The Quick Read: Usually all of it. On the asset qualifier path, brokerage balances count toward the asset requirement at their full value through select programs in Lendmire’s wholesale network, subject to underwriting. On the asset depletion path, securities count at 80%, so the same account counts for less.
- Asset qualifier path: brokerage, CDs, money market and savings at 100%; 401(k) and IRA at 90% under age 59½ and 100% at 59½ or older.
- Asset depletion path: cash and CDs at 100%, securities at 80%, retirement at 70% at any age.
- The qualifier path needs eligible assets that equal or exceed the entire loan. No income is documented.
- The depletion path divides usable assets by 60 months into monthly income, then runs a debt-to-income test.
- Program figures do not change by state. A New Mexico borrower works with the same percentages.
What the Title Question Really Asks
The title says New Mexico, but the percentages are not a state rule. Taxes, insurance and local prices differ by state. The credit given to a brokerage balance does not. Lendmire’s consumer mortgage lending is licensed in 16 states, and New Mexico is one of them.
Two paths exist, and a borrower is qualified on one at a time. Never blend their tables. Across the wholesale network, the first question on any file is which path fits the borrower. The second is how much of each account the path credits.
The figures here are ceilings and floors, not offers. Every file is underwritten individually, and programs change. This is guidance, not a commitment to lend.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, cover the entire loan amount and no employment or income is documented.
Asset depletion: a path that converts usable assets into a monthly qualifying income, which then runs through the debt-to-income test.
Haircut: the discount a program applies to an account. An 80% credit means a 20% haircut.
Divisor: the number of months used to spread usable assets into monthly income. On the depletion path it is 60.
Seasoning: how long funds must sit in an account, shown by statements, before they count.
How Much of a Brokerage Account Counts on the Qualifier Path?
Brokerage accounts count at 100% on the qualifier path. The same goes for certificates of deposit, money market and savings. Accounts combine, so a portfolio spread across several of them adds up.
The path has one test. Usable assets must equal or exceed the entire loan. Leverage runs up to 80% on a purchase and 75% on a refinance, on a principal residence or second home. Loans go to $4,000,000. Whether cash-out proceeds are allowed on this path is the lender’s call and is not published, so don’t plan around it.
Retirement balances are discounted a little. A 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. Credit starts at a 600 floor. Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them.
Here is the sanctioned shape of the math. Say a borrower wants an $800,000 loan and holds $330,000 in brokerage accounts, $300,000 in a 401(k) at age 55 and $200,000 in savings. The brokerage counts at 100%, or $330,000. The 401(k) counts at 90%, or $270,000. Savings counts at 100%, or $200,000. Usable assets total $800,000, which covers the loan, so the file is reviewed on assets alone. This is illustrative, and the lender’s own calculation governs.
How Much Counts on the Depletion Path?
Securities count at 80% on the depletion path. Cash accounts and CDs count at 100%. Private stock counts at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%.
This path does not test the loan against assets. It turns assets into income. Usable assets are divided by 60 months. The result must carry the full housing payment and other debts through the debt-to-income test.
Take a borrower with $1,500,000 in securities and $300,000 in cash. Securities count at 80%, or $1,200,000. Cash counts at 100%, or $300,000. Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income then has to carry the payment and other debts. Again, illustrative only.
Leverage here is lower. A principal residence or second home goes up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out. Cash-out proceeds never count as qualifying assets. Loans run $125,000 to $3,500,000.
Minimums apply. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is the only income source, liquid assets can’t fall below $250,000. Asset income can also supplement documented income up to a 45% debt-to-income ratio, and then the minimum-assets rule is waived.
Side by Side
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Brokerage or securities | 100% | 80% |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Test | Assets cover the whole loan | Assets become income, then DTI |
| Purchase leverage (residence) | Up to 80% | Up to 80% |
| Refinance leverage (residence) | Up to 75% | 80% rate-and-term, 60% cash-out |
| Income documented | None | Derived from assets |
Why the Two Paths Treat the Same Account Differently
The qualifier path asks a simple question: can the assets pay off the loan. A brokerage balance is liquid, so it counts in full. The depletion path asks whether assets can stand in for a paycheck for years. Markets move, so securities get a haircut.
That is the practical split. A borrower with a large balance and a modest loan often fits the qualifier path. A borrower who needs income to carry a bigger payment leans on depletion, and accepts the discount.
The Order of Operations
Order changes the answer. Most files that come back short were counted in the wrong sequence.
1. List the eligible accounts. Brokerage, CDs, money market, savings and vested retirement funds go on the list. Crypto, precious metals, collectibles, pledged or borrowed funds and business accounts beyond the borrower’s ownership share are not published as eligible on either path.
2. Apply the credit percentage to each account. Use the path’s own table, not the other one.
3. Take out money the deal consumes. Down payment and out-of-pocket closing costs come out of the pool first. The same dollars can’t pay for the purchase and also count as qualifying assets.
4. Run the path’s test. The qualifier path compares usable assets to the loan. The depletion path divides by 60 and runs debt-to-income.
5. Document it. Statements are the record on both paths. Lenders must verify the assets they rely on with third-party records, and the CFPB’s compliance guide lists investment account statements as acceptable evidence.
What Reduces or Removes Brokerage Value
Several things shrink the counted amount.
Pledged or borrowed funds. Margin balances and securities pledged against a loan are not clean assets. Expect the lender to net them out or exclude them.
Stock a borrower can’t freely sell. Stock options and non-vested restricted stock units are not eligible on the depletion path. Private stock counts, but only at 75%.
Recent transfers. Money that moved in last month hasn’t seasoned. A large deposit needs a paper trail.
Double use. Cash needed to close can’t also count toward the pool. This is a common mistake on asset files.
Market drops. Statements are a snapshot. A falling market between statement and review can leave less than the file assumed. Some borrowers keep a cushion of extra assets for that reason.
Crypto and similar holdings are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
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. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning on the depletion path.
“No income documentation” never means “no documentation.” The assets are documented on both paths. Statements, ownership and the source of any large deposit are reviewed. The federal ability-to-repay rule at Regulation Z § 1026.43 sets the verification duty. It does not set a haircut. Percentages are each program’s choice, which is why they vary.
Joint Accounts, Spouses and Trusts
Ownership matters. The account has to belong to the borrower, and a lender may ask that anyone on an account used to qualify be on the loan. Custodial accounts are not eligible on the depletion path. Trust accounts are reviewed case by case, and a revocable trust is the easier case. Rules vary by program, so confirm ownership treatment before relying on an account.
Brokerage Plus Retirement Accounts
Stacking works, with discounts. On the qualifier path, a brokerage account at 100% and a 401(k) at 90% add together. On the depletion path, securities at 80% and retirement at 70% add together. A borrower under 59½ is treated better on the qualifier path, where the retirement credit steps up to 100% at 59½. On the depletion path, retirement counts at 70% at any age.
Using This for a New Mexico Purchase
A New Mexico borrower with a large portfolio and little documented income, such as a retiree, someone who sold a business, or a household living on investments, fits this profile. The program applies to principal residences and second homes on both paths. Investment property is available only on the asset depletion path, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out.
Where a purchase is a pure rental, a DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, is usually the better tool. Lendmire’s complete DSCR loans guide explains how that works. For the cash side, see How Much Down Payment Does an Asset Qualifier Mortgage Need?.
The loan is a consumer mortgage, so consumer disclosure rules apply. Tax treatment varies; consult a qualified professional.
Common Mistakes
- Reading the statement balance as the counted amount.
- Blending the qualifier and depletion tables.
- Counting cash to close as a qualifying asset.
- Assuming crypto counts because it sits at an exchange.
- Moving large sums right before applying.
- Assuming a credit-light file means no credit review. Credit still starts at a 600 floor on the qualifier path, and the depletion path follows the lender’s matrix. A first-time investor on the depletion path needs 700.
Frequently Asked Questions
Do I have to sell my brokerage holdings to qualify?
No. The calculation is a qualifying convention. Assets are not sold, pledged or withdrawn. They stay where they are, and statements document them. The lender’s own calculation governs.
Does the whole balance count?
On the qualifier path, brokerage accounts count at 100%. On the depletion path, securities count at 80%. Money needed for the down payment and closing costs comes out first on either path.
What if the market drops before review?
The statement the lender uses sets the value. A lower balance means fewer counted assets. Borrowers close to the line often hold extra assets as a buffer.
Can I use a joint account?
Often, but the lender reviews ownership. Anyone on the account may need to be on the loan.
Can I combine asset income with a paycheck?
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 does.
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’s asset-based mortgage in New Mexico page presents the program for New Mexico borrowers.
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 tax returns understate their income, and each application is reviewed individually by the lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB ATR/QM compliance guide
2. 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: How Much of Vested RSUs Counts Toward Asset Depletion Income? · Is an Asset Qualifier Mortgage Harder to Get Than an Asset Depletion Loan? · Asset Qualifier vs Asset Depletion for an Heir
Guides: Asset-Based Mortgage in New Mexico
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.