The Quick Read: It depends on your home’s appraised value and how you use it, not on how large your portfolio is: on the asset depletion path, a cash-out refinance is typically capped at 60% of appraised value on a principal residence, second home or investment property, and your cash is that cap minus existing liens and closing costs, subject to underwriting. Your assets decide whether you qualify. Your equity decides how much you can borrow. Florida adds no state-level cap on top of the program’s, but it does add closing costs that shrink the check.
- Cash-out ceiling: 60% of value on the asset depletion path, for every occupancy type, through select programs in Lendmire’s network.
- Loan size: $125,000 to $3,500,000 on the asset depletion path, subject to underwriting.
- Minimum assets: the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid when assets are your only income.
- Cash-out proceeds: they never count as qualifying assets on this path.
- Florida costs: state mortgage taxes reduce what lands in your account.
Two Asset-Based Paths, and Only One Allows a Clear Cash-Out Answer
Asset-based mortgages come in two forms, and a borrower is qualified on one at a time. The asset qualifier path covers the entire loan with eligible assets and documents no employment or income. The asset depletion path divides usable assets by 60 months to create a monthly qualifying income, and that income then runs through the debt-to-income test.
This distinction matters for cash-out. On the qualifier path, the leverage cap is up to 80% on a purchase and 75% on a refinance. Whether cash-out proceeds are allowed on that path, and at what leverage, is set by the lender and is not published. No figure can be given for it here.
The depletion path publishes its cash-out leverage. That is why this article’s numbers come from it.
Both paths document the assets. Statements are reviewed in either case. “No income documentation” never means “no documentation.”
One more point from daily brokering. Lenders in the network do not treat cash-out the same way under asset depletion. Some programs decline it outright, so the matrix has to be confirmed before anyone plans around cash in hand.
What Actually Sets the Maximum Cash-Out?
Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Three inputs set your cash: the program’s cash-out leverage cap, the appraised value, and the payoff of existing liens plus costs. Asset depletion does not raise or lower the cap. It only proves you can carry the payment.
The formula in plain terms:
1. Take the appraised value.
2. Multiply by the cash-out cap for your path and occupancy.
3. Subtract the payoff of your current mortgage and any other liens.
4. Subtract closing costs and any required items.
5. What remains is the cash to you.
Here is the cap for the asset depletion path, through select programs and subject to underwriting:
| Occupancy | Purchase or rate-and-term | Cash-out |
|---|---|---|
| Principal residence | Up to 80% | Up to 60% |
| Second home | Up to 80% | Up to 60% |
| Investment property | Up to 65% | Up to 60% |
Consider a Florida owner whose mortgage balance equals 40% of the home’s appraised value. At a 60% cap, the gross room is 20% of value, before costs and before any other lien is paid off. An owner with a balance near 55% of value has far less room. An owner with no mortgage has the full 60% to work with.
So there are two limits. The first is equity, which is the cap above. The second is payment capacity: the monthly income your assets produce has to carry the new housing payment and your other debts. Most Florida owners with large portfolios hit the equity cap first. Owners with modest portfolios, near the $250,000 liquid minimum, can hit the income limit first.
How Your Assets Turn Into Qualifying Income
Eligible assets are discounted by type, added up and divided by 60 months. That monthly figure is your qualifying income. It must support the full housing payment and your other debts through the program’s debt-to-income test.
The haircuts on the depletion path, through select programs:
| Asset type | Share that counts |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts | 70% at any age |
| Real-estate equity | 60% |
Not eligible on this path: custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, non-vested restricted stock units, and funds from non-regulated financial companies.
Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account, and the lender reviews the source of those funds. Do not assume they count at any percentage.
Here is one illustrative case, with the lender’s own calculation governing the real file. A borrower holds $1,500,000 in securities, which counts at 80% for $1,200,000. The same borrower holds $300,000 in cash, which counts at 100%. Usable assets total $1,500,000. Divided by 60 months, that produces $25,000 of monthly qualifying income. That income then has to carry the new payment and other debts through the debt-to-income test.
Selling nothing is the point. The assets stay where they are. They are converted to income on paper, not liquidated or pledged.
Minimums apply too. Assets must reach the lesser of $1,000,000 or 1.25 times the loan, and never less than $250,000 liquid when depletion is your only income. If you also have documented income, asset-derived income may supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived in that case.
Seasoning, Statements and Credit
Statements must be at least 120 days old at application, plus one recent statement within 45 days. Funds from the sale of a business, an inheritance or a legal settlement are excused from that seasoning. On the qualifier path, the rule is 60 days of seasoning and two months of statements per qualifying account.
Credit follows the lender’s score and loan-amount matrix on the depletion path. A first-time investor on that path needs a 700 score. Housing history is 0x30x12, and one 30-day late payment in the past year is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path. Nothing here is a promise of approval.
The Florida Costs That Shrink Your Check
Florida’s documentary stamp tax on a mortgage is $0.35 per $100 of the obligation secured, per the Florida Department of Revenue. That source also says the $2,450 cap applies to unsecured notes, not to recorded mortgages. A separate nonrecurring intangible tax runs 2 mills, or 0.2%, of the secured amount, according to the Barnes Walker legal glossary.
For a cash-out with a new lender and a new note, practitioners generally see these taxes apply to the full new loan, not only the cash taken. Same-lender refinances and renewals can qualify for partial exemptions based on how much new money is advanced. That is fact-specific, so a Florida title agent should confirm it before you set a cash target.
Those taxes come out of proceeds, along with title, recording, appraisal and lender costs. Programs also set reserve and liquidity expectations. Run the full waterfall before you commit: new loan, minus payoffs, minus costs, equals cash.
Does Florida Homestead Law Cap Your Cash-Out?
No. Florida’s homestead protection is a creditor rule, not a lending cap. It shields a primary residence from forced sale by judgment creditors, and the Florida Bar Journal discusses how the exemption has no dollar limit on protected value. The same provision carries exceptions, and a voluntary mortgage you sign is a valid lien on a homestead.
Two practical points follow. Married borrowers should expect the spouse to join the mortgage, because a mortgage signed by one spouse alone may not operate as a lien on homestead property. And title companies generally want judgment liens cleared from the record before they will close.
Occupancy matters more for the loan than homestead status does. On the depletion path, the cash-out cap is 60% whether the home is your residence, a second home or a rental. The purchase and rate-and-term caps differ: 80% on a principal residence or second home, 65% on an investment property.
Can the Cash You Take Out Count as Qualifying Assets?
No, not on the asset depletion path. Cash-out proceeds never count as qualifying assets there. Some lenders outside the network publish different treatment, but the network’s depletion program does not allow it, so plan on qualifying with the assets you already hold.
This also means you should not double count. Assets used to qualify are the same dollars a lender will look at for liquidity, and the statement-seasoning rules apply to them. If you want to move money before applying, remember that recently moved funds may fall outside the seasoning windows.
When a Different Documentation Route Fits Better
Asset depletion is reviewed against portfolio. Other programs review your file on something else, and for some Florida owners one of those is simply the better fit.
| Route | Qualifies primarily on | Best fit |
|---|---|---|
| Asset depletion | Converted portfolio income | Asset-rich, income-light owners |
| Asset qualifier | Assets covering the whole loan | Very large balances, no income |
| Bank statement | Deposits as documented income | Self-employed owners |
| DSCR | Property-level rental income | Rentals owned for business |
If the property is a rental and you want business-purpose financing, a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Lendmire’s complete DSCR loans guide explains how that route works. Under it, your personal portfolio is not the qualifying basis.
For a Florida primary residence, DSCR is not an option, so the choice is asset depletion, a documented-income program, or no cash-out at all.
How Much Should You Actually Take?
Take what the plan needs, not what the cap allows. A larger loan raises the payment your converted income must carry. It also raises the Florida taxes, which apply to the whole new loan. Both reduce your margin.
Four questions help set the number:
1. What is the cash for, and does it earn more than it costs to carry?
2. After the new payment, how much of your monthly qualifying income is left?
3. How much liquidity remains after closing if you need it?
4. Would a smaller draw leave more room under the program’s debt-to-income test?
Borrowers living on a portfolio often lean toward a smaller draw, because the same assets that qualify them are also their spending reserve. Tax treatment varies; consult a qualified professional before relying on any deduction.
The Federal Frame, Briefly
Asset depletion rests on a recognized idea in lending rules: a lender may consider income or assets other than the home that secures the loan, and it must verify those assets with third-party records. That is the text of Regulation Z, section 1026.43. The CFPB compliance guide adds that lenders consider debt-to-income or residual income without a single fixed threshold. That is why each program sets its own divisor, haircuts and debt-to-income limit, and why two lenders can produce different numbers from the same statements.
Key Terms Defined
Asset depletion: a method that divides usable assets by 60 months to create a monthly qualifying income.
Asset qualifier: a path where eligible assets must cover the entire loan amount, with no income documented.
Haircut: the share of an asset’s balance that a program does not count.
Cash-out refinance: a new loan larger than the payoff of your current mortgage, with the difference paid to you.
Seasoning: how long funds have sat in an account before they count.
Debt-to-income ratio: your monthly debts, including the new housing payment, compared with your monthly qualifying income.
Frequently Asked Questions
Is there a dollar limit on cash-out under asset depletion?
No fixed dollar figure exists. The ceiling is the cash-out cap times appraised value, less payoffs and costs. Loan size must also fall between $125,000 and $3,500,000 on the depletion path, subject to underwriting and the lender’s matrix.
Does a bigger portfolio let me take more cash?
Not directly. A bigger portfolio raises your qualifying income, which helps you pass the debt-to-income test. It does not raise the 60% cash-out cap. Your equity and the appraisal set the ceiling. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Do I have to sell my investments to qualify?
No. Assets are converted to qualifying income on paper and are not liquidated or pledged. They do stay documented, with statements that meet the seasoning rules, and the lender reviews them.
Can I take cash out on a Florida rental with asset depletion?
Yes on the depletion path, at up to 60% of value on an investment property, through select programs and subject to underwriting. A DSCR loan is a separate route for rentals, qualifying primarily on property-level rental income. The right choice depends on whether your portfolio or the property’s income is the stronger basis.
Will Florida taxes reduce my proceeds?
Yes. Documentary stamp tax and intangible tax on the new mortgage come out of closing, along with title and lender costs. Same-lender refinances can be treated differently, so ask a Florida title agent before setting a cash target.
Next Step
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 mortgage broker that places these loans through select lenders in its network, and consumer mortgage lending is licensed in 16 states, Florida among them. Program details change, and every file is underwritten individually. Reach out at 828-256-2183 to start the conversation.
A Florida home can hold a lot of equity, but the draw is set by value, occupancy and costs long before it is set by the size of your portfolio.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Florida Department of Revenue, Documentary Stamp Tax
2. Barnes Walker, Intangible Tax on Mortgages in Florida
3. The Florida Bar Journal, Florida’s Unlimited Homestead Exemption
4. CFPB, Regulation Z §1026.43
5. CFPB, Ability-to-Repay and Qualified Mortgage Compliance Guide
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Does an Asset Depletion Loan Require Any Income? · Asset Qualifier vs Asset Depletion for a Cash-Out Refinance · How Much Down Payment Does an Asset Depletion Jumbo Loan Need?
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.