The Quick Read: It depends on the path: on the asset depletion path, select programs allow a Georgia cash-out refinance at up to 60% loan-to-value on a primary residence, second home, or investment property, while the asset qualifier path leaves cash-out to each lender, subject to underwriting. Georgia itself changes none of the program figures. What changes the answer is the path, the occupancy, and how much of your portfolio actually counts.
- Asset depletion path: your eligible assets become monthly qualifying income, and cash-out is capped at 60% loan-to-value.
- Asset qualifier path: your eligible assets must cover the whole loan. Cash-out terms are set by the lender and are not published.
- Cash-out proceeds never count as assets on the depletion path. Neither does the equity in the home you are borrowing against.
- Georgia rentals: if the home is a pure rental, a DSCR loan, which qualifies the property rather than you, is often the more natural cash-out route.
- You do not sell anything. The portfolio is a qualifying measure, not a withdrawal plan.
Key Terms Defined
Cash-out refinance: a new mortgage that pays off your current one and hands you the difference in cash.
Asset depletion: a method that converts your eligible savings and investments into a monthly income figure for qualifying.
Asset qualifier: a method that skips income altogether and requires eligible assets to equal or exceed the entire loan amount.
Loan-to-value (LTV): the new loan divided by the home’s appraised value.
Haircut: the percentage of an account’s balance that a lender refuses to count, because the account can lose value or is hard to reach.
Seasoning: how long your money must have sat in an account, shown by statements, before it counts.
Debt-to-income (DTI): your monthly debts, including the new housing payment, divided by your monthly income.
Which Path Are You On?
Asset-based lending has two separate paths, and a borrower is reviewed on one at a time. Never mix their numbers. Across the wholesale network Lendmire works with, this is where most confusion starts.
On the asset qualifier path, no employment or income is documented. Your eligible assets, after the credit percentages below, must equal or exceed the entire loan. Picture an $800,000 loan. Say you hold $330,000 in brokerage accounts (counted at 100%), $300,000 in a 401(k) while under age 59½ (counted at 90%, or $270,000), and $200,000 in savings (100%). That counts $800,000 of usable assets, so the loan is reviewed on assets alone, subject to underwriting.
On the asset depletion path, assets are converted to income. Usable assets are divided by 60 months. That monthly figure must then carry the full housing payment and your other debts through the debt-to-income test. Take $1,500,000 in securities (counted at 80%, or $1,200,000) plus $300,000 in cash (100%). That is $1,500,000 of usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income. The lender’s own calculation governs, and this is illustration only.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| How you qualify | Assets cover the whole loan | Assets become monthly income |
| Occupancy | Primary home, second home | Primary, second home, investment |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Seasoning | 60 days, two months of statements | Statements 120+ days old, plus one within 45 days |
So, Can You Actually Cash Out?
Yes, on the depletion path, through select programs. The ceiling is 60% loan-to-value on a cash-out refinance, whether the home is a primary residence, a second home, or an investment property. A plain purchase or rate-and-term refinance (no cash taken out) gets more room: up to 80% on a primary residence or second home, and up to 65% on an investment property.
The qualifier path is murkier. A refinance there runs up to 75% loan-to-value on a primary residence or second home. Whether cash-out is allowed, and at what leverage, belongs to the individual lender. Some programs exclude cash-out entirely and allow only a rate-and-term refinance. Others allow it. No neutral source sets one rule, which is why the same question gets different answers from different websites.
Here is the catch that trips people up. Cash-out proceeds never count as qualifying assets on the depletion path. You cannot borrow $200,000 against the house and then use that $200,000 to prove you can repay the loan. Bigger balance, bigger payment, and your portfolio-derived income has to cover it.
That is the real constraint on how much cash you can take. Leverage caps the loan at 60% of value. Then your usable assets, divided by 60, must support the new, larger payment inside the debt-to-income test. The tighter of the two limits wins.
Why Your Home’s Equity Cannot Be the Asset
The home you are borrowing against cannot be what proves you can repay. The CFPB’s ability-to-repay compliance guide says a lender may look at income or assets “other than the value of the dwelling” securing the loan. Same logic for cash-out: the equity you are tapping is not evidence of repayment capacity.
The same guide says lenders must verify what they rely on using reasonably reliable records, and financial-institution account statements are the classic example. That is why both paths document the assets in full. “No income documentation” never means “no documentation.”
No federal formula sets the haircuts or the divisor, either. A law-firm analysis of the OCC’s asset dissipation guidance notes that the ability-to-repay rule says nothing on ineligible assets, liquidity discounts, amortization periods, or return rates. The OCC bulletin itself describes asset-based underwriting as a way to qualify applicants who hold significant liquid assets but lack the cash flow to qualify the standard way. So each program sets its own numbers, and the 60-month divisor and percentages here are the network’s, not the government’s.
What Counts, and What Does Not
On the depletion path, each account type counts at a fraction of its balance:
| Asset type | Share that counts (depletion path) |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| 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.
Cryptocurrency, precious metals, collectibles, and borrowed or pledged funds 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. Sale-of-business, inheritance, and legal-settlement money is excused from the depletion path’s age-of-statement rule, so a recent windfall can still work.
One practical point. Assets used to generate qualifying income generally cannot also be counted toward reserves. That is why the usable total often comes in lower than the headline portfolio you see on your statement.
The Minimums That Knock Files Out
The depletion path has floors. Qualified assets must reach the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income source, you also need at least $250,000 in liquid assets. If you have documented income, asset-derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Credit follows the lender’s matrix on the depletion path. A first-time investor needs a 700 score there. The qualifier path publishes a 600 minimum. Housing history is generally 0x30x12, meaning no 30-day lates in the last twelve months, though one late is looked at case by case. Multiple bankruptcies are not eligible. A housing event such as a foreclosure needs four years of seasoning on the depletion path. All of this is subject to underwriting.
Common reasons files stall:
- Statements are too fresh, or only one month is provided where two are needed.
- Funds sit in an ineligible account type.
- The portfolio looks large but the usable total, after haircuts, falls under the minimum.
- The new payment on the cash-out balance breaks the debt-to-income test.
Is It a Georgia Rental? Check DSCR First
Asset depletion qualifies you. DSCR qualifies the property. For a non-owner-occupied rental in Georgia, that difference matters.
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. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your personal assets mostly show up as reserves instead of being converted into income. If the rent covers the full monthly obligation with room to spare, a DSCR cash-out can work without any asset conversion at all. Lendmire’s complete DSCR loans guide walks through how that coverage test works.
So when does asset depletion win on a rental? When the borrower is stronger than the property. Think of a retiree with a large portfolio and a rental whose rent barely covers its payment. DSCR tests the rent. Depletion tests you. Select lenders in the network will look at coverage below 1.00 on DSCR files, but leverage and terms adjust, so depletion can still be the cleaner fit.
Run both. The depletion path’s investment-property cash-out ceiling is 60% loan-to-value, and a first-time investor needs a 700 score there. A DSCR file runs on different rules entirely.
Honest Alternatives to Cashing Out
A cash-out refinance replaces your current mortgage and enlarges the balance. If your existing terms are better than what you would get today, that is a real cost. Compare it with the other ways to reach the same cash.
| Option | Best for | Main trade-off |
|---|---|---|
| Cash-out refinance | One lump sum, replaces old loan | Larger balance, new terms |
| Home equity line | Flexible, as-needed borrowing | Keeps your first mortgage, adds a lien |
| Securities-backed line | Staying invested, no new mortgage lien | Market drops can force repayment |
| Selling assets | No new debt | May trigger a tax bill, ends growth |
Many investors borrow against a home rather than sell, so the portfolio keeps compounding. That is a sound reason, but it only works if the payment fits comfortably. Tax treatment varies; consult a qualified professional before relying on any deduction.
What a Strong File Looks Like
The best files are boring. Statements are clean, seasoned, and in the borrower’s own name. The usable asset total clears the minimum with margin. The cash-out amount is modest relative to the 60% ceiling, so the new payment does not strain the income figure.
An experienced broker also asks one question early: which assets are doing double duty? If your brokerage account is both your qualifying income and your reserves, you are counting it twice, and the lender will not. Sorting that out before the application saves a rework.
Pull the payoff on your existing loan, too. A prepayment penalty on the old mortgage shrinks the cash you actually receive.
Frequently Asked Questions
Can I cash out a paid-off Georgia home?
Yes, on programs that allow cash-out. A new lien on a free-and-clear home is still a cash-out refinance. On the asset depletion path, the ceiling is 60% loan-to-value on a primary residence, second home, or investment property, subject to underwriting.
Does the cash I receive count toward my qualifying assets?
No. On the depletion path, cash-out proceeds never count as qualifying assets, and the home’s own equity does not either. Your income must come from the eligible accounts outside the property.
Do I have to sell or liquidate my investments?
No. The accounts are not pledged or sold. The depletion calculation is a qualifying convention that spreads usable assets over 60 months. The lender documents the accounts but does not take them.
Does Georgia have its own asset depletion rules?
No. The program figures are the same in every state. Georgia is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, and Lendmire arranges these loans as a broker through select lenders. Property-level costs like local taxes and insurance still vary by county, so build those into your payment budget.
Is asset depletion or DSCR better for a Georgia rental?
It depends on whether you or the property is the stronger side of the file. DSCR leans on rent coverage. Asset depletion leans on your portfolio. When rent barely covers the payment but your balances are large, depletion may fit 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. Reach the team at 828-256-2183, or request a quote. Program details change, every file is underwritten individually, and nothing here is a commitment to lend.
Investors weighing their equity options can start with Lendmire’s guide to cash-out refinance on an investment property.
For current guidelines and terms, see Lendmire’s asset-based mortgage programs page.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia borrowers.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB Ability-to-Repay and Qualified Mortgage Small Entity Compliance Guide
2. Consumer Financial Services Review, OCC Bulletin on Asset Dissipation
3. OCC Bulletin 2019-36, Lending Standards for Asset Dissipation Underwriting
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 Asset Depletion Income Differs on a Primary Home vs Rental · How an Asset Depletion Mortgage Works · How Big Can an Asset Depletion Jumbo Loan Be?
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.