The Quick Read: The asset qualifier path covers the entire loan with vested shares and other seasoned assets and documents no income, while asset depletion converts usable assets into monthly qualifying income that must pass a debt-to-income test, so the right choice turns on loan size, property use, and how much of your wealth is vested stock.
- Qualifier needs counted assets that equal or exceed the whole loan. Depletion divides usable assets by 60 months to create income.
- Vested shares in a brokerage account count at 100% on the qualifier path and 80% as securities on the depletion path.
- Unvested restricted stock units and stock options do not count as assets on the depletion path.
- A rental purchase generally points to depletion or a DSCR loan, because the qualifier path is for a principal residence or second home.
Here is the honest answer. The asset qualifier path suits the buyer whose vested stock is large compared with the loan and who is buying a home to live in. The asset depletion path suits the buyer who wants asset income to carry a debt-to-income test, who also has salary, or who is buying an investment property. You qualify on one path at a time, so the job is picking the path that fits your file.
Lendmire is a mortgage broker. It arranges asset-based mortgage programs through select lenders in its wholesale network, and its consumer mortgage lending is licensed in 16 states, Washington among them. The figures below are ceilings and floors, subject to underwriting. They are not offers.
Side-by-Side
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| Review basis | Counted assets cover the whole loan | Assets ÷ 60 months = income |
| Income and DTI | No income documented | Derived income runs through DTI |
| Property types | Primary residence, second home | Primary, second home, investment |
| Max leverage | 80% purchase, 75% refinance | 80% primary/second purchase; 65% investment |
| Brokerage stock counts at | 100% | 80% (securities) |
| Seasoning | 60 days, two months of statements | Statements 120+ days old, one within 45 |
| Reserves | None at or below 75% LTV | No published reserve months |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Entity vesting | Written for individuals | Written for individuals |
Two more points sit outside the table. On the depletion path, cash-out leverage is 60% on a principal residence, a second home, or an investment property, and cash-out proceeds never count as qualifying assets. On the qualifier path, cash-out treatment is set by the lender and is not published, so no figure belongs here.
Entity vesting is the same story on both paths. These programs are generally written for individual borrowers, and any entity treatment is lender-specific.
Key Terms Defined
Vested shares. Shares that are fully yours, with no remaining condition that could take them back.
RSU. A restricted stock unit, which is a promise of shares that arrive when a vesting condition is met.
Haircut. The share of an asset’s balance that a lender refuses to count, because the value can move.
Seasoning. The stretch of time funds must sit in your account, shown by statements, before they count.
Debt-to-income (DTI). Your monthly debts divided by your monthly income, which the depletion path runs on the income it derives.
How Stock Pay Changes the Math
Stock compensation makes salary look uneven on paper. A lender that reads a W-2 may see a base wage that undersells you and a bonus pile that moves with the share price. Both asset paths sidestep that by reading your balance sheet instead.
The key date is vesting. IRS Publication 525 says restricted stock is not included in income until it becomes substantially vested. For a lender, that same date marks when shares turn from a promise into holdings you own. Before it, the shares are not an asset you can count.
After vesting, the shares behave like any other brokerage holding. They have to be settled, liquid, and shown on statements. Here is how common stock-pay holdings are treated across the programs we place files with:
- Vested shares in a brokerage account. They count at 100% on the qualifier path and at 80% as securities on the depletion path.
- Unvested RSUs. They are not on the eligible list for the depletion path, and they are not published as eligible on the qualifier path.
- Stock options. They are not eligible on the depletion path.
- Shares of a private company. They are not eligible on either path. The route is a sale or buyout converted to a seasoned cash balance.
- Shares held in a retirement account. Those count under the retirement rules, which are 70% on the depletion path and 90% under age 59½ on the qualifier path.
One more point surprises many stock-paid buyers. Shares that landed in your account last month have not seasoned yet. The excused categories on the depletion path are sale-of-business, inheritance, and legal-settlement funds. A fresh RSU release is not on that list.
Concentration: The Single-Employer Problem
Plenty of Seattle compensation packages leave one buyer holding one company’s stock. Neither path gives that a special name. The haircut on securities is the program’s way of pricing volatility, and a lender may look harder at a file where one ticker is most of the pool.
Lender treatment of a concentrated position varies by program and by file, so ask about it up front. A price drop between application and review shrinks a balance that is counted at a percentage of its value. Cushion matters here. A pool that clears the requirement by a thin margin is the pool a bad month can break.
When Asset Qualifier Is the Better Fit
Choose the qualifier path when three things line up: the home is a principal residence or second home, your counted assets exceed the loan, and you would rather not document or defend any income. Seattle purchases often involve larger loans, and the qualifier path reaches up to $4,000,000, subject to underwriting.
The structure is simple. Counted assets, after the credit percentages, must equal or exceed the entire loan amount. There is no DTI test and no employment history to document. Credit still matters, with a 600 minimum score on this path.
The credit percentages favor stock holders. Brokerage accounts count at 100%, as do certificates of deposit, money market, and savings. A 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. Accounts combine.
Here is an illustrative example. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, which counts at 100%, or $330,000. You also hold $300,000 in a 401(k) at age 55, which counts at 90%, or $270,000, and $200,000 in savings at 100%, or $200,000. That adds up to $800,000 of usable assets, so the file is reviewed on assets alone. The lender’s own calculation governs.
Leverage is up to 80% on a purchase and 75% on a refinance for a principal residence or second home. Reserves are not required at or below 75% loan-to-value, and the lender sets them above that. Seasoning is 60 days, with two months of statements for each qualifying account.
There is a cost to this path. Your asset pool has to be bigger than the whole loan. A buyer with strong salary and moderate savings will not get there, and a buyer whose wealth is mostly unvested grants will not either.
When Asset Depletion Is the Better Fit
Choose the depletion path when your assets are large but not larger than the loan, when you also have documented income, or when the property is an investment. This path turns assets into income. Usable assets divided by 60 months become monthly qualifying income, and that income has to carry the housing payment and your other debts through the DTI test.
The haircuts are steeper here. Cash accounts and certificates of deposit count at 100%. Securities count at 80%, retirement accounts at 70% at any age, and real-estate equity at 60%. Privately held stock does not count at all.
Here is an illustrative example for a stock-paid buyer who has sold down part of a position. Say you hold $1,500,000 in securities, which counts at 80%, or $1,200,000. You also hold $300,000 in cash at 100%. That is $1,500,000 of usable assets, and divided by 60 months it produces $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the debt-to-income test.
Notice the quiet lever in that example. Cash counts at 100% and securities at 80%. A buyer who converts some vested shares to a seasoned cash balance can raise the counted share of that portion. That is a real tradeoff, because the sale may carry tax consequences and the proceeds need a paper trail. Tax treatment varies by situation, so consult a qualified professional before choosing between holding and selling.
The depletion path has minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They can never be below $250,000 in liquid assets when depletion is your only income source. If asset income only supplements documented income, it can go up to a 45% DTI, and the minimum-assets rule is waived. That supplement route is a good match for someone with a base salary.
Leverage is up to 80% on a purchase or rate-and-term refinance for a principal residence or second home. On those, cash-out is 60%. For an investment property, leverage is up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Loans run from $125,000 to $3,500,000. Credit follows the lender’s matrix, and a first-time investor on this path needs a 700 score.
Seasoning differs from the qualifier path. Statements must be at least 120 days old at application, and the most recent statement must fall within 45 days. Think of that as a longer paper trail. If your vests are recent, the qualifier’s shorter window may suit you better.
What About the Rental?
If the target is a rental, the asset paths are one option and DSCR is another. DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. They qualify primarily on property-level rental income covering the payment, subject to lender guidelines.
For a stock-paid buyer, vested shares matter on a DSCR file mostly as down payment, reserves, and seasoning. They do not drive qualification.
A split is common. A buyer uses an asset path for a home to live in and DSCR for the rental. The shares support the cash side of both.
Where Neither Path Fits
Sometimes neither works. Your wealth may be mostly unvested, or your vested pool may be thin against the loan. A conventional income-based mortgage, a smaller purchase, or waiting for another vest may serve you better than stretching a file.
Borrowers who document income through deposits rather than assets are a different case, and the bank statement program exists for them.
The Documentation Both Paths Share
Neither path skips documentation. The assets are documented on both. Here is what to gather:
- Statements for every account you want counted, covering the seasoning window for your path.
- RSU release or vest confirmations that tie the shares to your employer.
- A paper trail for any shares you sold to fund the purchase.
- A credit review, with housing history of 0x30x12, where one late in the last twelve months is considered case by case.
For consumer-purpose loans, the CFPB’s ability-to-repay rule lets a lender consider assets other than the home itself. It also says the lender verifies only what it relies on. In practice, that means the statements you submit are the foundation of the file.
Other asset classes need a conversion step. Cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share, 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, with the source reviewed by the lender.
The Balanced Verdict
Use asset qualifier when your counted assets clear the full loan, the home is a residence, and you want a file that does not hinge on income. It is the cleaner path, but it asks the most from your balance sheet.
Use asset depletion when your assets fall short of the loan, you have salary to blend in, or the property is an investment. It is more flexible, with a bigger paperwork load and a DTI test.
Most stock-paid buyers can answer this with one question: how much of my stock has vested and sat in an account long enough to count? That number decides the path before any lender does.
Frequently Asked Questions
Do I have to sell my shares to qualify?
No. On both paths the assets are counted, not liquidated or pledged. Selling only matters if you need cash for the down payment or want it counted at 100% as cash on the depletion path. If you sell, keep the sale records, because the proceeds need a documented trail.
Can unvested RSUs help me qualify?
Generally not. Non-vested restricted stock units and stock options are not eligible assets on the depletion path, and they are not published as eligible on the qualifier path. Only shares that have vested and settled into a brokerage account fit the documented route.
Can I combine asset income with my salary?
Yes, on the depletion path. Asset-derived income can supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it supplements. The qualifier path documents no income, so it does not blend.
Can I buy a Seattle rental with these programs?
Only the depletion path allows an investment property, with leverage up to 65% on a purchase. For a pure rental buyer, a DSCR loan is often the more natural fit, because it qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
What if my stock price falls before the lender reviews my file?
A lower balance means a lower counted amount, since credit is taken as a percentage of the balance. A file that clears the requirement by a thin margin is the most exposed. Building a cushion above the minimum is the usual protection.
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. This is not a commitment to lend, and every file is underwritten individually.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage with consumer lending licenses in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending partners for borrowers whose traditional personal-income documentation understates their income, and each application is reviewed individually by the lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Investors who want the broader program framework can review how DSCR loans work.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How Tennessee Tech Employees Paid in Stock Get a Mortgage on Assets · How Colorado Tech Employees Paid in Stock Get a Mortgage on Assets · Can a Florida Condo With Pending Assessments Get an Asset Qualifier Mortgage?
Guides: Asset-Based Mortgage in Seattle, WA · Asset-Based Mortgage in Washington
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.