Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
The Quick Read: Yes, a 660 score clears the published credit floor on the asset qualifier path, so the score alone does not block the file. Cash-out is where this program narrows. On the qualifier path, the lender sets whether cash-out proceeds are allowed and at what leverage, and that figure is not published. On the asset depletion path, cash-out is limited to 60% loan-to-value on a principal residence, second home or investment property, and credit follows the lender’s matrix. Approval is never promised, and it rests on the full file.
- Qualifier path: the credit floor is 600, so 660 clears it. Eligible assets must cover the entire loan.
- Depletion path: credit follows the lender’s score and loan-amount matrix. A first-time investor needs 700.
- Cash-out leverage: 60% on the depletion path. The qualifier path’s cash-out terms are set by the lender and are not published.
- Assets are documented. Skipping traditional personal-income documentation, pay stubs and employment verification does not mean skipping paperwork.
- Housing history is reviewed. The program looks for 0x30x12.
Which Asset Path Are You On?
Pick the path first. The credit question, the leverage and the paperwork all change depending on the answer.
Across the wholesale network, asset-based mortgage files fall into two paths, and a borrower is qualified on one path at a time. On the asset qualifier path, eligible assets, after the credit percentages, must equal or exceed the entire loan amount. No employment or income is documented. On the asset depletion path, eligible assets are converted into monthly qualifying income by dividing usable assets by 60 months. That income then runs through the debt-to-income test.
| Feature | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Cover the whole loan | Become monthly income |
| Income documented | None | Derived from assets |
| Credit floor | 600 | Lender’s matrix |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Cash-out leverage | Lender-set, not published | 60% LTV |
Lendmire’s asset-based mortgage program is placed through select lenders in its network. The figures here are ceilings and floors, never offers, and all are subject to underwriting.
What Does a 660 Score Actually Do on This File?
It clears the qualifier path’s floor. On the depletion path, the lender’s own matrix sets the requirement, and that matrix is not published. The score drives eligibility, and the lender’s matrix can shape terms around it.
The qualifier path publishes a 600 minimum. At 660, you are 60 points above it. That is not a pass by itself. Underwriters also review housing history, which should show 0x30x12. One 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. After a housing event on the depletion path, four years of seasoning applies.
A larger loan on the depletion path can ask more of the score than a smaller one. A first-time investor on this path needs 700, so 660 would not meet that bar. If you have owned investment property before, the matrix governs.
Why do lenders lean on credit when no income is documented? Because the assets carry the file, and credit and payment history are the other main evidence of how you handle debt. A 660 score with clean housing history reads very differently from a 660 with recent lates.
How Does Cash-Out Change the Answer?
Cash-out is the tightest part of the program. The 660 question matters less than the leverage question.
On the qualifier path, the published leverage is up to 80% on a purchase and 75% on a refinance, on a principal residence or second home. Whether cash-out proceeds are allowed on this path, and at what leverage, is set by the lender and not published. Ask for the specific lender’s position before you build a plan around it.
On the depletion path, leverage steps down for cash-out:
| Property type | Purchase or rate-and-term | Cash-out |
|---|---|---|
| Principal residence or second home | Up to 80% | 60% |
| Investment property | Up to 65% | 60% |
Cash-out proceeds never count as qualifying assets. That matters for sequencing. You cannot take cash out and then use that cash to meet the asset requirement on the same loan. The assets that qualify you must be your own, documented and seasoned before the deal works.
What Counts as an Asset, and at What Value?
Each path credits assets differently. Do not blend the two tables.
On the qualifier path, the share of each balance that counts:
- Brokerage accounts, certificates of deposit, money market and savings: 100%.
- 401(k) and IRA balances: 90% under age 59½, and 100% at 59½ or older.
- Accounts combine.
On the depletion path:
- Cash accounts and certificates of deposit: 100%.
- Securities: 80%.
- Retirement accounts: 70% at any age.
- Real-estate equity: 60%.
Not eligible 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 an eligible asset on either path. If you own a closely held business, the documented route is a sale or buyout converted to a seasoned cash balance.
Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share are also not published as eligible on either path. Convert them to cash in a regulated account, and expect the lender to review the source.
What Do the Numbers Look Like?
Two illustrative shapes show how the arithmetic runs. The lender’s own calculation governs.
Qualifier example. Take an $800,000 loan on the asset qualifier path. Brokerage accounts of $330,000 count at 100%, which is $330,000. A 401(k) of $300,000 for a borrower under 59½ counts at 90%, which is $270,000. Savings of $200,000 count at 100%, which is $200,000. Usable assets total $800,000, which equals the entire loan amount, so the file is reviewed on assets alone, subject to underwriting.
Depletion example. On the asset depletion path, securities of $1,500,000 count at 80%, which is $1,200,000. Cash of $300,000 counts at 100%. That is $1,500,000 usable. Divided by 60 months, it gives $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the debt-to-income test. No loan amount is assumed here, because the minimum-assets rule below depends on the loan balance.
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, so the loan balance must be known before that rule can be checked. They can never fall below $250,000 liquid when asset depletion is the only income source. Asset income may also supplement documented income up to a 45% debt-to-income ratio, and when it does, the minimum-assets rule is waived.
What Paperwork Does the Lender Want?
The assets are documented on both paths. The program asks for no traditional personal-income documentation, pay stubs or employment verification on the qualifier path. It does not skip underwriting. Every file is fully underwritten.
- 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. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning.
No reserves are required at or below 75% loan-to-value on the qualifier path, and the lender sets them above that. The depletion path publishes no reserve months.
The usual failure points are quiet ones. A statement set missing a page. A large deposit with no paper trail. An account retitled mid-file. A retirement balance listed at full value on the wrong path. Clean, complete statements keep the lender’s questions short.
Which Property Is Being Refinanced?
The program is a consumer mortgage on a principal residence or second home. Investment property is eligible only on the asset depletion path, where that particular loan is business-purpose rather than consumer. Business-purpose rental loans are reviewed differently from standard owner-occupied mortgages. The CFPB’s Truth in Lending procedures treat credit to acquire or improve a non-owner-occupied rental property as business-purpose credit.
If your goal is to pull cash from a rental based on its rent, that is a different product.
What Can Sink a File at 660?
A 660 file can run into any of these:
1. Recent late payments. A single 30-day late may be reviewed case by case. More than that is hard to overcome.
2. A housing event inside the seasoning window. The depletion path wants four years.
3. First-time investor status on the depletion path. That tier needs 700.
4. Assets that do not count. Private stock, crypto and foreign funds stay out.
5. Short seasoning. Money moved in last month has not aged into usable status.
6. Leverage mismatch. Asking for more cash-out than the path allows.
The fixes are practical. Pay revolving balances down before the credit pull. Leave seasoned accounts alone. Convert ineligible assets to cash early, and let the statements age.
Readiness Check Before You Apply
1. Name your path. Do assets cover the loan, or do they become income?
2. Confirm your property type and occupancy.
3. List each account, its type and its percentage credit on that path.
4. Pull statements and check seasoning dates.
5. Review your housing history for the last twelve months.
6. Decide whether cash-out proceeds fit the leverage the path allows.
If a step fails, fix it before the file goes in. A file that goes in complete gives the lender fewer preventable gaps to review.
Key Terms Defined
Asset qualifier: the path where eligible assets, after credit percentages, must equal or exceed the entire loan amount.
Asset depletion: the path that divides usable assets by 60 months to produce monthly qualifying income.
Haircut: the share of an asset’s balance that does not count toward qualifying.
Seasoning: the length of time funds have sat in an account or a housing event has aged.
Cash-out refinance: a new loan larger than the payoff, with the difference paid to the borrower.
Frequently Asked Questions
Does a 660 score hurt my chances compared with 700?
It narrows the margin, not the door. The qualifier path publishes a 600 floor, so 660 clears it. On the depletion path, the lender’s matrix sets the credit requirement, and the exact tiers are not published. First-time investors on that path need 700.
Can I use retirement accounts to qualify?
Yes, at a reduced value. On the qualifier path they count at 90% under age 59½ and 100% at 59½ or older. On the depletion path they count at 70% at any age. Each is subject to underwriting.
Does the cash I take out count toward my assets?
No. Cash-out proceeds never count as qualifying assets. The assets that qualify you have to be separate and documented.
Is this a no-documentation loan?
No. Every file is fully underwritten and the assets are documented with statements. The program asks for no traditional personal-income documentation, pay stubs or employment verification on the qualifier path, but it does require account statements and seasoning.
Can I get a business-purpose cash-out on a rental through this program?
Only on the depletion path, where investment property is eligible and cash-out is limited to 60% loan-to-value. Under the Federal Register’s ability-to-repay rulemaking, investment-purpose loans are treated as business-purpose.
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. Call 828-256-2183 or request a quote.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages for self-employed and high-net-worth borrowers are arranged through wholesale lenders on primary residences, second homes and investment properties; every file is underwritten by the lender under its program guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
A deeper walk-through of investment-property equity extraction lives in Lendmire’s guide to cash-out refinance on an investment property.
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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. CFPB – TILA/Reg Z procedures
2. Federal Register – CFPB ATR/QM final rule
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 Lenders Underwrite an Asset-Based Cash-Out Refinance With a 660 Credit Score · Asset-Based Cash-Out Refinance Options After Buying a Property With Cash · Best Asset-Based Cash-Out Refinance Program to Pay Off Credit Card Debt
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.