Current asset-based guidelines, updated from one source.
The block below is the asset-based program reduced to the figures that decide a file, read from Lendmire’s single guideline source and refreshed on this page when the wholesale sheets change: the loan ceiling on each path, the credit floor, the leverage by purpose and occupancy, and the share of each account type that counts. Everything else on the page is explanation.
Up to $4,000,000 on assets alone; $3,500,000 when assets become income
The largest loan on the asset qualifier path is $4,000,000, provided the usable assets equal or exceed it; the asset depletion path tops out at $3,500,000. Neither figure is a quote, and the lender’s own calculation of the usable assets governs the amount.
The asset qualifier path’s published floor; the depletion path follows the suite’s score and amount matrix
The asset qualifier path publishes a 600 decision-score floor. The asset depletion path follows the score and loan-amount matrix of the documentation suite it belongs to, where the floor rises with the leverage and the amount. The score is read from the credit report at application; it is never promised here.
That ceiling on a purchase and 75% on a refinance when assets cover the loan; 60% on a depletion cash-out
On the asset qualifier path a purchase reaches 80% of the price and a refinance 75% of the value, on a principal residence or a second home. On the asset depletion path a purchase or rate-and-term refinance reaches the same 80% on those occupancies, and a cash-out refinance stops at 60%.
Credited under 59½, and at 59½ or older, when assets cover the loan; 70% at any age when assets become income
The age line at 59½ is a program rule, not a tax rule, though it echoes one: below it the asset qualifier path credits 90% of a retirement balance, above it 100%. The asset depletion path ignores age and counts 70% of the balance before dividing by the months.
| Account type | Credit toward the loan |
|---|---|
| Brokerage accounts (stocks, bonds, funds) | 100% of the balance |
| Certificates of deposit | 100% of the balance |
| Money market accounts | 100% of the balance |
| Savings and checking | 100% of the balance |
| Retirement accounts (401(k), IRA) — owner under 59½ | 90% of the balance |
| Retirement accounts (401(k), IRA) — owner 59½ or older | 100% of the balance |
| Account type | Share counted |
|---|---|
| Cash accounts | 100% of the balance |
| Certificates of deposit | 100% of the balance |
| Securities (stocks, bonds, funds) | 80% of the balance |
| Private stock | 75% of the balance |
| Retirement accounts (any age) | 70% of the balance |
| Real-estate equity | 60% of the balance |
| Path and occupancy | Purchase | Rate-and-term | Cash-out |
|---|---|---|---|
| Asset qualifier — primary residence or second home | 80% | 75% | set by the lender |
| Asset depletion — primary residence | 80% | 80% | 60% |
| Asset depletion — second home | 80% | 80% | 60% |
| Asset depletion — investment property | 65% | 65% | 60% |
Two paths behind these pages: on the asset qualifier path the usable assets must equal or exceed the whole loan and no employment or income is documented; on the asset depletion path the usable assets are divided across the published number of months (the table above) into a qualifying income that carries the housing payment and other debts through the debt-to-income test. Reserves are not required on the qualifier path at or below the refinance leverage; the depletion path asks for statements at least one hundred twenty days old plus a current one. Minimum assets on the depletion path: the lesser of one million dollars or one and a quarter times the loan, never below a quarter million liquid when assets are the only income. Lendmire is a broker, not the lender, and the lender is not named.
Current asset-based snapshot · updated October 21, 2026 · a Lendmire loan officer confirms the path, the asset credit, and the leverage for the file before an offer.
For informational purposes only. This is not a commitment to lend or extend credit, an offer, or a quote. Program parameters shown are wholesale lender guidelines in force on the date shown, are subject to change without notice, and every figure depends on the borrower, the property, the occupancy, the selected path, and full underwriting. Asset credit percentages and the qualifying arithmetic shown are illustrative; the lender’s own calculation governs. Lendmire is a mortgage broker, not a lender, licensed to broker consumer mortgages in sixteen states. NMLS #2371349.
What an asset-based mortgage is — and how the two paths qualify a file.
There are two questions a lender can ask of a balance sheet. Is there enough here to cover the whole loan? Or, spread across a fixed number of months, is there enough here to look like the income the loan needs? The asset qualifier path asks the first and the asset depletion path the second, and a West Covina buyer is qualified on one of them, not both at once.
For the program overview, see Lendmire’s asset-based mortgage program, or the statewide guide at Asset-Based Mortgage in California; for the age rule on retirement withdrawals, see the IRS.
Two paths, one program
The asset qualifier path and the asset depletion path share a premise and differ in arithmetic. Both qualify a West Covina buyer on eligible accounts rather than earnings. The first requires the usable assets to equal or exceed the entire loan and documents no employment or income; the second does not require the assets to cover the loan: it converts them into a monthly income and runs that income through the debt-to-income test with the new payment included.
The asset qualifier path
On the asset qualifier path the lender adds up the eligible accounts, credits each at its share, and compares the total with the loan. Brokerage accounts, certificates of deposit, money market accounts, and savings count in full; a 401(k) or IRA counts at a reduced share while the owner is under 59½ and in full from 59½ on. Accounts combine across types, so a West Covina buyer with a mixed balance sheet is read on the sum.
The asset depletion path
On this path the eligible balances are reduced by account type, the total is spread over the divisor, and the monthly figure is read as income against the housing payment and other debts. Seasoning is longer here than on the asset qualifier path: statements at least four months old at application plus a current one, unless the money came from the sale of a business, an inheritance, or a legal settlement. A West Covina loan officer sorts the eligible accounts from the ineligible ones at the start.
Seasoning, statements, and what counts
Seasoning is the proof that the assets are the borrower’s to keep: two months of statements on the asset qualifier path, older statements plus the current one on the asset depletion path. Large recent deposits inside that window are read, not ignored: a transfer between the borrower’s own accounts is documented as such, a sale of property or a business with its paperwork, and a gift under the lender’s gift rules. A West Covina file that shows the trail cleanly meets fewer questions in underwriting.
The calculator runs a West Covina balance sheet through both paths at once. It credits cash, brokerage, and retirement balances at their shares, flips the retirement credit when the owner is past the age line, measures the total against the loan, and divides the haircut total into a monthly income beside the estimated payment. The arithmetic is illustrative; the lender’s own calculation governs.
West Covina’s market in figures — and how asset-based lending fits.
A West Covina asset-based loan is sized to a price, and the price is set by the market these figures describe: the population, the median value, the owner share, and the owner-household count from the Census Bureau’s latest estimate. The snapshot above holds the program’s figures; this block holds the market’s.
Citywide figures provide general market context, not an appraisal or an income calculation. A high median value means a larger loan for the assets to cover and a larger monthly income for the depletion path to produce; a lower one means the same balance sheet goes further. The owner share says how established the market is, and the owner count how deep the comparable sales run.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct West Covina neighborhoods, distinct asset files.
Each card below is a West Covina submarket seen through the program: who buys there on assets, which path usually fits, and what the loan officer checks first. The figures in the snapshot apply everywhere; the emphasis changes from one card to the next.
Second homes and pied-à-terre purchases
Second homes are the program’s natural fit in West Covina: a portfolio, a residence elsewhere, and a city unit bought on the balances. The occupancy is confirmed with the borrower’s intent and the property’s use, and the second-home row of the leverage table applies. Roughly 19,823 West Covina households own their homes on the latest Census estimate — 60% of all households, the pool an asset-based purchase joins.
High-rise and luxury condominiums
West Covina’s high-rise and luxury condominiums draw the buyers the program is built for: a household downsizing from a house it owns outright, with the proceeds in a brokerage account and no salary to show. The unit is a principal residence or a second home on either path, the dues enter the depletion ratio, and the lender’s project review runs alongside the asset review. West Covina is home to about 107K people.
Newer luxury infill and new construction
A newer West Covina home at the top of the market rarely draws condition notes; the question is whether the balance sheet covers a loan that size or converts into an income that carries it. The loan officer reads the statements against the program ceiling before the contract. About 40% of West Covina’s households rent — roughly 13,069 renter households on the latest Census estimate.
Estate properties
At the top of the West Covina market the question is rarely whether the household can afford the home; it is how the lender documents that it can. The asset qualifier path answers with statements; the depletion path answers with a derived income; a loan officer shows both before the offer. Median household income in West Covina sits near $101,065 on the latest Census estimate.
Close-in architect-designed homes
A distinctive West Covina house is a distinctive appraisal. The asset side of the file is unaffected, but the leverage ceiling is applied to the appraised value, so a buyer on the asset qualifier path plans the usable total with room for the value to land under the contract. On a home in West Covina priced at or above the median, the asset qualifier path finances up to 80% of the price on a purchase — the balance of the price is the down payment, and the usable assets must cover the loan itself.
Two-to-four-unit homes
Small multi-unit buildings in West Covina attract the asset-rich buyer who wants rental income beside the portfolio. Financed as an investment, the file is a depletion file: haircut assets divided into income, the investment leverage row, and a stronger score for a first-time investor. The median owner-occupied home value in West Covina runs near $779,800 on the latest Census estimate.
The rules do not change with the street. Every West Covina file is checked the same way: eligible accounts, credit share or haircut, usable total against the loan or divided into income, leverage against the ceiling for the purpose and occupancy, seasoning, and credit. The submarket shapes the price and the appraisal, nothing more.
Four ways West Covina buyers put their assets to work.
What a West Covina buyer does with an asset-based mortgage depends on the balance sheet and the occupancy. The four uses below cover the typical purchases and refinances, with the path, the leverage, and the account rules that apply to each.
Turn a portfolio into qualifying income
When the balances will not cover the loan, the depletion path turns them into a monthly figure instead. For a West Covina buyer that means a longer seasoning, haircuts by account type, retirement balances counted at a flat share regardless of age, and a file that is read like any income file once the income is derived.
Finance a second home or a rental on assets
Second homes are a natural fit: a West Covina household with a portfolio and a principal residence elsewhere buys the second home on assets, covering the loan outright when the balances allow and depleting them into income when they do not. Rentals follow the depletion path’s investment ceiling and its cash-out rules.
Keep the investments invested
For a West Covina buyer weighing a cash purchase against a mortgage, the asset-based program offers the mortgage without the income file. The assets are counted on paper, the home is financed, and the portfolio stays invested. A loan officer shows the two paths on the actual balances before the offer is written.
Buy after a liquidity event, before the next venture
After a sale, the question is documentation rather than qualification. The West Covina loan officer traces the proceeds with the sale paperwork, confirms the accounts they landed in, counts the statements, and chooses the path the total supports. Cash-out proceeds from a refinance never count as assets on either path.
Measure a West Covina loan against the assets before requesting a review.
The starting figures are a West Covina price above the median, a loan at a share of the price inside both paths’ purchase leverage, and a balance sheet split among cash, brokerage, and retirement accounts with the owner under 59½. Change any of them. The verdict, the margin, the depletion income, and the payment update as you type.
West Covina asset coverage estimate
A worked West Covina example to start from: price, loan, cash, brokerage, and retirement balances with the owner under the age line. The results show the asset qualifier verdict first and the depletion reading beneath it.
Editable benchmark: 7.40% as of October 15, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not an asset-based mortgage quote.
Illustrative starting assumptions: a $1,100,000 price above the West Covina median, a loan at seventy percent of the price, a balance sheet split among cash, brokerage, and retirement accounts with the owner under 59½, a thirty-year payment at the current Freddie Mac conforming benchmark, property taxes and insurance estimated for California (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The credit percentages, the haircuts, and the divisor are wholesale program parameters hydrated from Lendmire’s guideline endpoint; the lender’s own calculation governs, and which accounts count, how they season, and what the age rule allows are settled in underwriting. The rate field carries the weekly Freddie Mac thirty-year conforming benchmark, a market reference and not an asset-based mortgage quote; the terms on an asset-based mortgage are set by the lender at lock. Taxes and insurance are estimates. Nothing here is tax or investment advice.
Same buyer, three ways to document the file.
For a West Covina buyer with assets and an unconventional income picture, the comparison is between covering the loan, depleting the assets, and documenting deposits. The rows set out the strengths of each, and the last row says where each one fits.
Assets that cover the loan, assets as income, or deposits as income.
Usable assets equal to the whole loan, no employment or income documented, principal residences and second homes, purchase and refinance at the path’s leverage, two months of statements, reserves not required at or below the refinance leverage. The path with the fewest questions, and the one that asks the assets to cover the whole loan.
Haircut assets divided by the divisor into a monthly income, then the debt-to-income test with the new payment. Principal residences, second homes, and investment property; purchase, rate-and-term, and cash-out at published ceilings; a minimum-assets rule when the income stands alone; longer seasoning.
Business or personal deposits over a run of statements, read as income with an expense factor, for the self-employed owner whose tax returns understate the business. Balances are not the point; cash flow is. Leverage and reserves follow that program’s own matrix. See Lendmire’s bank statement loan program.
Assets that cover the loan, assets that become income, deposits that become income: three answers to one question, and the right one for a West Covina household is read off its statements. The comparison on this page is run for real on every file before the lender’s terms are put in writing. Loans above the conforming limit on documented income: Lendmire’s jumbo loan program.
What to prepare for a West Covina scenario review.
Because the assets are the whole case on the asset qualifier path and most of it on the depletion path, the lender reads them carefully. A West Covina buyer who assembles complete statements, with the transfers and the deposits explained, is far less likely to meet the questions that stall a file.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, the path, the accounts, and the credit picture. Nothing here is legal, tax, or investment advice.
Local details that can change the loan.
Here are five details, chosen for the West Covina file, that most often reshape an asset-based loan. The first two apply to nearly every file; the rest depend on the accounts, the occupancy, and the purpose.
Use these checks to keep the West Covina file clean and fundable.
The checklist for a West Covina asset-based file starts with the accounts: the age of each retirement owner, the months of statements, the eligibility of each account type. The path and the leverage follow from the answers.
- Confirm the age rule: a birthday close to the age line can change the usable total and the path.
- Count the months: the depletion path wants a statement at least four months old plus a current one.
- Name the occupancy: principal residences and second homes open both paths.
Retirement accounts and the age line
The age line is applied per owner and per account. A West Covina couple where one spouse is past 59½ and the other is not sees each account credited by its own owner’s age, and the sum is what counts against the loan. The accounts stay where they are; the age rule governs the credit, not the custody. The birthday is checked against the date of the application.
Seasoning by path
Seasoning differs by path. Covering the loan with assets needs two months of statements for each qualifying account. Depleting the assets into income needs a statement at least four months old plus a current one, with sale-of-business, inheritance, and legal-settlement funds excused. A West Covina buyer timing a purchase after a liquidity event counts the months before the offer.
Occupancy decides the path
A principal residence or a second home can be written on either path. An investment property can be written on the asset depletion path only, at a lower leverage ceiling, and a first-time investor needs a stronger score. For a West Covina buyer, naming the occupancy honestly is the first step, because it settles which path is open before the balances are read.
Leverage by purpose
Whether cash can be taken out on the asset qualifier path, and at what leverage, is set by the lender and not published; the depletion path’s cash-out ceiling is published, and cash-out proceeds never count as assets. A West Covina loan officer confirms the cash-out treatment with the lender before a refinance is structured.
Supplementing income with asset income
Standalone or supplemented is a choice the loan officer makes with the borrower. Standalone depletion income needs the minimum pool; supplemented income needs documented earnings and a combined ratio within forty-five percent. A West Covina file is run both ways when the earnings exist, and the version with the better ratio is the one placed.
From a West Covina asset review to keys in hand.
Four steps carry a West Covina asset-based loan from review to closing. Nothing on this page commits anyone to lend; the written terms come from a licensed loan officer after the review, and the appraisal and the underwriting decide the rest.
Asset review
Start with the statements, the credit score, the occupancy, and the purpose. A Lendmire loan officer sorts the eligible accounts, applies the credit shares and the haircuts, reads the usable total against the loan on the asset qualifier path and into income on the depletion path, confirms the age rule for each retirement account, and puts the result in writing.
Contract and appraisal
A West Covina buyer on assets competes like any financed buyer: the contract, the appraisal contingency, and the timeline are the usual ones. What differs is that no employment verification sits in the path on the asset qualifier side, so the file is often quieter than an income file at this stage.
Underwriting
Conditions, when they come, are usually documentary: a missing statement page, a deposit without its source, an account that needs its holdings shown. A West Covina buyer who gathered the list on this page meets most of them before they are asked. The underwriter’s questions are the loan officer’s questions asked a second time, on the same statements.
Closing
Closing on an asset-based loan looks like any other closing from the outside. From the inside, the difference is what did not happen along the way: no employment call, no tax transcript, no income calculation on the asset qualifier path. A West Covina loan officer attends to the funds to close so the usable total is intact.
A brokerage that reads both paths.
Asset-based files reward careful reading. Which accounts count, at what share, on which path, with what seasoning, at what leverage for the purpose: each is a place where a file placed carelessly costs the buyer a larger down payment or a longer wait. Lendmire reads them in order, before the offer, for every West Covina buyer.
Both paths, one set of statements
The comparison printed on this page is run for real on every West Covina file: assets that cover the loan beside assets that become income beside deposits read as income, and the written terms follow from it. The buyer sees the usable total on each path, the margin above the loan, and the derived income beside the payment before anything is signed.
The account rules explained before the offer
Reading the statements early is the whole method. A West Covina loan officer sorts the accounts, confirms the owners’ ages against the age line, counts the months, and names the usable total on each path, in writing, before an offer is drafted. The aim is a file with as little as possible left to be discovered in underwriting.
Licensed, consumer-purpose, in writing
Asset-based mortgages on a principal residence or a second home are consumer loans, placed under Lendmire’s consumer licensing in sixteen states with the disclosures that attach to any consumer mortgage. A West Covina buyer gets the terms in writing from a licensed loan officer, and nothing on this page is an offer or a quote.
Trusted by buyers & families alike.
West Covina asset-based mortgage FAQs
The questions below are the ones a West Covina loan officer hears first from a buyer who has assets and no income on paper. The answers describe the program’s rules in words; the figures live in the snapshot above.
What is an asset-based mortgage?
Think of it as the mortgage for the buyer who could pay cash but would rather not. The accounts stay invested, the lender reads them on paper, and the loan is sized to what the usable assets cover or to the income they produce. For a West Covina household with wealth and little income on paper, it is often the mortgage that fits.
How does the asset qualifier path work?
The path has three tests: the usable assets must cover the loan, the loan must sit inside the leverage for the purpose, and the credit score must be at or above the published floor. Reserves are not required at or below the refinance leverage. Income is never asked for.
How does the asset depletion path work?
It converts assets into income. Cash and certificates of deposit count in full, securities at a lower share, retirement accounts lower still regardless of age, and real-estate equity lowest; the haircut total is divided by the divisor and treated as monthly income. The path reaches principal residences, second homes, and investment property.
How are 401(k) and IRA balances counted, and why does 59½ matter?
On the asset qualifier path a retirement account is credited at a reduced share of its balance while the owner is under 59½ and at the full balance from 59½ on; the age line is the lender’s, and it tracks the age at which retirement plans generally allow withdrawals; what a withdrawal would cost is a question for a tax adviser. On the asset depletion path retirement accounts are haircut at a flat share regardless of age. The figures are in the snapshot above.
What credit score does an asset-based mortgage need?
Credit enters through a floor on one path and a matrix on the other, with the housing history read on the depletion path. The figure for the asset qualifier floor is in the snapshot; the depletion path’s requirement depends on the loan amount and the leverage, and a loan officer names it for the specific West Covina file.
What sets the timeline on an asset-based mortgage?
On any mortgage the appraisal and the title are the long poles, and an asset-based file adds the account review while removing the income review. A West Covina buyer plans the seasoning ahead of the offer; the program promises no timeline.
How is this different from a bank statement loan?
The comparison on this page puts them side by side: assets that cover the loan, assets that become income, and deposits that become income. The right route for a West Covina household is read off its statements, and the written terms follow from the one that fits.
Are reserves required?
Reserves are not required on the asset qualifier path at the published refinance leverage, and the depletion path does not list reserve months. What the lender does read is the usable total after the funds to close are paid, so a West Covina file keeps a margin above the threshold.
Can I buy a second home or a rental on assets?
A rental on assets means the depletion path, the investment ceiling, and the investor credit rules. A second home on assets means either path and the owner-occupied ceilings. A West Covina loan officer confirms the occupancy with the borrower’s intent and the property’s use before the balances are read.
How large can the loan be?
Up to the snapshot’s figure on assets alone, and up to the depletion path’s figure when assets are read as income, with a published minimum on the depletion side. A West Covina file near either ceiling is read closely for how much the usable assets exceed the amount the path requires.
A West Covina mortgage sized to the balance sheet, not the pay stub.
An asset-based review is the first step, and it asks only for the statements. The statements are read against both paths and a bank statement loan, and the recommendation follows the numbers.
This guide covers West Covina — for the statewide guidelines, markets, and scenarios, see Asset-Based Mortgage in California, part of Lendmire’s asset-based mortgage program.
Nearby markets in California: Baldwin Park · Diamond Bar · El Monte · Pomona · Whittier · Arcadia · La Habra · Pico Rivera
Related programs: Bank Statement Loans · Jumbo Loans · Super Jumbo Bank Statement Loans