The Quick Read: It depends on which of two paths you use, but on a second home the ceiling is typically 80% of the value on a purchase, and loans can run up to $4,000,000 when your eligible assets cover the whole loan, subject to underwriting. Georgia changes none of the program figures; it only describes where the house sits.
- Assets cover the loan (asset qualifier path): up to 80% loan-to-value on a purchase and 75% on a refinance, with loans up to $4,000,000, through select programs.
- Assets become income (asset depletion path): up to 80% on a second-home purchase or rate-and-term refinance, 60% on a cash-out, with loans from $125,000 to $3,500,000.
- Your number is the lowest of several limits: the leverage cap, the loan-size range, your credit and what your assets are worth after credit percentages.
- No employment or income is documented on the qualifier path. Your assets are documented in full.
Which Path Fits a Georgia Second-Home Buyer?
Choose the asset qualifier path if your eligible assets are at least as large as the entire loan. Choose the asset depletion path if your assets are large but you still need them to read as monthly income. A borrower is qualified on one path at a time, never a blend of both.
On the qualifier path, the lender looks at your eligible balances after the credit percentages in the table below. If they equal or exceed the whole loan, you qualify on assets alone. No employment or income is documented. The lender’s ability-to-repay review rests on the assets.
On the depletion path, usable assets are divided by 60 months to produce a monthly qualifying income. That income must then carry the full housing payment and your other debts through the debt-to-income test. It suits a buyer whose assets are large but not large enough to cover the loan outright.
This product is built for cash-heavy, income-light households. Think of retirees, someone who has sold a business, an heir, or a professional who retired early and lives off a portfolio. If you already have strong documented income, a conventional or full-documentation jumbo loan may be cheaper, and those are different programs with their own rules.
How Much Can You Borrow? The Ceilings by Path
Across Lendmire’s wholesale network, the leverage cap and the loan-size range set the outer limit. Your assets, credit and the property can cut the number lower. These figures are ceilings, not offers, and each file is underwritten individually.
| Path and occupancy | Purchase | Refinance | Loan amounts |
|---|---|---|---|
| Qualifier, second home | Up to 80% | 75% | Up to $4,000,000 |
| Depletion, second home | Up to 80% | 80% rate-and-term, 60% cash-out | $125,000–$3,500,000 |
| Depletion, investment property | Up to 65% | 65% rate-and-term, 60% cash-out | $125,000–$3,500,000 |
Cash-out on the qualifier path is set by the lender and is not published, so no figure is stated here. On the depletion path, cash-out proceeds never count as qualifying assets. Both paths are available through select programs, subject to underwriting.
Read the second-home row against your target price. On a Georgia purchase under the qualifier path, the loan can be up to 80% of the lower of price or value. The rest is your down payment and closing cash. Under the depletion path, the same 80% purchase ceiling applies to a second home. The same home bought as a pure rental drops to 65% on that path.
How Do Your Assets Count?
Each account counts at a percentage of its balance, and the percentages differ by path. Lenders add the usable balances together.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage and securities | 100% | 80% |
| Cash, savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| 401(k) and IRA | 90% under 59½, 100% at 59½ or older | 70% at any age |
| Private stock | Not listed | 75% |
| Real-estate equity | Not listed | 60% |
Some holdings do not count on the depletion path. These include 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 into a seasoned cash balance in a regulated account. The lender then reviews the source of those funds.
Worked Examples With the Math Shown
These examples are illustrative. The lender’s own calculation governs.
Qualifier path. Say you want an $800,000 loan on a second home. You hold $330,000 in brokerage accounts, which counts at 100%, so $330,000. You hold $300,000 in a 401(k) and you are under 59½, so it counts at 90%, which is $270,000. You hold $200,000 in savings, which counts at 100%, so $200,000. Together that is $800,000 of usable assets, which equals the loan. You qualify on assets alone, subject to underwriting, credit and the property.
Depletion path. You hold $1,500,000 in securities, which counts at 80%, so $1,200,000. You also hold $300,000 in cash, which counts at 100%. Usable assets total $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then carries the housing payment and your other debts through the debt-to-income test.
The reverse calculation works the same way without new numbers. Start with your target price and apply the leverage cap to find the loan percentage. On the qualifier path, your usable assets must cover that whole loan. On the depletion path, check that your assets meet the minimum and that the derived income carries the payment. If your usable assets fall short, the options are a smaller loan, a larger down payment, or a different program.
What Can Cap Your Number Below the Ceiling?
Credit, seasoning, minimum assets and debt-to-income can each bind before leverage does. The depletion path adds the most conditions, so plan for those first.
Credit. The qualifier path has a published floor of 600. The depletion path follows the lender’s matrix of score and loan amount. A first-time investor on the depletion path needs a 700 score. Housing history is 0x30x12, and one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. On the depletion path, a housing event needs 4 years of seasoning.
Seasoning and statements. 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. Funds from the sale of a business, an inheritance or a legal settlement are excused from that seasoning. The assets are documented on both paths. Only the income documentation is skipped.
Minimum assets on the depletion path. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only source of income, you also need at least $250,000 in liquid assets. Asset-derived income can instead supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Reserves. The qualifier path requires none at or below 75% loan-to-value. Above that, the lender sets them. The depletion path has no published reserve months.
One more trap involves the money you need at closing. The funds that become your down payment leave your account. A lender counts the balances that remain, so do not count the same dollars twice. Before you build a number, ask which balances stay put after you fund the purchase.
What If You Plan to Rent the Georgia House?
If you plan to rent the home out as a business, a different product usually fits better. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. It is a loan for investment property, and it does not carry a second-home label.
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. The CFPB’s Regulation Z provisions exempt credit extended primarily for a business or commercial purpose. Compliance Alliance notes that the test looks at the loan’s purpose, not only the property type. A buyer cannot simply declare a vacation home a business.
Occupancy changes the leverage, so it matters which way you lean. The depletion path allows 65% on an investment-property purchase and 60% on a cash-out. That is lower than the 80% purchase ceiling for a second home. Some asset-rich borrowers keep a house for personal weekends and use the asset path. Others rent it full time and move to DSCR. Sub-1.00 coverage programs are available through select lenders in the network, but loan-to-value and terms adjust.
| Option | What it tests | Fits a second home? |
|---|---|---|
| Asset qualifier | Assets cover the whole loan | Yes, up to 80% on a purchase |
| Asset depletion | Assets converted to income | Yes, up to 80% on a purchase |
| Bank statement | Deposits as documented income | Yes, for borrowers who document income with deposits |
| DSCR | Property rent against the payment | No, investment property only |
| Conventional or full-doc jumbo | W-2s, traditional personal-income documentation, debts | Yes, under those programs’ own rules |
Georgia Second-Home Specifics
Georgia buyers usually look at a coastal condo, a lake house or a mountain cabin. Each type changes what the lender reviews.
The property is reviewed as a single-family-type home, with carrying costs that vary by county and type. Insurance, flood exposure and HOA dues feed the monthly payment on the depletion path. A condo or cabin may face extra property review.
If you already carry a mortgage on your primary home, the depletion path counts that payment in the debt-to-income test. The qualifier path documents no income, so existing debts are not tested the same way.
Lendmire’s consumer mortgage lending is licensed in 16 states, Georgia among them. The program figures above do not change by state. Georgia facts such as taxes, insurance and local prices are context, never program terms.
How to Prepare Before You Ask for a Number
If you hold a mix of accounts, an experienced broker sorts them into usable and unusable buckets first. The common mistake is counting an account that does not qualify. For example, a retirement balance counts at 90% on the qualifier path but only 70% on the depletion path. The two paths can produce very different totals from the same statements.
Gather your recent account statements, your target price and your credit report. Include the statements for every account you want counted, plus documentation of where any large recent deposits came from. Those items cover most of what a lender asks for when assets, not income, carry the file.
Tax treatment varies; consult a qualified professional.
Key Terms Defined
Asset qualifier path: The route where eligible assets, after credit percentages, must equal or exceed the entire loan amount.
Asset depletion path: The route where usable assets divided by 60 months become monthly qualifying income.
Haircut: The share of an account’s balance that does not count toward qualifying.
Seasoning: The length of time funds have sat in an account before they can be used.
Debt-to-income ratio: The share of monthly income that goes to housing and other debts.
Loan-to-value (LTV): The loan amount as a percentage of the lower of price or appraised value.
Frequently Asked Questions
Can I use an asset-based mortgage on a Georgia second home?
Yes, on both paths. The qualifier path allows up to 80% loan-to-value on a second-home purchase and 75% on a refinance. The depletion path allows up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out. Both are subject to underwriting and the lender’s program terms.
Do I need traditional personal-income documentation, pay stubs or employment verification?
No, not on either path. On the qualifier path, no employment or income is documented. You still provide account statements, credit and property information. On the depletion path, your assets are converted to income, so employment documents are not the basis. Every file is still underwritten individually.
Are my retirement accounts counted at full value?
It depends on the path. On the qualifier path, a 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. Cryptocurrency and similar holdings are not published as eligible on either path.
Can I buy the Georgia home as a rental with this loan?
Only on the depletion path, where an investment property is capped at 65% on a purchase and 60% on a cash-out. The qualifier path is for principal residences and second homes. If rental income is the main reason for buying, a DSCR loan is usually the better structural fit.
Does the loan sell my investments?
No. The assets stay invested in your accounts. They are used to qualify, and they are documented. Funds you use for the down payment and closing costs do leave your account, so the lender counts what remains.
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. For a buyer with a large portfolio and little documented income, Georgia’s second-home market rewards the one who knows which path their balances actually fit.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
2. Compliance Alliance, Regulation Z and Investment Properties
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 You Buy a Multi-Generational Home on an Asset Qualifier Mortgage? · How to Finance a Pennsylvania Vacation Home With an Asset Qualifier Mortgage · Pledged Asset Line vs Asset Qualifier Mortgage for a Colorado Home Purchase
Guides: Asset-Based Mortgage in Georgia
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.