The Quick Read: Brokerage assets are the simpler path because lenders already count them at set percentages, while crypto usually has to be sold into a regulated cash account and seasoned before it helps a file, so the better choice depends on how much of your wealth sits in each and whether you can accept a sale. Across Lendmire’s wholesale network, the documented route for crypto is conversion, not counting coins in place. Everything below is subject to underwriting and is not a commitment to lend.
- On the asset qualifier path, brokerage accounts count at 100% of the balance, and crypto holdings are not published as eligible.
- On the asset depletion path, securities count at 80%, and crypto is again not published as eligible.
- Crypto that has been sold, moved to a regulated bank or brokerage account, and seasoned can count as cash.
- Every asset is documented. No income documentation never means no documentation.
- Volatility and sourcing questions are what slow crypto files down, not the asset class itself.
The Honest Answer First
If most of your net worth sits in stocks, ETFs, or mutual funds, brokerage assets are almost certainly the better qualifying tool. Lenders know how to value them, how to read the statements, and how much to discount them. If most of your wealth is in crypto, the path is real but longer. You sell, you season the cash, and you document where every dollar came from.
The choice is rarely either/or. Many households hold both. The practical question is which assets carry the file and which ones you leave alone.
This article focuses on the consumer, asset-based lane, where your balances do the qualifying work for a principal residence, second home, or (on one path) an investment property. Lendmire’s asset-based mortgage programs page covers the program itself.
Side-by-Side
The brokerage column reflects Lendmire’s wholesale network guidelines. The crypto column reflects what is published for the network and the common industry norms around it, which vary by program. Figures are ceilings and floors, not offers.
| Factor | Brokerage Assets | Crypto |
|---|---|---|
| Qualifier path credit | 100% of balance | Not published as eligible |
| Depletion path credit | Securities at 80% | Not published as eligible |
| Documented route | Statements as held | Sell, deposit in regulated account, season |
| Statements | Two months per account (qualifier path) | Exchange, transfer, and bank records |
| Seasoning | 60 days (qualifier path) | Same 60 days, on the converted cash |
| Entity vesting | Borrower-owned accounts | Borrower-owned, verifiable ownership |
| Reserves | None at or below 75% LTV (qualifier path) | Set by the lender if leverage is higher |
| Main risk | Market drop before closing | Price swings plus sourcing questions |
Two notes on that table. First, a borrower is qualified on one path at a time, so never blend the qualifier and depletion columns. Second, “not published as eligible” describes what the guidelines list. A particular lender in the network may handle an unusual file differently, and the lender’s own review governs.
How Brokerage Assets Actually Count
Brokerage assets count because the rules already name them. On the asset qualifier path, eligible assets after credit percentages must equal or exceed the entire loan amount, and no employment or income is documented. Brokerage accounts, certificates of deposit, money market, and savings all count at 100%. Retirement balances count at 90% if you are under 59½ and 100% at 59½ or older. Accounts combine.
Here is the sanctioned shape of that math. Take an $800,000 loan. You hold $330,000 in brokerage accounts (100% counts as $330,000), $300,000 in a 401(k) while under 59½ (90% counts as $270,000), and $200,000 in savings (100% counts as $200,000). That is $800,000 of usable assets, and the loan is reviewed on assets alone, subject to underwriting and the lender’s own calculation.
On the asset depletion path, eligible assets become monthly income. Usable assets divide by 60 months, and that income must carry the housing payment and other debts through the debt-to-income test. Cash and certificates of deposit count at 100%, securities at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%. Take $1,500,000 in securities (80% counts as $1,200,000) plus $300,000 in cash (100%). That is $1,500,000 usable, divided by 60, or $25,000 of monthly qualifying income.
Statements matter on both paths. The qualifier path wants 60 days of seasoning and two months of statements per qualifying account. The depletion path wants statements at least 120 days old at application plus the most recent one within 45 days. Not every holding fits. Custodial accounts, non-vested restricted stock units, stock options, and foreign funds are not eligible on the depletion path.
One more point on brokerage holdings. A statement shows ownership, but it does not make shares cash. Funds for the down payment and closing costs generally need to show up as cash, and a balance you use there cannot also count again as a qualifying asset. Unsold shares mostly serve as qualifying balance or post-closing cushion. The short version: plan the cash separately from the portfolio.
How Crypto Gets Treated
Crypto is the harder asset because lenders struggle to verify, value, and hold it steady. The documented route in Lendmire’s network is conversion. You sell the coins on an exchange, move the proceeds to a bank or regulated brokerage account, and the lender reviews the source. Once that cash is seasoned, it counts like any other cash balance: 100% on both the qualifier path and the depletion path.
The paper trail usually includes three layers. First, exchange records showing the sale. Second, the transfer record showing the money leaving the exchange. Third, bank statements showing the deposit. A large deposit with no trail raises sourcing questions, and those questions can stall a file.
Selling also has a side effect. Selling or exchanging crypto is reported to the IRS as a sale of property, so tax treatment varies and you should consult a qualified professional (IRS guidance on reporting digital asset transactions).
What about counting crypto in place? Mortgage policy has been moving. A directive to the two agency mortgage enterprises asked them to prepare proposals for counting crypto as a reserve asset without converting it to dollars. Per Sheppard Mullin’s summary, the directive was an instruction to prepare proposals, not an overnight rule change. That is agency policy for agency loans. It does not set the terms for the asset-based programs described here, and it does not change the published eligibility lists in Lendmire’s network.
Where the Two Assets Behave Differently
Three differences drive most outcomes.
Volatility. Both assets move, but crypto swings more. A price drop between application and closing can leave a crypto-funded file short of reserves, a risk Yahoo Finance’s coverage of the directive also flags. Securities carry the same risk at a smaller scale, which is why the depletion path counts them at 80% rather than 100%.
Verification. A brokerage statement from a regulated custodian shows the owner, the holdings, and the value in one document. A wallet balance does not. An exchange account helps. A self-custody wallet is harder to document, because the lender must tie the wallet to you and trace the funds.
Taxes and timing. Selling brokerage shares can also trigger a taxable gain, so the sale question is not unique to crypto. The difference is that brokerage assets can often qualify without a sale, while crypto in this lane usually cannot.
When Brokerage Assets Are the Better Fit
Brokerage assets are the better fit when the portfolio is large, the custodian is a regulated firm, and you would rather not sell. They fit best in these situations:
- You are a retiree or early-retired professional living on a portfolio. Your documented income is low, but balances are high. The depletion path turns securities into qualifying income, and the qualifier path can cover the loan outright.
- You want the least paperwork. Two months of statements per account on the qualifier path is a short list. Crypto adds exchange, transfer, and bank layers.
- You need predictable valuation. A stated haircut such as 80% on securities is easier to plan around than an open-ended discount.
- You are buying a primary residence or second home. Leverage reaches 80% on a purchase on the qualifier path and on the depletion path. A refinance on the qualifier path tops out at 75%.
- You hold mixed assets. Brokerage balances combine with savings and retirement, so the pool grows without any sale.
The tradeoff is concentration. A portfolio that is mostly one stock can drop sharply, and the lender will look at the value near closing. If the balance only barely clears the requirement, a market dip can break the file.
When Crypto Is the Better Fit
Crypto is the better fit when the decision is really about getting liquid. If most of your wealth is in coins, the question is not whether crypto beats brokerage assets. It is whether converting makes sense. It tends to work when:
- You were already planning to sell. If you want to diversify or lock in gains, the sale is no extra cost to the mortgage plan. The proceeds become cash in a regulated account.
- You have time to season. The cash needs to sit before the file counts it. Starting early removes the pressure.
- You can document the whole chain. Exchange records, transfers, and bank deposits all need to line up. Borrowers who keep clean records move through review with fewer questions.
- You can hold the converted cash after closing. Cash counts at 100% on both paths, which is a better credit percentage than securities earn on the depletion path.
- Your crypto sits on a regulated exchange. Exchange-held coins are easier to tie to you than a self-custody wallet, and the sale records are simpler to show.
Consider an investor holding a modest amount of crypto next to a larger brokerage account. Selling the crypto into savings and keeping the securities in place may produce a cleaner file than touching the brokerage account. The converted cash counts at 100%, the securities stay invested, and the lender sees familiar documents.
The flip side is a hard one. Crypto can be eligible once converted, but if the sale is a poor tax or investment decision for you, the mortgage should not force it. In that case, a different asset or a different program may serve you better.
Key Terms Defined
Asset qualifier path: The program route where eligible assets, after credit percentages, must equal or exceed the entire loan amount, with no income documented.
Asset depletion path: The program route where usable assets divided by 60 months become monthly qualifying income that carries the housing payment through the debt-to-income test.
Seasoning: The period funds must sit in your account before a lender counts them, which helps show the money is truly yours.
Haircut: The percentage a lender subtracts from an asset’s balance to account for price swings.
Usable assets: The balance left after credit percentages or haircuts are applied.
Sourcing: The documented explanation of where a deposit came from, which a lender reviews on large or unusual funds.
A Balanced Verdict
For most households, brokerage assets are the easier and more predictable qualifying tool, and they stay that way unless the portfolio is thin or concentrated. Crypto works, but only through conversion into seasoned cash, with a documented trail and a taxable sale to plan for. The agency world is exploring counting crypto in place. That discussion is real, but it is a separate set of loans from the programs described here.
If your wealth is split, a reasonable sequence is to keep the securities in place, convert only the crypto you were willing to sell anyway, and season the cash early. If it is almost all crypto, ask first whether the sale makes sense on its own merits. If it is almost all brokerage, ask first which path fits: assets covering the loan outright, or assets becoming income. Leverage and credit review all stay subject to the lender’s underwriting.
If you are qualifying on assets rather than income and want to see how the numbers work, Lendmire can help you compare asset-based mortgage options based on your statements, the property, credit profile, leverage, and your goals. Lendmire is a broker that places these loans through select lenders in its network, with consumer lending licensed in 16 states. Reach the team at 828-256-2183 or request a quote.
Frequently Asked Questions
Can I use crypto I haven’t sold to qualify for a mortgage?
Not on the programs Lendmire’s network publishes as eligible. Crypto is not listed on either the qualifier path or the depletion path. The documented route is selling, moving the cash to a regulated account, and seasoning it. Agency policy discussions are exploring counting crypto in place, but that applies to agency loans and does not change these programs.
Does a brokerage statement count as my down payment?
Not by itself. A statement proves you own the shares, but down payment and closing funds generally need to arrive as cash. Unsold shares mostly help as qualifying balance or cushion. If you plan to sell shares for the purchase, the proceeds need to be documented like any other source of funds.
What is the credit difference between the two paths for brokerage accounts?
On the qualifier path, brokerage accounts count at 100% of the balance. On the depletion path, securities count at 80%. A borrower is on one path at a time, so the same account can look stronger on one path than the other. Lender review and underwriting still decide the outcome.
Does selling crypto to qualify create a tax bill?
It can, because selling is reported as a sale of property. Tax treatment varies; consult a qualified professional before choosing which assets to sell.
How early should I move crypto into cash?
Early enough to cover seasoning and documentation. The qualifier path wants 60 days of seasoning and two months of statements per account. The depletion path wants statements at least 120 days old plus one within 45 days. Starting well before you apply gives the paper trail time to build.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. IRS guidance on reporting digital asset transactions
3. Yahoo Finance: Can you buy a house with cryptocurrency?
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can a Florida Buyer Qualify for a Mortgage on IRA Assets Without Withdrawals? · Can a Michigan Buyer Qualify for a Mortgage on IRA Assets Without Withdrawals? · Can a Georgia Trust Beneficiary Qualify for a Mortgage on Trust Assets?
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.