the pool of qualified assets must meet a minimum: the lesser of a stated amount or a multiple of the loan balance, and never below a liquid floor. A Petoskey buyer with a small loan clears it easily; a buyer with a large loan and a modest pool may not, and the minimum is read before the income is even calculated.
Credit and housing history
Assets do not substitute for credit. A Petoskey borrower with the balance sheet to cover the loan still needs the score at or above the floor; on the depletion path the housing history must be one the program accepts, and more than one bankruptcy is not eligible. The credit report is pulled once and read against the path chosen.
From a Petoskey asset review to keys in hand.
The process is short on paperwork about income and long on paperwork about accounts. A Petoskey buyer who understands that order, statements first, then contract, then underwriting, then closing, arrives at each step prepared.
Asset review
The first conversation settles the shape of a Petoskey file: which path the balances support, what leverage the purpose allows, how long the accounts have seasoned, and whether the usable total clears the loan with a margin. The review names the path, and the loan officer writes the outcome down before any offer is drafted.
Contract and appraisal
The contract sets the price the loan is measured against; the appraisal confirms the value supports it. On a Petoskey file where the assets just cover the loan, an appraisal that lands under the price is answered with a larger down payment, which lowers the loan the assets must cover.
Underwriting
Conditions, when they come, are usually documentary: a missing statement page, a deposit without its source, an account that needs its holdings shown. A Petoskey buyer who gathered the list on this page meets most of them before they are asked. The underwriter’s questions are the loan officer’s questions asked a second time, on the same statements.
Closing
Closing on an asset-based loan looks like any other closing from the outside. From the inside, the difference is what did not happen along the way: no employment call, no tax transcript, no income calculation on the asset qualifier path. A Petoskey loan officer attends to the funds to close so the usable total is intact.
A brokerage that reads both paths.
Lendmire is a mortgage brokerage licensed for consumer lending in sixteen states, and on an asset-based file the brokerage’s job is to read the balance sheet against both paths, place the loan with the wholesale program that fits, and put the terms in writing. The lender is never named on these pages; the arithmetic is.
Both paths, one set of statements
Before any recommendation, the Petoskey statements are run through the asset qualifier path and the asset depletion path on the lender’s own rules: the credit shares and the age line on one side, the haircuts and the divisor on the other. The buyer sees the usable total against the loan and the derived income against the payment, and the path is chosen on the result.
The account rules explained before the offer
Which accounts count, how retirement money is credited by age, how long each account must season, what a large deposit needs behind it: a Petoskey buyer hears these before the contract is signed, not after the underwriter asks. The margin above the threshold is shown, so the down payment and the closing costs can be planned around it.
Licensed, consumer-purpose, in writing
Asset-based mortgages on a principal residence or a second home are consumer loans, placed under Lendmire’s consumer licensing in sixteen states with the disclosures that attach to any consumer mortgage. A Petoskey buyer gets the terms in writing from a licensed loan officer, and nothing on this page is an offer or a quote.
Trusted by buyers & families alike.
Petoskey asset-based mortgage FAQs
The questions below are the ones a Petoskey loan officer hears first from a buyer who has assets and no income on paper. The answers describe the program’s rules in words; the figures live in the snapshot above.
What is an asset-based mortgage?
Think of it as the mortgage for the buyer who could pay cash but would rather not. The accounts stay invested, the lender reads them on paper, and the loan is sized to what the usable assets cover or to the income they produce. For a Petoskey household with wealth and little income on paper, it is often the mortgage that fits.
How does the asset qualifier path work?
It covers the loan with the balances. Brokerage, savings, money market, and certificates of deposit count in full; retirement accounts count at a reduced share under 59½ and in full from 59½ on; the accounts combine. A Petoskey buyer whose credited total reaches the loan is written on this path with two months of statements per account.
How does the asset depletion path work?
Picture the balance sheet spread evenly across a span of months: that monthly slice is the income the lender uses. For a Petoskey household, the question is whether that slice, added to any documented income, carries the housing payment and the other debts within the ratio. The calculator on this page shows the slice beside the payment.
How are 401(k) and IRA balances counted, and why does 59½ matter?
Under 59½, the asset qualifier path credits most of a 401(k) or IRA; at or past 59½, all of it. The depletion path ignores age and applies its own haircut before dividing by the months. The calculator on this page has a switch for the age line so a Petoskey buyer can see the difference on the actual balances.
What credit score does an asset-based mortgage need?
Credit enters through a floor on one path and a matrix on the other, with the housing history read on the depletion path. The figure for the asset qualifier floor is in the snapshot; the depletion path’s requirement depends on the loan amount and the leverage, and a loan officer names it for the specific Petoskey file.
How is this different from a bank statement loan?
Both are documentation alternatives to tax returns, placed with wholesale programs, with their own leverage matrices. The asset-based program’s distinctive feature is the path that documents no income at all; the bank statement program always derives an income. A Petoskey loan officer runs both when the file could go either way.
What sets the timeline on an asset-based mortgage?
No employment verification and no tax transcript on the asset qualifier path remove two of the steps an income loan carries, but the account documentation replaces them. A Petoskey buyer who gathers every statement page and the paperwork behind each large deposit before applying sets the pace.
Can I buy a second home or a rental on assets?
Second homes are a natural asset-based file in Petoskey: the household has a principal residence elsewhere and a portfolio, and the second home is financed on the statements. Rentals are depletion files by definition, underwritten as investment occupancies on the program’s investor rules.
How long do the assets need to be in the accounts?
On the asset qualifier path, two months of statements for each qualifying account. On the asset depletion path, a statement at least four months old at application plus the most recent one, with funds from the sale of a business, an inheritance, or a legal settlement excused from the wait. The money must be traceable as the borrower’s.
How large can the loan be?
Large. The path that covers the loan with assets reaches well into the jumbo range, and the path that converts assets into income reaches nearly as far. For a Petoskey buyer the practical limit is usually the balance sheet rather than the program: the loan the assets cover, or the payment the derived income carries.
Buy on assets in Petoskey on the path that fits.
Begin with an asset review: the statements, the loan, the occupancy, the purpose. A Lendmire loan officer sorts the accounts, runs both paths, and puts the written terms for the one that fits in front of you.
This guide covers Petoskey — for the statewide guidelines, markets, and scenarios, see Asset-Based Mortgage in Michigan, part of Lendmire’s asset-based mortgage program.
Nearby markets in Michigan: Mackinac Island · Traverse City · Munising · Midland · Bay City · Saginaw · Muskegon · Norton Shores
Related programs: Bank Statement Loans · Jumbo Loans · Super Jumbo Bank Statement Loans