The Quick Read: Yes, you can buy a Georgia coastal or lake home with an asset-based mortgage when you will live in it yourself, as a primary residence or second home, because the loan is reviewed on your verified assets rather than paychecks, subject to underwriting. The property still has to pass appraisal, flood, insurance and title review. A home you plan to rent out is a different file.
- Assets can cover the whole loan (the qualifier path), or they can be turned into monthly income (the depletion path).
- Second homes and primary residences fit both paths. Investment property fits only the depletion path, at lower leverage.
- Water properties add flood, insurance, dock and rental-rule questions that a dry-land house does not.
- A personal getaway cannot be relabeled as an investment property to reach a different loan. That is a misrepresentation, not a workaround.
Which Path Fits a Cash-Heavy Buyer?
The qualifier path fits you if your eligible assets add up to at least the entire loan amount. The depletion path fits you if your assets are large but you need them to behave like income. You are reviewed on one path at a time, never a blend of the two. Both are available through select programs in Lendmire’s network, subject to underwriting.
Here is how they differ in practice.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Must cover the whole loan | Divided by 60 months into income |
| Income documented | None | Derived income runs through DTI |
| Purchase leverage, primary or second home | Up to 80% | Up to 80% |
| Refinance leverage | Up to 75% | 80% rate-and-term; 60% cash-out |
| Investment property | Not eligible | 65% purchase; 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
These are ceilings, not offers. Each file is underwritten individually.
What Counts as an Asset, and How Much?
Eligible balances are credited at a percentage, and the percentage depends on the path.
On the qualifier path, brokerage accounts, CDs, money market and savings count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and 100% once you reach 59½. Accounts combine.
On the depletion path, the haircuts are steeper:
- Cash accounts and CDs count at 100%.
- Securities count at 80%.
- Private stock counts at 75%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Some items do not count there at all. Custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options and unvested restricted stock units are out. Cryptocurrency, precious metals and collectibles are not published as eligible on either path. The documented route is to convert them to cash in a regulated account and let the lender review the source.
Seasoning is the waiting period an asset must sit in your account. 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. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning on the depletion path.
Notice what is not here. You skip traditional personal-income documentation, pay stubs and employment verification, but your assets are documented in full. Credit is also reviewed. The qualifier path has a 600 minimum score, and the depletion path follows the lender’s matrix.
The Math, With Illustrative Numbers
Say you want to finance an $800,000 loan. This is an illustration, and the lender’s own calculation governs.
On the qualifier path, you hold $330,000 in brokerage accounts (100% counts), $300,000 in a 401(k) while under 59½ (90% counts, or $270,000) and $200,000 in savings (100%). That is $800,000 of usable assets against an $800,000 loan. The file is reviewed on assets alone.
On the depletion path, suppose you hold $1,500,000 in securities (80% counts, or $1,200,000) plus $300,000 in cash (100%). That is $1,500,000 usable. 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.
The depletion path also has minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When assets are your only income source, liquid assets must never fall below $250,000. If you also have documented income, assets can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Cash-out proceeds never count as qualifying assets. Borrowed or pledged funds do not count either.
Does a Water Home Count as a Second Home?
It counts when you will genuinely use it yourself. Occupancy intent is the test, not the zip code or the view. A lake cabin you use for summers and holidays reads as a second home. A beach house you will rent most weeks reads as an investment property.
This matters because the product follows the use. Across our wholesale network, personal-use second homes go through consumer programs like the ones above. Rental properties go through business-purpose loans.
Plan to stay part of the year and rent the rest? Say so up front. Mixed use can shift which program the file belongs in, and a lender who learns about it late can stall the file.
Coastal and Lake Properties Are Not the Same Risk
The loan mechanics are identical, but the property review is not. Coast and lake homes stress different parts of the file.
| Issue | Coastal | Lake |
|---|---|---|
| Flood exposure | Often high; check the map zone | Varies by shoreline and elevation |
| Insurance | Wind and flood add cost | Flood and liability matter |
| Rental rules | Set town by town | Set county by county |
| Shoreline items | Dunes, marsh, setbacks | Docks, access strips, lease lots |
| Appraisal | Few true comparables | Waterfront comps can be thin |
Rental rules are the clearest example of that variety. A published study committee report heard testimony that Tybee on the coast and Lake Lanier both depend on rentals. It also records a proposed Forsyth County ordinance with a seven-day minimum stay, which shows how a single lake can be governed by several counties with different rules. That patchwork is why a one-size answer fails here.
Flood Coverage Can Change the Whole Payment
Flood and insurance costs go into the monthly housing payment, and that payment is what your qualifying income must support on the depletion path. A lake home outside a flood zone and a marsh-front home inside one can carry very different totals, even at the same price.
Start with the flood map. FEMA’s FloodSmart site says high-risk areas begin with the letters A or V on flood maps. The National Association of Realtors likewise notes that flood insurance is federally required for certain federally regulated mortgages in a Special Flood Hazard Area.
Your loan is a different kind of loan, so the federal mandate is not the whole story. Lenders in the network commonly still want flood coverage on a property in a high-risk zone. Treat it as likely, confirm it against the specific program, and get a real insurance quote before you write the offer. Homeowners policies generally exclude flood, so that is a separate premium.
On the qualifier path, no income is documented, so the payment is not run through a debt-to-income test. The lender’s review of your ability to repay rests on the assets, and above 75% loan-to-value the lender sets reserves.
Docks, Lease Lots and Shoreline: Check Before You Fall in Love
Lake homes carry quirks that coastal buyers rarely meet. Some lots sit on land leased from a utility or reach the water through a narrow access strip. A dock may need its own permit. A septic system may sit close to the shoreline.
None of this is a loan product issue by itself. It is a title and appraisal issue. A lender needs a clear picture of what you own, and an appraiser needs comparable sales that reflect it. Ask the seller for the lease terms, dock permits and septic records during your offer period. If any of it is murky, a lender may decline the property even when your assets are strong.
Some property types stall files in this part of the market. Log homes, manufactured homes and barndominiums often fall outside program eligibility. Condo-hotel and rental-pool units can also run into trouble.
If You Plan to Rent It Out
Renting changes the answer. Short-term rental rules can vary by city, county, HOA, and property type, so investors should confirm local rules before relying on projected rental income. Georgia has no statewide short-term rental statute, according to HOA Weekly, so the rules come from local governments and HOA covenants.
You have two realistic routes:
1. Stay on the consumer path. If the asset depletion path fits and the property is an investment, leverage drops to 65% on a purchase and 60% on a cash-out, subject to underwriting.
2. Move to a rental-income loan. 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, with the review focused primarily on property-level rental income covering the payment, subject to lender guidelines.
A DSCR ratio is not the same as cash flow. Repairs, vacancy, management and utilities sit outside the calculation. Water homes also carry higher insurance and HOA costs, which lower the ratio for a given rent.
Which Documentation Path Fits You?
| Situation | Likely fit |
|---|---|
| Large balances, little documented income | Asset-based mortgage |
| Self-employed, income shows in deposits | Bank statement program |
| Salaried, standard income documents | Conventional or full-doc jumbo |
| Buying purely to rent | DSCR loan |
The bank statement program documents income through deposits. Conventional and full-doc jumbo loans follow their own rules and rely on traditional personal-income documentation and pay records. Each is a separate program with its own terms.
Key Terms Defined
Asset qualifier path: a way to qualify when eligible assets, after credit percentages, equal or exceed the whole loan amount.
Asset depletion path: a way to qualify by dividing usable assets by 60 months to create monthly income.
Seasoning: the time your funds must have sat in an account before they count.
Loan-to-value (LTV): the loan amount as a percentage of the appraised value or price.
Second home: a property you use personally, but not as your main residence.
DSCR: the ratio of a rental’s income to its full monthly payment, used for investment property.
Your Pre-Offer Checklist
Do these before you make an offer on a water property.
- Gather statements for every account you plan to use. Check their age against the seasoning periods above.
- Decide your path. Compare your usable assets to the loan amount, then to the depletion minimums.
- Pull the flood map for the exact address and request an insurance quote.
- Ask about lease lots, dock permits, septic and HOA rental covenants.
- Tell the lender your real use of the home, including any plan to rent.
- Confirm local rental rules before counting on any income from the property.
Tax treatment varies; consult a qualified professional before relying on any deduction.
Frequently Asked Questions
Can I buy a vacation home without pay stubs?
Yes, through the asset qualifier path, where no employment or income is documented. Your assets are documented in full, though, with two months of statements per account and 60 days of seasoning. Credit is reviewed, with a 600 minimum score on that path. Approval is never certain and remains subject to underwriting.
Do my retirement accounts count?
Yes, at a reduced or full percentage depending on the path. On the qualifier path, a 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. You do not have to sell anything to use them.
Is flood insurance required on a Georgia coastal or lake home?
Federal flood insurance requirements generally apply to loans from federally regulated lenders on properties in high-risk flood zones. Whether a given program requires it is a lender decision, and lenders commonly want it in those zones. Get a quote early, because the premium raises your monthly housing cost.
Does a lease lot hurt financing?
A leased lot can complicate financing, because a lender needs clear ownership and a way to value the property. Leased land, shared access strips and unpermitted docks can all complicate title and appraisal, so request the documents before you commit.
Can I rent the home out and still use this loan?
It depends on how the property is classified. A personal-use second home is reviewed one way, and an investment property is reviewed another. Investment property is eligible only on the depletion path at lower leverage. A true rental purchase usually fits a DSCR loan better.
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. Lendmire is a mortgage broker, and its consumer mortgage lending is licensed in 16 states, Georgia among them. It is not a commitment to lend.
For a Georgia water home, flood zone, local rental rules and the shoreline details will often decide the deal before your balance sheet does.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia 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 traditional personal-income documentation, 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. FEMA FloodSmart, What Is My Flood Risk
2. National Association of Realtors, Is My House in a Flood Zone?
3. HOA Weekly, Georgia Tybee and Atlanta Short-Term Rental Rules
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 Buy Before You Sell in Virginia Using an Asset Qualifier Mortgage · Can You Buy a Multi-Generational Home on an Asset Qualifier Mortgage? · Can Two Colorado Retirees Buy a Home Together on an Asset Qualifier Mortgage?
Guides: Asset-Based Mortgage in Georgia
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.