The Quick Read: Yes, usually, when two separate reviews both pass: your assets must cover the loan or produce enough qualifying income, and the building itself must clear the lender’s condo review, subject to underwriting. Strong balances alone do not rescue a building with weak reserves, heavy litigation, or hotel-style rentals.
- Two paths exist. The asset qualifier path uses assets to cover the whole loan. The asset depletion path turns assets into monthly qualifying income.
- Leverage depends on the path and how you use the condo: principal residence, second home, or investment property.
- Florida’s condo reserve rules put the association’s finances under a microscope, so the building’s paperwork often decides the file.
- A condo bought purely to rent usually fits a DSCR loan better.
Which Path Fits You on a Condo?
The asset qualifier path fits when your eligible balances equal or exceed the entire loan. The asset depletion path fits when your balances are large but you want them converted to income. A borrower is qualified on one path at a time, never a blend of the two.
Across the wholesale network, the two paths treat condos the same way at the building level. They differ on leverage, asset credit, and what the file proves about you. Every figure below is a typical ceiling or floor through select programs, subject to underwriting. None is an offer.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| How you qualify | Assets cover the whole loan | Assets ÷ 60 months = income |
| Purchase leverage | Up to 80% | Up to 80% (home); 65% (investment) |
| Refinance leverage | Up to 75% | Up to 80% rate-and-term (home); 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Occupancy | Principal residence, second home | Also investment property |
On the depletion path, “home” means a principal residence or second home. 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 on that path. The lender sets any cash-out terms on the qualifier path, and they are not published.
What Counts as an Asset?
On the qualifier path, brokerage accounts, certificates of deposit, money market, and savings count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and 100% at 59½ or older. Accounts combine.
On the depletion path, cash and CDs count at 100%, securities at 80%, private stock at 75%, retirement accounts at 70%, and real-estate equity at 60%. Custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, and unvested restricted stock units do not count.
Crypto, precious metals, and collectibles are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account. The lender then reviews where the money came from.
Seasoning is the waiting period assets must sit in your accounts. The qualifier path wants 60 days and two months of statements per account. The depletion path wants statements at least 120 days old plus one dated within 45 days. The assets are fully documented on both paths. Only employment and income go undocumented on the qualifier path.
Why the Building Gets Its Own Review
Two things are underwritten on a condo: you and the building. You can pass the first and fail the second. The lender sends the association a condo questionnaire, usually early in the process, covering items such as:
- the share of owner-occupied versus investor-owned units,
- the budget and reserve adequacy,
- litigation,
- master-policy insurance,
- delinquent dues,
- any commercial or hotel-style use.
Associations often do not know their own warrantable status, so the questionnaire is where the answer surfaces. Warrantable means a building meets conventional agency standards. A non-warrantable building does not, but that alone does not end the conversation. Programs in the network review projects under their own rules, and some accept buildings that agency standards reject, often with tighter terms. Whether yours qualifies depends on the specific lender and program, so ask early.
Here is the part buyers miss. Rent does not enter this review, and neither do your balances. A building that fails the screen stays failed, however big your brokerage account is.
What Do Florida’s Condo Rules Add?
Florida adds a financial layer to the building review. Florida’s condominium statute requires reserves to follow the most recent structural integrity reserve study. For recent budgets, associations required to have that study generally cannot vote to provide no reserves or fewer reserves for the listed structural items. There are carve-outs, including termination votes and multicondominium associations.
That matters to you for a practical reason. Reserve catch-up tends to raise monthly dues, trigger special assessments, or lead the board to borrow. Lenders read all three as signs of strain.
Recent legislation added flexibility. An association that finished a milestone inspection may pause or reduce reserve contributions for up to two consecutive annual budgets, with a majority vote of all voting interests and funds directed to milestone repairs. A pause delays the obligation without removing it. A Florida law firm’s explainer on the same legislation notes it did not end special assessments.
Expect to gather or request these documents:
- the structural reserve study,
- milestone inspection reports,
- the current budget,
- any special assessment notices,
- litigation disclosures,
- the association’s rental rules.
The deadline details for first-time studies differ across published summaries, so check the statute or the association’s counsel for your building’s timing.
How Dues and Assessments Hit Each Path
Dues and assessments weigh differently depending on the path.
On the asset qualifier path, balances must cover the whole loan. A special assessment pulls cash from the same accounts you are counting, so the cushion above the loan amount matters. If you land close to the line, a surprise assessment before or after statements are pulled can change the picture.
On the asset depletion path, association dues generally sit inside the housing payment that your derived income must carry through the debt-to-income test. Rising dues push that test the wrong way. Reserve catch-up in an older oceanfront building can move dues meaningfully, and one realtor commentary reports dues running very high in some buildings. Run the dues against your income before you fall for the view.
A Worked Example
Say you are selling a business and buying a Florida condo as a second home. These figures are modeled assumptions, and the lender’s own calculation governs.
Qualifier path. You want an $800,000 loan. You hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under 59½ (90% counts, so $270,000), and $200,000 in savings (100% counts, so $200,000). That is $800,000 of usable assets. They cover the loan on assets alone, with no employment or income documented, subject to underwriting.
Depletion path. You hold $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100%). Usable assets are $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That income must then carry the housing payment, including dues, and your other debts.
Both examples assume the building clears review. If it does not, the arithmetic never comes into play.
Where This Loan Does Not Fit
Three situations tend to stop an asset-based file on a Florida condo.
First, the building is a condotel, or it runs rental pooling or front-desk operations. These are the property types most likely to meet outright exclusions or the most restrictive terms in any program.
Second, the association bans the rental term you planned. Warrantability is a financing test, not permission to rent. Your lease plans come from the association’s documents. Short-term rental rules can vary by city, county, HOA, and property type, so confirm local rules before relying on projected rental income.
Third, you are buying purely to rent. Asset-based mortgages are consumer loans for homes and second homes, and the depletion path alone reaches investment property, at lower leverage. A condo bought for tenants usually belongs in a DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Lendmire’s complete DSCR loans guide explains how that works.
Credit matters too. The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor needs 700. A housing event on the depletion path needs four years of seasoning.
How Does This Compare With Agency Rules?
Conventional agency standards are tightening around Florida condos, which is why more buyers look at alternatives. Fannie Mae’s lender letter on condo projects retires its Limited Review, retires investor-concentration limits, drops the Florida-specific review for new attached-unit projects, and strengthens reserve-study requirements. It also notes a link between underfunded reserves and critical repairs. That applies to agency loans, not to asset-based programs, which run their own condo review. But a building the agency rules reject is not automatically one an asset-based lender accepts, because the building still has to pass.
Your Next Step
Request the questionnaire and the association’s documents before you commit to a unit. Pull your account statements early, since seasoning cannot be rushed. 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 loans through select lenders in its network, and consumer lending is available in Florida.
Key Terms Defined
Asset qualifier path: the route where eligible assets, after credit percentages, equal or exceed the entire loan, with no income documented.
Asset depletion path: the route where usable assets divided by 60 months become monthly qualifying income.
Seasoning: the time funds must sit in your accounts, or the age of the statements, before the lender counts them.
Warrantable condo: a building that meets conventional agency standards for ownership mix, finances, and litigation.
Condo questionnaire: the form the association or management company completes for the lender about the building’s finances and operations.
Structural integrity reserve study: a Florida engineering study of major structural components that sets how much the association must reserve.
Frequently Asked Questions
Does the condo have to be warrantable for an asset-based mortgage?
Not always, but it depends on the lender and program. Some programs in the network review buildings under their own rules rather than agency standards. A non-warrantable building typically draws closer scrutiny and may mean lower leverage or tighter terms, subject to underwriting.
Can I use an asset-based mortgage on a Florida condo I plan to rent?
Only on the asset depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out for investment property. Most pure rental purchases fit a DSCR loan better. Confirm that the association allows your planned lease term first.
How do special assessments affect an asset-based mortgage?
They reduce the cash and securities you may be counting. On the qualifier path, that shrinks your cushion above the loan amount. On the depletion path, assessments and rising dues strain the debt-to-income test. Get the assessment history before you sign the contract.
Which documents will the lender want about the building?
Expect the condo questionnaire, the current budget, reserve study, milestone inspection reports, assessment notices, litigation disclosures, and the rental rules. Requests vary by lender and building, and the association must supply most of them.
Can retirement accounts qualify me for a condo loan?
Yes, with limits. On the qualifier path, a 401(k) or IRA counts at 90% under age 59½ and 100% after. On the depletion path, retirement accounts count at 70% at any age. Both are subject to underwriting and the account documents.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida borrowers.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of tax returns, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Florida Statutes, Section 718.112
2. FL Engineering: Florida condo milestone inspections and HB 913
3. Dempsey Law: Florida condo special assessments, SIRS and milestone inspections
4. View Brevard Homes: SIRS guide for Space Coast condos
5. Fannie Mae lender letter on condo projects
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Is an Asset-Based Mortgage Reported to Credit Bureaus Like Any Other Mortgage? · Does a Securities-Backed Line of Credit Hurt Your Asset-Based Mortgage Application? · Can You Get an Asset Depletion Mortgage After a Foreclosure or Short Sale?
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.