The Quick Read: It depends on the path: through select programs, brokerage balances count at 100% on the asset qualifier path and 80% on the asset depletion path, subject to underwriting. Georgia does not change those figures. The lender’s own calculation governs, and the final number also depends on what the purchase itself consumes.
- Asset qualifier path: brokerage accounts count at 100%, and the eligible total must cover the entire loan amount.
- Asset depletion path: securities count at 80%, and usable assets are divided by 60 months to create qualifying income.
- You do not sell anything. The lender counts the balance. It does not liquidate or pledge it.
- Seasoning applies. Statements must show the money has been in place, and the rules differ by path.
- One path at a time. You are qualified on one path or the other, never a blend.
A big brokerage balance feels like borrowing power. Sometimes it is. Sometimes the haircut, the cash you need to close, and the divisor shrink it faster than you expect. Here is how it works.
Which Path Are You On?
An asset qualifier mortgage can mean two different things, and the brokerage percentage changes with the path. On the qualifier path, your eligible assets must equal or exceed the whole loan, and no employment or income is documented. On the depletion path, assets are converted into a monthly income that must carry the housing payment and your other debts.
Both are consumer mortgages for a home you plan to live in or use as a second home. Investment property is available only on the depletion path. The reader who fits best is cash-heavy and income-light: a retiree, someone who sold a business, an heir, an early-retired professional, or a household living off a portfolio.
| Factor | Asset Qualifier Path | Asset Depletion Path |
|---|---|---|
| How assets are used | Must cover the whole loan | Divided by 60 months into income |
| Income documented | None | Derived income runs through debt-to-income |
| Brokerage credit | 100% | 80% (securities) |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
These are ceilings and floors through select programs, not offers. Every file is underwritten individually.
How Much Counts, Path by Path
On the qualifier path, a brokerage account counts at 100% of its balance. Certificates of deposit, money market and savings also count at 100%. Retirement balances count at 90% if you are under age 59½ and 100% at 59½ or older. Accounts combine, so you can stack them toward the loan amount.
On the depletion path, the haircuts are steeper. Cash accounts and certificates of deposit count at 100%. Securities count at 80%. Private stock counts at 75%. Retirement accounts count at 70% at any age. Real-estate equity counts at 60%.
Why the cut on securities? Stock prices move, and the lender wants a cushion. Your $1 million portfolio could be worth less next quarter.
The depletion path also has minimums. Qualified assets must reach at least the lesser of $1,000,000 or 1.25 times the loan balance. When assets are your only income source, you also need no less than $250,000 in liquid assets. If derived income only supplements documented income, the minimum-assets rule is waived, and total debt-to-income can run up to 45%.
Leverage differs too. On the qualifier path, expect up to 80% loan-to-value on a purchase and 75% on a refinance. On the depletion path, a principal residence or second home can reach 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. An investment property tops out at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets.
The Worked Math
The math is simple once you know the path. These examples are illustrative, and the lender’s own calculation governs.
Qualifier path. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, $300,000 in a 401(k) and $200,000 in savings, and you are under 59½.
- Brokerage at 100% counts $330,000.
- The 401(k) at 90% counts $270,000.
- Savings at 100% counts $200,000.
That totals $800,000 of usable assets. It matches the loan, so the file is reviewed on assets alone, subject to underwriting.
Depletion path. Say you hold $1,500,000 in securities and $300,000 in cash.
- Securities at 80% count $1,200,000.
- Cash at 100% counts $300,000.
- Usable assets are $1,500,000.
Divide by 60 months and you get $25,000 of monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income test.
Notice the contrast. The same portfolio is treated generously on one path and trimmed on the other. Pick the path first, then judge the balance.
Large agency-style programs use much longer divisors, which produces far less income from the same assets. The 60-month divisor is a big reason people look at non-agency programs at all.
What’s Inside the Account Matters
Your statement is not one lump. The lender reads what is actually held. Brokerage accounts hold cash sweeps, money market funds, ETFs, mutual funds, individual stocks and bonds. Some of those lines are close to cash, and some swing with the market.
On the depletion path, the securities haircut covers marketable holdings. Several holdings do not count at all there:
- Non-vested restricted stock units.
- Stock options.
- Custodial accounts.
- Foreign funds.
- Deferred compensation.
Cryptocurrency, precious metals, collectibles, borrowed money and pledged funds are not published as eligible on either path. The documented route is to convert them into a seasoned cash balance in a regulated account. The lender reviews the source of that cash.
Business accounts count only for your ownership share, and that share must be accessible to you. Joint and trust accounts need paperwork showing what you can reach. Across Lendmire’s wholesale network, ownership problems and unseasoned deposits are the usual reasons a balance counts for less than a borrower expected.
A brokerage-held IRA is not the same as a taxable brokerage account. If the statement shows an IRA, the retirement percentage applies, not the brokerage one. Retirement statements must show the account type so the right percentage is applied.
Does the Same Money Cover Closing and Qualifying?
Often it cannot do both. The order of operations changes the answer. On the depletion path, most lenders subtract your down payment, closing costs and any required reserves from the pool before calculating income. That is why the online calculators that skip the step can overstate what you qualify for.
On the qualifier path, the eligible total has to cover the entire loan. Whether cash to close sits inside that total or on top of it is a program question, so ask early. Guidelines differ across lenders.
Reserves are simpler. On the qualifier path none are required at or below 75% loan-to-value, and above that the lender sets them. The depletion path has no published reserve months.
Lendmire’s piece Do You Have to Liquidate Assets to Reserve an Asset Qualifier Mortgage? covers that side in more detail. For the cash side, see Lendmire’s guide How Much Down Payment Does an Asset Qualifier Mortgage Need?.
What Shrinks Your Countable Balance
Run through this list before you apply.
- Seasoning. The qualifier path wants 60 days of seasoning and two months of statements for each qualifying account. The depletion path wants statements at least 120 days old at application, plus the most recent statement within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from the depletion seasoning.
- Recent deposits. A large transfer in the last month raises questions. Be ready to show where it came from.
- Market drops. Value comes from the statement. A sharp decline before underwriting lowers the figure, so a cushion helps.
- Ineligible holdings. Anything on the exclusion list above does not count at any percentage.
- Missing pages. Statements must be complete. A missing page can stall a file.
The assets are documented on both paths. No income documentation never means no documentation.
Do You Have to Sell Anything?
No. Nothing is liquidated or pledged to qualify. The lender counts the balance as a qualifying convention and leaves your positions alone.
The catch is cash to close. That money has to come from somewhere, and selling a taxable position may have consequences. Tax treatment varies; consult a qualified professional.
What the Federal Rulebook Says
No federal rule sets a percentage for brokerage accounts. The CFPB’s ability-to-repay rule lets a lender rely on income, on assets other than the home securing the loan, or both. It lists stocks, bonds, savings, certificates of deposit and vested retirement funds as examples. The haircuts come from each lender’s own guidelines.
What the rule does require is proof. Assets a lender relies on must be verified with reasonably reliable third-party records, which means statements, not a number you type into a form. Disclosures under TRID apply to these consumer loans.
Is This the Right Tool for a Rental?
Not always. Asset-based qualifying tests you. DSCR, the business-purpose loan for rentals, tests the property: the lender checks whether the rent covers the payment, and qualification rests on property-level rental income, subject to lender guidelines.
If the rent is thin compared with the payment, such as a luxury or low-yield property, asset-based qualifying may fit better. It ignores rent entirely. For a pure rental, the depletion path’s 65% purchase leverage on an investment property is much lower than the ceilings many DSCR programs offer. Lendmire’s complete DSCR loans guide explains how that comparison usually shakes out.
Honestly, this one is a toss-up for borrowers with both strong assets and a decent rental. Run both and compare leverage, credit and documents.
Credit matters on both paths. The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor there needs 700. Housing history of 0x30x12 is standard, and one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible.
A Georgia borrower should know one more thing. Some state down payment assistance programs treat liquid assets differently. That is a different product from an asset-based mortgage, so do not mix the two.
Key Terms Defined
Haircut: the share of an asset’s value a lender will not count, to allow for market swings or withdrawal costs.
Divisor: the number of months used to turn a pool of assets into monthly income. The depletion path uses 60.
Seasoning: how long money must sit in an account before it counts.
Usable assets: the balance left after the path’s percentages are applied.
Debt-to-income: the share of your monthly income that goes to debt, including the new housing payment.
Business-purpose loan: a loan for a rental or other investment, reviewed differently from a standard owner-occupied mortgage.
Frequently Asked Questions
Does a brokerage-held IRA count the same as a taxable brokerage account?
No. The lender applies the retirement percentage because the account type controls the treatment. On the qualifier path that means 90% under 59½ and 100% at 59½ or older. On the depletion path it is 70% at any age.
Does a joint account count in full?
It depends on ownership and what you can access. The lender needs documents showing your share and your right to use the funds. Programs differ, so ask before you assume.
Does crypto count?
Not as crypto. It is not published as eligible on either path. The documented route is converting it to cash in a regulated account and letting the balance season, with the source reviewed.
What if the market falls before the lender reviews my file?
The countable figure follows the statements the lender uses. A decline lowers the number, and it can drop you under a minimum. Hold some cushion above what you need.
Is there a minimum amount of assets?
Yes, on the depletion path. Qualified assets must reach the lesser of $1,000,000 or 1.25 times the loan balance, and never less than $250,000 liquid when assets are your only income. The qualifier path needs eligible assets at least equal to the loan.
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 broker that places these consumer loans through select lenders, and it offers them in Georgia and 15 other states. Nothing here is a commitment to lend. Programs change, and each file is underwritten individually.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia 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. CFPB, Regulation Z §1026.43
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: What Counts as an Asset Statement for a Mortgage? · How Much of a Pension Lump Sum Counts Toward Asset Depletion Income? · Can Private Company Stock Count Toward an Asset Depletion Mortgage?
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.