Current asset-based guidelines, updated from one source.
Treat these as the program’s limits rather than an offer: the largest loan on each path, the credit floor, the maximum leverage, and the retirement-account credit on either side of the age line. The tables beneath the cards are the working rules a loan officer applies to the statements, and they change here when the sheets change.
Up to $4,000,000 on assets alone; $3,500,000 when assets become income
Up to $4,000,000 on assets alone, and up to $3,500,000 when assets are read as income: the two paths carry different ceilings because they prove ability to repay in different ways. A loan officer confirms which path the file fits before the amount is settled.
The asset qualifier path’s published floor; the depletion path follows the suite’s score and amount matrix
The asset qualifier path publishes a 600 decision-score floor. The asset depletion path follows the score and loan-amount matrix of the documentation suite it belongs to, where the floor rises with the leverage and the amount. The score is read from the credit report at application; it is never promised here.
That ceiling on a purchase and 75% on a refinance when assets cover the loan; 60% on a depletion cash-out
On the asset qualifier path a purchase reaches 80% of the price and a refinance 75% of the value, on a principal residence or a second home. On the asset depletion path a purchase or rate-and-term refinance reaches the same 80% on those occupancies, and a cash-out refinance stops at 60%.
Credited under 59½, and at 59½ or older, when assets cover the loan; 70% at any age when assets become income
90% under the age line, 100% at or past it: that is how a retirement balance is credited when the assets must cover the loan. When the assets are instead converted into income, the same balance counts at 70% whatever the owner’s age. The difference can decide which path fits.
| 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.
An asset-based mortgage is a consumer mortgage qualified on what a household owns rather than what it earns. The program behind these pages offers two ways to prove ability to repay from assets, and the choice between them is the first decision in a Corolla file: cover the loan outright, or convert the assets into income. The cards below walk through the paths, the account rules, and the seasoning.
For the program overview, see Lendmire’s asset-based mortgage program, or the statewide guide at Asset-Based Mortgage in North Carolina; for the age rule on retirement withdrawals, see the IRS.
Two paths, one program
The asset qualifier path and the asset depletion path share a premise and differ in arithmetic. Both qualify a Corolla buyer on eligible accounts rather than earnings. The first requires the usable assets to equal or exceed the entire loan and documents no employment or income; the second does not require the assets to cover the loan: it converts them into a monthly income and runs that income through the debt-to-income test with the new payment included.
The asset qualifier path
Two months of statements for each qualifying account document the path, and the balances are read as they stand after the credit percentages. The credit floor is published; the leverage is published; the largest loan is published. What the lender settles file by file is which accounts are eligible and how the age rule applies to each retirement account, and a Corolla loan officer settles that before an offer is written.
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 Corolla file then runs through the debt-to-income test with the new payment included.
Seasoning, statements, and what counts
The statements are read twice on a Corolla file: first for seasoning, two months on the asset qualifier path and a statement at least four months old plus the latest one on the asset depletion path, then for how much of each eligible account counts. Covering the loan credits most accounts in full and retirement accounts by the owner’s age; converting assets into income applies haircuts by account type and ignores age. The same balance sheet produces two usable totals, and the loan officer shows both before underwriting settles the path.
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 Corolla buyer can see which path the balance sheet favors before a loan officer confirms it.
Corolla’s market in figures — and how asset-based lending fits.
The U.S. Census Bureau figures below set the scale of the Corolla market the program lends into. Values set the loan size the assets must cover or carry; ownership sets how many households are candidates; the population sets the depth of the market the appraiser draws comparable sales from.
Market context only. A high median value means a larger loan for the assets to cover and a larger monthly income for the depletion path to produce; a lower one means the same balance sheet goes further. The owner share says how established the market is, and the owner count how deep the comparable sales run.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Corolla neighborhoods, distinct asset files.
A loan officer sees Corolla 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.
Estate and compound properties
At the top of the Corolla market the documentation is the whole job: the statements for every account, the paperwork behind every large deposit, and an appraisal on a property with few peers. The asset qualifier path keeps the income question out; the appraisal keeps the calendar. Roughly 561 Corolla households own their homes on the latest Census estimate — 90% of all households, the pool an asset-based purchase joins.
Resort condominium projects
Resort condominium projects in Corolla are reviewed by the lender for rental programs, commercial space, and ownership structure, and some fall outside the program regardless of the buyer’s balance sheet. On an asset-based file the review runs first, because no amount of usable assets changes a building’s status. About 10.0% of Corolla’s households rent — roughly 62 renter households on the latest Census estimate.
Second homes and vacation condominiums
Corolla’s second homes are the program’s natural market: a principal residence elsewhere, a portfolio, and a vacation home bought on the statements. The asset qualifier path keeps income out of the file when the usable total covers the loan. The median owner-occupied home value in Corolla runs near $714,700 on the latest Census estimate.
Waterfront and view homes
Corolla’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 Corolla 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.
Rental-ready properties
A Corolla 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. Corolla is home to about 1.2K people.
Year-round primary residences
A year-round Corolla home bought on assets is the retiree’s file: the former residence sold, the proceeds in the accounts, and the new home financed on the statements. The usable total usually covers the loan outright. When it does not, the depletion path converts the proceeds into income after its own longer seasoning period. Median household income in Corolla sits near $120,568 on the latest Census estimate.
A Corolla loan officer uses submarket knowledge to set expectations about value and comparable sales; the program’s figures are set by the sheets, not by the neighborhood, and every file is held to them.
Four ways Corolla buyers put their assets to work.
The uses below are the ones Corolla loan officers see most: the retiree buying on a portfolio, the seller of a business buying before the next venture, the household keeping the investments invested, the second home bought on assets. Each is a different file on the same two paths.
Keep the investments invested
Borrowing against the strength of a balance sheet rather than spending it is the program’s quiet use. The Corolla 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.
Finance a second home or a rental on assets
A second home is reachable on either path at the same purchase leverage; an investment property is reachable on the asset depletion path only, at a lower ceiling. A Corolla buyer financing a rental on assets is qualified on the depletion income, the rental is underwritten as an investment occupancy, and a first-time investor needs a stronger score.
Refinance a home the assets already stand behind
A Corolla owner with a mortgage written on income that no longer exists on paper refinances on the asset qualifier path when the usable assets cover the new loan. The refinance leverage sits below the purchase leverage; whether cash can be taken out on this path, and at what leverage, is set by the lender and is not published.
Buy a home on assets alone, with no income in the file
When the balance sheet covers the loan, a Corolla household keeps the income question out of the file entirely. The lender credits the accounts, confirms the total against the loan, checks the leverage for a purchase, and reads the credit report; reserves are not required at or below the refinance leverage, and the path reaches well into the jumbo range.
Measure a Corolla loan against the assets before requesting a review.
This is an asset coverage estimate, not an approval: it credits each account type the way the program does, switches the retirement credit at the age line, measures the total against the loan, applies the depletion haircuts and the divisor, and estimates the payment at the Freddie Mac benchmark. A Corolla loan officer runs the lender’s own version before anything is written.
Corolla asset coverage estimate
The starting figures are a Corolla price in the upper part of the market with a loan at seventy percent of it and a balance sheet that covers the loan at the under-59½ retirement credit. Every field is editable, and the benchmark updates weekly from the Freddie Mac series.
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 $1,000,000 price above the Corolla 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 North Carolina (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.
For a Corolla buyer with assets and an unconventional income picture, the comparison is between covering the loan, depleting the assets, and documenting deposits. The rows set out the strengths of each, and the last row says where each one fits.
Assets that cover the loan, assets as income, or deposits as income.
When the credited balances reach the loan, nothing else about income needs to be shown. The trade is the threshold: the assets must cover the loan itself, not a share of it, and investment property is not on this path. Reserves are not required at or below the refinance leverage, and the file is the statements, the credit report, and the appraisal.
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.
The deposit route reads the statements for inflows rather than balances. For a business owner whose accounts turn over, it can produce a larger qualifying income than depleting the balance would; for a retiree with no deposits, it produces nothing. 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 Corolla 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 Corolla scenario review.
Preparation for a Corolla asset-based review is mostly gathering: the statements for each account, the age of the owner of each retirement account, the credit report, and, on the depletion path, any income the asset income will supplement. The items below are the ones a loan officer asks for first.
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.
A handful of details decide whether a Corolla asset-based file closes as planned, closes on a different path, or needs a larger down payment. The lead items below are the age rule on retirement accounts and the seasoning; the others rotate by file.
Use these checks to keep the Corolla file clean and fundable.
Three things to settle before a Corolla review: which side of the age line the owner of each retirement account stands on, whether every account has seasoned for the path, and whether the usable total reaches the loan or the file belongs on the depletion path instead.
- Confirm the age rule: a birthday close to the age line can change the usable total and the path.
- Count the months: the depletion path wants a statement at least four months old plus a current one.
- Explain the deposits: transfers between the borrower’s own accounts are traced, not assumed.
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 Corolla 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 Corolla 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.
Large and recent deposits
Sale-of-business, inheritance, and legal-settlement funds are excused from the depletion path’s seasoning but still documented with their source. For a Corolla file, the paperwork behind the deposit is as important as the balance, and gathering it early is what keeps the calendar. The source documents travel with the statements.
Occupancy decides the path
A principal residence or a second home can be written on either path. An investment property can be written on the asset depletion path only, at a lower leverage ceiling, and a first-time investor needs a stronger score. For a Corolla buyer, naming the occupancy honestly is the first step, because it settles which path is open before the balances are read.
Reserves by path
Reserves are light on this program: the assets that qualify the loan are the reserves, and on the asset qualifier path none are required at or below the refinance leverage; above it, up to the purchase ceiling, the lender sets the requirement. A Corolla buyer still plans the down payment and closing costs so the usable total is not reduced at closing.
From a Corolla asset review to keys in hand.
An asset-based purchase runs in a fixed order: a review of the statements that settles the path and the leverage, a contract and an appraisal, underwriting of the accounts and the credit, and closing. The steps below describe each for a Corolla file.
Asset review
Start with the statements, the credit score, the occupancy, and the purpose. A Lendmire loan officer sorts the eligible accounts, applies the credit shares and the haircuts, reads the usable total against the loan on the asset qualifier path and into income on the depletion path, confirms the age rule for each retirement account, and puts the result in writing.
Contract and appraisal
A Corolla buyer on assets competes like any financed buyer: the contract, the appraisal contingency, and the timeline are the usual ones. What differs is that no employment verification sits in the path on the asset qualifier side, so the file is often quieter than an income file at this stage.
Underwriting
The underwriter reads what the loan officer read: the statements for the required months, the eligibility of each account, the credit shares or the haircuts, the usable total against the loan or the derived income against the payment, the credit report, and the appraisal. A Corolla file that was documented completely at review usually moves through with few new questions.
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 Corolla loan officer attends to the funds to close so the usable total is intact.
A brokerage that reads both paths.
Asset-based files reward careful reading. Which accounts count, at what share, on which path, with what seasoning, at what leverage for the purpose: each is a place where a file placed carelessly costs the buyer a larger down payment or a longer wait. Lendmire reads them in order, before the offer, for every Corolla buyer.
Both paths, one set of statements
The comparison printed on this page is run for real on every Corolla file: assets that cover the loan beside assets that become income beside deposits read as income, and the written terms follow from it. The buyer sees the usable total on each path, the margin above the loan, and the derived income beside the payment before anything is signed.
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 Corolla 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
Every figure on this page is a program parameter drawn from one guideline source. The written terms for a Corolla file come from a licensed loan officer after the review, the credit report, and the appraisal; the page is where the method is explained, not where the loan is made.
Trusted by buyers & families alike.
Corolla asset-based mortgage FAQs
Plain answers to the questions Corolla buyers ask most about asset-based mortgages, in the order they usually come up: what the program is, how each path works, how retirement accounts are counted, and what the credit and leverage rules are.
What is an asset-based mortgage?
A mortgage qualified on assets instead of income, in two forms: the asset qualifier path, where the usable assets equal or exceed the loan, and the asset depletion path, where the assets are divided into a monthly income. A Corolla loan officer reads the statements against both before recommending one.
How does the asset qualifier path work?
On this path the assets are the ability to repay, which is why they must cover the loan itself rather than a share of it. A Corolla loan officer calculates the usable total before the offer, and a shortfall is usually answered with a larger down payment, which lowers the loan to what the assets cover.
How does the asset depletion path work?
It converts assets into income. Cash and certificates of deposit count in full, securities at a lower share, retirement accounts lower still regardless of age, and real-estate equity lowest; the haircut total is divided by the divisor and treated as monthly income. The path reaches principal residences, second homes, and investment property.
How are 401(k) and IRA balances counted, and why does 59½ matter?
The age line is applied per owner and per account. A Corolla couple with accounts on both sides of 59½ sees each credited by its own owner’s age, and the sum counts against the loan. The accounts are not drawn on; the rule governs the credit, not the custody.
What credit score does an asset-based mortgage need?
The asset qualifier path publishes a credit floor, shown in the snapshot above. The asset depletion path reads the score against the documentation suite’s matrix, where the floor rises with the leverage and the loan amount. On the depletion path the housing history is reviewed as well, and a prior housing event waits out the program’s seasoning; the qualifier path publishes the floor alone.
Can I take cash out?
The depletion path has a cash-out row in the leverage table, lower than the purchase and rate-and-term rows. The asset qualifier path publishes a refinance ceiling without a separate cash-out figure, so the lender’s rule governs. Either way the proceeds are not counted toward the usable total.
Are reserves required?
No reserve months are published for the asset qualifier path at or below the refinance leverage, and the depletion path lists none; above the refinance leverage the lender sets the requirement. The assets that qualify the loan stay where they are, and the lender reads them again for a Corolla file after the funds to close are drawn.
Which accounts count, and which do not?
Brokerage, savings, checking, money market, certificates of deposit, and vested retirement balances count on both paths; custodial accounts, deferred compensation, escrow balances, foreign funds, cash on hand, options, and unvested units do not. Equity in other real estate and private stock count on the depletion path only, at reduced shares, with real-estate equity the smallest of any account type, so a Corolla buyer whose balance sheet is mostly property usually lands on that path, with the equity counted at a fraction.
Can I buy a second home or a rental on assets?
Second homes are a natural asset-based file in Corolla: 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.
Run the Corolla asset numbers, then get the terms in writing.
Share the balance sheet once; the review covers the asset qualifier path, the asset depletion path, and the alternatives on the same statements. The terms come in writing from a licensed loan officer.
This guide covers Corolla — for the statewide guidelines, markets, and scenarios, see Asset-Based Mortgage in North Carolina, part of Lendmire’s asset-based mortgage program.
Nearby markets in North Carolina: Duck · Kitty Hawk · Kill Devil Hills · Nags Head · Ocracoke · Greenville · Rocky Mount · Emerald Isle
Related programs: Bank Statement Loans · Jumbo Loans · Super Jumbo Bank Statement Loans