The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
The Quick Read: A 660 score clears the published credit floor on the asset qualifier path, but cash-out leverage there is set by the lender and is not published. The asset depletion path publishes a 60% cash-out ceiling. Credit on that path follows the lender’s matrix, and a first-time investor needs 700. Everything below is subject to underwriting and to select lender programs. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
- Two paths, one at a time. Qualifier path: assets cover the whole loan. Depletion path: assets are divided by 60 months into qualifying income.
- 660 is workable, not a problem. The qualifier path’s floor is 600, so 660 clears it.
- Depletion cash-out tops out at 60% on a principal residence, second home or investment property.
- Cash-out proceeds never count as qualifying assets on the depletion path.
- First-time investors on the depletion path need 700, so a 660 score does not reach an investment-property cash-out there.
Most people searching this have a lot of money in accounts and very little documented income. Think of a retiree, someone who just sold a business, or a household living off a portfolio. A 660 score does not close any door here, but it does shape which one you walk through.
How Does an Asset-Based Cash-Out Refinance Work?
You qualify on what you own instead of what you earn. The file carries no traditional personal-income documentation, pay stubs or employment verification. It is still fully underwritten, and every asset is documented with statements.
Through the asset-based mortgage programs Lendmire arranges, there are two ways to do it. A borrower is reviewed on one path at a time, never a blend of both.
- Asset qualifier path. Eligible assets, after the credit percentages, must equal or exceed the entire loan amount. No employment or income is documented.
- Asset depletion path. Eligible assets, after haircuts, are divided by 60 months. That monthly figure is your qualifying income, and it carries the housing payment and your other debts through the debt-to-income test.
Lendmire is the broker. It places the file with select lenders in its network, and those lenders underwrite and decide. Nothing here is a commitment to lend.
What Does a 660 Credit Score Do on Each Path?
Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
On the qualifier path, 660 sits above the published 600 minimum. On the depletion path, the lender’s own score and loan-amount matrix sets the floor, and a 660 may land near the bottom of a tier. Lenders sort scores into buckets, so where 660 falls matters more than the number itself.
Across a wholesale network, the pattern is steady. A mid-tier score rarely kills an asset-based file. It more often limits leverage or loan size. Strong assets do help, but they do not replace the credit review.
Housing history matters too. The program looks for 0x30x12 on housing payments. 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.
What Leverage Can You Reach With Cash-Out?
Here the two paths split sharply. Keep them apart.
| Item | Qualifier path | Depletion path |
|---|---|---|
| Purchase | Up to 80% | Up to 80% (home), 65% (investment) |
| Rate-and-term refi | Up to 75% | Up to 80% (home), 65% (investment) |
| Cash-out refi | Lender-set, not published | 60% (home or investment) |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
The “home” rows mean a principal residence or second home. On the qualifier path, the 75% figure is for a refinance on those same property types. Whether cash-out proceeds are allowed there, and at what leverage, is the lender’s call. So no qualifier-path cash-out number appears here.
These are ceilings, not offers. Your score, assets and property can all pull the actual terms lower.
Which Assets Count, and at What Percentage?
Eligible assets get a percentage credit before anything else happens. The percentages depend on the asset type and, for retirement accounts, the borrower’s age.
- Brokerage accounts, certificates of deposit, money market and savings: 100%.
- 401(k) and IRA balances: 90% under age 59½, 100% at 59½ or older.
- Accounts combine.
- Cash accounts and certificates of deposit: 100%.
- Securities: 80%.
- Retirement accounts: 70% at any age.
- Real-estate equity: 60%.
Several things do not count on the depletion path: 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. Privately held company stock is not eligible on either path.
Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account. The lender reviews the source of those funds.
How Does the Math Look?
These examples are illustrative. The lender’s own calculation governs.
Qualifier path. Picture an $800,000 loan. You hold $330,000 in brokerage accounts (100% counts, so $330,000). You hold $300,000 in a 401(k) and are under 59½ (90% counts, so $270,000). You hold $200,000 in savings (100%, so $200,000). Usable assets total $800,000, which covers the loan. You qualify on assets alone, subject to underwriting.
Depletion path. Say 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 then has to carry the housing payment and your other debts through the debt-to-income test.
Notice the difference. The qualifier path asks whether your assets equal the loan. The depletion path asks whether the income those assets produce can carry the payment.
What Are the Depletion Path Minimums?
The depletion path adds asset floors. 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 income source, you also need no less than $250,000 liquid.
Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio. In that case the minimum-assets rule is waived. That fits someone with a small pension or part-time income who needs a modest boost.
On reserves, the qualifier path requires none at or below 75% loan-to-value. Above that, the lender sets them. The depletion path publishes no reserve months.
What About Seasoning and Statements?
Assets must be documented and settled. Programs differ in how they check.
- Qualifier path: 60 days of seasoning and two months of statements for each qualifying account.
- Depletion path: 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.
If your money recently moved between accounts, expect the lender to ask where it came from. Keep the paper trail clean.
When Does Cash-Out on an Investment Property Come Into Play?
Only the depletion path covers investment property, and only there is the loan business-purpose. Because these are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. The Federal Register treats investment-purpose loans as business-purpose. The CFPB’s exam procedures say credit to acquire or improve non-owner-occupied rental property counts as business-purpose credit.
For you, the practical result is simple. Proceeds should go to business uses, such as other rentals, rehabs or reserves. Personal spending can change how the loan is classified. Tax treatment varies; consult a qualified professional.
This is also where 660 bites. A first-time investor on the depletion path needs 700. If you already own investment property and have a 660, the lender’s matrix decides. Either way, investment-property cash-out is capped at 60%.
Where the General Rule Breaks
A few edge cases trip people up.
- Private company stock. A founder holding closely held shares cannot count them. The route is a sale or buyout, then seasoned cash, public securities or retirement accounts at their haircuts.
- Cash-out proceeds as assets. On the depletion path, money you pull out of the property never counts toward qualifying assets. Don’t plan to use it twice.
- Co-borrowers. With more than one applicant, lenders generally use the lower middle score. One weaker score can drag the file down.
- Pledged or borrowed funds. They are not published as eligible. A loan against your portfolio won’t count as an asset.
- Underlying property. Leverage can drop further with property type, loan size or lender overlays.
What Does the Decision Look Like in Practice?
Start with your goal, then match the path.
1. Assets can cover the entire loan? Look at the qualifier path first. A 660 clears the floor, but ask the lender whether cash-out is allowed and at what leverage.
2. Assets are large, but not enough to equal the loan? Look at the depletion path. Model the 60-month division and see whether the income carries the payment.
3. Investment property and first-time investor? A 660 does not meet the 700 requirement on the depletion path. Raising your score is the lever.
4. Need more leverage than 60%? Cash-out may not be the right tool. Compare a rate-and-term refinance or a different program.
Credit moves in buckets. A modest score improvement before you apply can matter more than it looks. Cash-out also reduces your asset pool over time, so size the draw to the use, not to the ceiling.
Key Terms Defined
Asset qualifier path: The path where eligible assets, after credit percentages, equal or exceed the whole loan, and no income is documented.
Asset depletion path: The path where usable assets divided by 60 months become qualifying monthly income.
Haircut: The share of an asset’s balance that does not count toward qualifying.
Seasoning: The time funds must sit in an account before a lender treats them as yours.
Cash-out refinance: A refinance that pays off your current loan and gives you cash back.
Debt-to-income ratio: Your monthly debts divided by your monthly qualifying income.
Frequently Asked Questions
Can I do an asset-based cash-out refinance with a 660 credit score?
Often, yes, with limits. A 660 clears the 600 floor on the qualifier path, but cash-out leverage there is set by the lender. On the depletion path, credit follows the lender’s matrix, and a first-time investor needs 700. All of it is subject to underwriting.
Does privately held company stock count as an asset?
No. Privately held company stock is not an eligible asset on either path. A founder or shareholder qualifies through documented liquid assets: seasoned proceeds from a sale or conversion, cash, public securities and retirement accounts at their haircuts.
Do retirement accounts count?
Yes, at a percentage. On the qualifier path, 401(k) and IRA balances count at 90% under 59½ and 100% at 59½ or older. On the depletion path they count at 70% at any age.
Can I combine asset income with other income?
On the depletion path, yes. 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. You still qualify on one path at a time.
Is this a no-documentation loan?
No. The file is fully underwritten and your assets are documented with statements. What you skip is tax returns, pay stubs and employment verification.
Next Steps
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 arranges these loans for consumer lending in 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington.
A deeper walk-through of investment-property equity extraction lives in Lendmire’s guide to cash-out refinance on an investment property.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. Federal Register – Ability-to-Repay and Qualified Mortgage Standards Final Rule
2. CFPB – Truth in Lending Act Examination Procedures
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 to Document a Wire From a Sale Before an Asset-Based Mortgage · Can You Cash Out a Texas Home on an Asset Depletion Refinance? · Can You Get a Texas Asset-Based Mortgage With No Job?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.