The Quick Read: Usually, yes: when both people sign the note as borrowers and each account is verified in a borrower’s name, the lender can add the eligible balances together, apply the credit percentages for each account type, and test the combined total against the loan, subject to underwriting and the specific program. Accounts owned only by someone who is not on the loan generally do not count.
- Both must be borrowers. Pooling follows the note, not the marriage certificate or the deed.
- Each account counts at its own percentage. On the asset qualifier path, brokerage, CDs, money market and savings count at 100%.
- Two paths exist. The asset qualifier path covers the whole loan with assets. The asset depletion path turns assets into monthly qualifying income.
- Credit and debts come along. A second borrower adds their balances and their obligations to the same file.
- Paperwork doubles. Each qualifying account needs its own statements, in the holder’s name.
Is This About Virginia the State or VA Loans?
This article is about Virginia the state, not Veterans Affairs. Lendmire, a mortgage broker, arranges consumer asset-based mortgages through select lenders in its wholesale network, and Virginia is one of the 16 states where its consumer lending is licensed. The program figures below do not change by state. Virginia sets none of them. Local taxes, insurance and prices affect the purchase, but account pooling is a program question.
If you searched “VA co-borrower” and wanted the veterans’ loan, this is a different product with different rules.
Key Terms Defined
Asset qualifier path: The loan is qualified on eligible assets alone. After the credit percentages, your assets must equal or exceed the entire loan amount, and no employment or income is documented.
Asset depletion path: Eligible assets, after haircuts, are divided by 60 months to create a monthly qualifying income. That income must carry the housing payment and other debts through the debt-to-income test.
Co-borrower: A person who signs the note, shares liability for the full loan, and has their credit and debts reviewed. Experian’s explainer says a co-borrower has equal access to the funds and equal responsibility for payments, while a cosigner has neither access nor ownership rights.
Pooling: Adding the eligible balances of every borrower on the loan into one qualifying total.
Haircut: The share of a balance that does not count, such as the 10% trimmed from a younger borrower’s retirement account on the qualifier path.
Seasoning: How long funds must sit in an account before they count. Seasoned funds show a history, not a recent deposit.
How Pooling Works
Pooling works in three steps. The lender lists every eligible account held by the borrowers on the note. It applies each account type’s credit percentage. Then it tests the combined total against the loan. What changes with a co-borrower is only the list, because there are more accounts on it.
On the asset qualifier path
Here the question is simple: do usable assets equal or exceed the whole loan? Through select programs, the asset qualifier path allows up to 80% loan-to-value on a purchase and up to 75% on a refinance, for a principal residence or second home. Loans run up to $4,000,000, subject to underwriting.
Picture an illustrative $800,000 loan with two borrowers. One holds $330,000 in brokerage accounts (100%, so $330,000) and $200,000 in savings (100%, so $200,000). The other holds $300,000 in a 401(k) and is under 59½ (90%, so $270,000). Together that counts $800,000 of usable assets, which equals the loan, so the file can qualify on assets alone. Neither borrower could get there alone. The lender’s own calculation governs, and this is an illustration, not an offer.
On the asset depletion path
Here the pooled total becomes income. Suppose one borrower holds $1,500,000 in securities (80%, so $1,200,000) and the other holds $300,000 in cash (100%, so $300,000). That is $1,500,000 usable, divided by 60 months, for $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the debt-to-income test, which is where the co-borrower’s debts matter.
On this path, retirement accounts count at 70% at any age. Securities count at 80%, private stock at 75%, and real-estate equity at 60%. Qualified assets generally must reach the lesser of $1,000,000 or 1.25 times the loan balance, and never less than $250,000 liquid when depletion is the only income source.
One file runs on one path at a time. You cannot take one borrower’s accounts at qualifier percentages and the other’s at depletion haircuts.
Which Accounts Combine and Which Don’t
Accounts combine when every owner is on the loan, and they drop out when an owner is not. The table shows how the common ownership setups tend to read across the lenders Lendmire places files with. Programs vary, and each file is underwritten individually.
| Account situation | Generally counts? | What the lender wants |
|---|---|---|
| Joint account, both owners are borrowers | Yes | Statements naming both |
| Separate accounts, each owner a borrower | Yes | Statements for each account |
| Joint account, one owner not on the loan | Often not | Owner added, or a signed access statement |
| Account only in a non-borrower’s name | Generally no | Nothing makes this count |
| Signer on the account, not an owner | Unclear | Ownership proof, lender-specific |
The joint account with a non-borrower is where files stall. Many lenders want a signed statement that the borrower has full access to 100% of the funds. Some exempt a non-borrowing spouse, and a few waive the letter. Without it, an underwriter cannot assume you can reach the money. If an owner will not sign on, the cleanest fix is usually not to count that account.
Some assets are not published as eligible on either path: cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond a borrower’s ownership share. The documented route is to convert them to a seasoned cash balance in a regulated account, with the source reviewed by the lender. Custodial accounts, foreign funds, escrow accounts and stock options are also not eligible on the depletion path.
Who Can Be a Co-Borrower
A spouse, partner, parent or adult child can all be co-borrowers in principle, since the test is signing the note and having verifiable accounts. The relationship matters less than the signature. What differs is the practical fit. A non-occupant co-borrower is accepted on some programs and not others, depending on the property type.
Be clear on what a second name adds. Their balances join the pool, and their credit and debts join the file. The qualifier path starts at a 600 minimum credit score. The depletion path follows the lender’s score and loan-amount matrix, and a first-time investor on that path needs 700. A weaker score or a heavy debt load on the second borrower can cost more than their savings add.
Housing history matters too. The programs look for 0x30x12, meaning no late housing payments in the last twelve months, though one 30-day late is considered case by case. A prior housing event, such as a foreclosure, needs 4 years of seasoning on the depletion path. Multiple bankruptcies are not eligible. All of this runs through underwriting, never a promise.
Being on the loan is also not the same as being on the deed. Title and the note are separate decisions. Settle the vesting questions with your closing attorney and your loan officer together.
Paperwork for Two People
Each qualifying account needs its own statements. Plan for shared items and per-person items.
Shared items:
- The purchase contract or refinance details for the property
- A clear decision on who is on the note
- Any access statements for joint accounts
Per-person items:
- Statements for every account used, showing the holder’s name, balance and all pages
- Government ID and credit authorization
- Explanations for large recent deposits
The statement rules depend on the path. On the qualifier path, each qualifying account needs 60 days of seasoning and two months of statements. On the depletion path, statements must be 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 on the depletion path.
Documented assets are the point. Qualifying without income documentation does not mean qualifying without documentation. The lender verifies the assets it relies on using reasonably reliable third-party records. That is the standard the federal rule sets for creditors, and statements are the usual proof. The compliance guide on ability to repay lists eight factors for a lender to consider, and the first is current or reasonably expected income or assets. Assets are a recognized basis, and the program sets which of your accounts count.
For more on turning balances into usable reserves, see Lendmire’s piece Do You Have to Liquidate Assets to Reserve an Asset Qualifier Mortgage?.
Moving Money Between Co-Borrowers
Do not move money before you talk to your loan officer. It is the most common way to shrink a pool that was already big enough.
Say one partner wants to shift funds into a joint account for tidiness. The receiving account now has a short history, and the lender may need to trace where the money came from. The old account stops showing the balance. On the qualifier path, each qualifying account needs 60 days of seasoning and two months of statements, so a fresh transfer can fall short of that.
Retitling raises the same questions. Adding a spouse to an account may change who the lender counts as an owner. Removing someone may trigger a gift question. Ask first, document the source, and keep the original statements.
The same logic applies to the money for the purchase. A balance cannot count twice, once toward the pool and again as cash to close. How the lender treats funds for the purchase varies by program, so have that conversation before you sign a contract.
When One Borrower Has Income and the Other Has Assets
If one of you earns documented income and the other holds the portfolio, the depletion path can supplement rather than replace. Asset-derived income may add to documented income up to a 45% debt-to-income ratio. When assets supplement income this way, the minimum-assets rule is waived.
That helps a household where one person still draws a pension or salary, but the savings sit under the other name. Put them both on the note, and the pooled assets plus documented income run through one debt-to-income test. Whether a pension and depleted assets stack is a program-by-program question. Whether a given account counts for a co-borrower depends on the program’s guidelines.
The trade-off is plain. The more pieces you add, the more documents each person provides. A file with two borrowers, five accounts and one pension is slower to assemble than one borrower with one brokerage statement, but it can reach a loan size that neither could carry alone.
The Investor Decision: Which Path, and Who Goes on the Note
Investment property is eligible only on the asset depletion path. On the qualifier path, the property is a principal residence or second home.
On the depletion path, investment property carries lower leverage: up to 65% loan-to-value on a purchase or rate-and-term refinance, and 60% on a cash-out refinance, subject to underwriting. Principal residences and second homes reach 80% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets. Loans on this path run $125,000 to $3,500,000.
Decide early who is on the note. Adding or removing a borrower after the asset analysis changes the whole file, because the pool, the credit pull and the debt-to-income test all shift.
For a pure rental purchase, the better fit is often a different program. 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. Rent covering the payment is the core test there, and the property carries the file. If that sounds like your deal, Lendmire’s complete DSCR loans guide walks through it. Programs below 1.00 coverage are available through select lenders in the network, with leverage and terms adjusted.
Mistakes That Shrink the Pool
Most losses come from a short list of avoidable errors.
- Counting a non-borrower’s accounts. A spouse who is not on the loan does not bring a separate account with them.
- Ignoring the haircut. A $300,000 retirement balance counts at 90% on the qualifier path for someone under 59½, and at 70% on the depletion path.
- Mixing the two paths. The qualifier and depletion percentages are separate tables.
- Moving funds mid-file. A transfer can leave a balance without enough history.
- Skipping the access statement. A joint account with a non-borrower may need one.
- Forgetting the second borrower’s debts. Their car loan and credit cards come with them.
- Counting unlisted assets. Crypto and collectibles are not published as eligible.
Retirement balances raise one more question: how the lender applies the age test when co-borrowers differ in age, since the qualifier path treats under-59½ balances at 90%. Ask it upfront. Lendmire’s article How to Use Retirement Accounts for Reserves on an Asset Depletion Mortgage covers how those balances are treated. Tax treatment varies; consult a qualified professional.
Frequently Asked Questions
Can I use my spouse’s IRA?
Yes, if your spouse is a borrower on the loan. The IRA counts at the percentage the path assigns: on the qualifier path 90% before 59½ and 100% after, and on the depletion path 70% at any age. If your spouse is not on the note, their IRA generally does not count. It is a question for the specific program, so confirm it before you apply.
What if my parent’s name is on my account?
It depends on whether your parent is a borrower. A parent who is a joint owner but not on the loan may need to sign a statement that you have full access to the funds, or the lender may leave the account out. Some programs are stricter. The simplest fix is to ask your loan officer how the lender in your file treats it.
Does a joint account with a non-borrower count?
Often not, or only with conditions. Many lenders want either the other owner on the loan or a signed access statement. A few exempt a non-borrowing spouse. There is no single rule across the lenders in Lendmire’s network, so the answer depends on the program that ends up reviewing your file.
Do we both have to be on the loan?
Only if you want both people’s accounts to count. A single borrower can qualify on their own assets alone. Adding the second person raises the pool but also brings their credit and debts into the file. Both people sign for the full amount, so weigh that liability before you add a name.
Can co-borrowers mix the qualifier and depletion paths?
No. A file runs on one path at a time, and the percentages for the two paths never blend. Pick the path first, then pool accounts at that path’s percentages. If your plan is a rental property, only the depletion path applies, because the qualifier path covers principal residences and second homes.
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. Programs change, and every file is underwritten individually through select programs, so none of the figures here is an offer or a commitment to lend.
Lendmire’s asset-based mortgage in Virginia page presents the program for Virginia borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Experian — Co-Borrower vs. Cosigner
2. Federal Register — Ability-to-Repay and Qualified Mortgage Standards Final Rule
3. CFPB — Ability-to-Repay and Qualified Mortgage Rule Compliance Guide
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 Get an Asset Depletion Mortgage After a Foreclosure or Short Sale? · Does Real Estate Equity Count on an Asset Qualifier Mortgage? · How an Asset Depletion Mortgage Works
Guides: Asset-Based Mortgage in Virginia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.