The Quick Read: Yes, a Georgia condo is generally an eligible property type for an asset-based mortgage, but two reviews must both pass: your assets and the building itself. Strong statements do not rescue a building with litigation, heavy investor concentration or thin reserves, and every file is underwritten individually through select programs.
- On the asset qualifier path, eligible assets must cover the entire loan, with no employment or income documented.
- On the asset depletion path, usable assets divided by 60 months become qualifying income, and HOA dues count in the debt-to-income test.
- Georgia law governs the association’s liens and assessments, not whether a loan program accepts a condo.
- A building that fails project review can sink the deal even when your own file is strong.
If you live on a portfolio rather than a paycheck, the question is rarely whether you can borrow. It is whether the building and the loan path fit together. The sections below walk through both.
Which Path Fits a Georgia Condo Buyer?
Choose the asset qualifier path if your eligible balances cover the whole loan. Choose the asset depletion path if your assets are large but you want them converted into monthly qualifying income. A borrower is qualified on one path at a time, and the two tables never blend.
Asset qualifier path. Eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. No employment or income is documented. Through select programs, leverage runs up to 80% on a purchase and 75% on a refinance, on a principal residence or second home, with loan amounts up to $4,000,000. The credit floor is 600, subject to underwriting. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Asset depletion path. Usable assets, after haircuts, are divided by 60 months to create monthly income. That income must carry the housing payment and other debts through the debt-to-income test. Loan amounts run from $125,000 to $3,500,000, and the lender’s credit matrix applies.
Here is the catch for condo buyers. On the depletion path, HOA dues sit inside the housing payment, so a building with high dues eats into the income your assets produce. On the qualifier path, dues matter less to the math but still matter to the lender’s ability-to-repay review.
How Do the Two Paths Treat Your Assets?
On the qualifier path, most liquid accounts count in full. On the depletion path, riskier assets are discounted. The same portfolio can look very different on each path, which is why the path decision comes first.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage accounts | 100% | Securities 80% |
| Certificates of deposit | 100% | 100% |
| Money market and savings | 100% | Cash accounts 100% |
| 401(k) and IRA | 90% under 59½, 100% at 59½+ | 70% at any age |
| Private stock | Not listed | 75% |
| Real-estate equity | Not listed | 60% |
Illustrative qualifier example: an $800,000 loan with $330,000 in brokerage accounts (100% counts $330,000), $300,000 in a 401(k) under 59½ (90% counts $270,000) and $200,000 in savings (100% counts $200,000) shows $800,000 of usable assets. That is reviewed on assets alone, subject to underwriting.
Illustrative depletion example: $1,500,000 in securities (80% counts $1,200,000) plus $300,000 in cash (100%) is $1,500,000 usable. Divided by 60 months, that is $25,000 of monthly qualifying income, which then carries the housing payment, HOA dues and other debts through the debt-to-income test. The lender’s own calculation governs.
Some assets are not published as eligible on either path: cryptocurrency, precious metals, collectibles, pledged or borrowed funds. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender. On the depletion path, custodial accounts, escrow accounts, foreign funds, cash on hand, stock options and non-vested restricted stock units are also ineligible.
What Does Seasoning Mean on a Condo Purchase?
Seasoning means your money has sat in the account long enough to be treated as yours. The qualifier path asks for 60 days of seasoning and two months of statements for each qualifying account. The depletion path asks for statements at least 120 days old at application plus a recent statement within 45 days. Funds from a business sale, inheritance or legal settlement are excused from that seasoning.
Timing matters on a condo because the building review runs alongside your asset review. Moving money between accounts right after you go under contract creates a paper trail the lender must trace. Keep balances where they are, and the file stays clean.
The assets are documented on both paths. Skipping income documentation never means skipping documentation.
Why Does the Condo Add a Second Review?
The lender reviews you, then reviews the building. Your assets prove you can repay the loan. The project review asks whether the building is a sound place to hold collateral. Passing one does not carry the other.
Across a wholesale network, we see the project review decide more condo files than the borrower side does. Lenders typically ask the association for a questionnaire covering special assessments, delinquent dues, litigation, insurance, commercial space, owner occupancy and major repairs. Fannie Mae’s Selling Guide shows the agency version of this form (Form 1076) and notes lenders may use a substantially similar one. Treat that as contrast only: the agency concept of a warrantable condo does not govern an asset-based consumer mortgage, but the questions lenders ask tend to rhyme with it.
For the appraisal side, the agency forms are 1073 for the condo unit and 1007 for rent schedules, listed on Fannie Mae’s appraiser resources. Which forms a given program uses is a lender-level question.
Non-warrantable usually means a more conservative review, not a ban. Expect tighter leverage, a lower loan-size cap or both.
What Makes a Condo Building a Problem?
Most problem buildings fail on a handful of factors. Know them before you make an offer.
| Project factor | Why lenders care | Ask the HOA |
|---|---|---|
| Pending litigation | Legal costs can trigger assessments | Is any suit open or threatened? |
| Delinquent dues | Weak cash flow starves repairs | What share of owners are behind? |
| Investor concentration | Fewer owner-occupants, more volatility | How many units are rented? |
| Thin reserves | Repairs become special assessments | When was the reserve study done? |
| Commercial or hotel use | Mixed income raises risk | What share is non-residential? |
| Short-term rentals allowed | Looks more like hospitality | What do the rules permit? |
A building may fail one factor and pass the rest, or fail none and still draw a conservative review. Condotels are typically reviewed case by case. Lendmire’s own guidance on eligible property types notes that hotel-managed income is more volatile than a standard lease, and the same instinct shapes how lenders view any hotel-style building.
How Do HOA Dues and Assessments Change Your Math?
Dues raise the monthly housing cost, and on the depletion path they directly shrink what your assets can support. Two identical units, one with modest dues and one with heavy dues, produce different debt-to-income results from the same portfolio.
Take the monthly qualifying income from the example above. Every dollar of dues is a dollar of that income already spoken for before the principal, interest, taxes and insurance are counted. A special assessment paid in installments does the same. Ask for current dues and any scheduled assessment before you commit to the unit, and run the debt-to-income math with those figures.
On the qualifier path, the loan is covered by assets, so dues do not reduce a qualifying income. The lender’s ability-to-repay review still looks at the whole housing cost against your balance sheet.
One more point. Georgia counts as a lien on the unit anything the association is owed, and Nolo’s Georgia guide explains how those liens work and that associations can generally foreclose only when the lien reaches $2,000. Unpaid assessments owed at closing are typically paid at closing, so a seller’s delinquency is a title-and-closing issue to catch early.
Georgia Condo Scenarios
Georgia is a borrower-location hook here, not a program change. The leverage, asset credit and seasoning figures are the same in every licensed state. What changes is the building type you are likely to meet.
Urban mid-rise and high-rise towers. Large associations carry big budgets and sometimes big reserve gaps. The questions to press are reserve funding, any pending litigation and the share of owner-occupants.
Coastal and resort condos. Heavy rental use is common. Short-term rental rules vary by city, county, HOA and property type, so confirm local rules before relying on projected rental income. If a building allows nightly rentals, expect a more conservative project review.
Mixed-use buildings. Ground-floor retail or office space can push a building out of standard review. Ask early what share of the building is commercial.
If you are a Georgia borrower, this is also a state where Lendmire’s consumer lending is licensed, but program availability is always subject to underwriting.
Primary Home, Second Home or Investment Condo?
Occupancy changes the available leverage, so settle it before you shop. The depletion path allows investment property at lower leverage than a residence.
| Occupancy | Qualifier path | Depletion path |
|---|---|---|
| Principal residence | Up to 80% purchase, 75% refinance | Up to 80% purchase or rate-and-term, 60% cash-out |
| Second home | Up to 80% purchase, 75% refinance | Up to 80% purchase or rate-and-term, 60% cash-out |
| Investment property | Not published | 65% purchase or rate-and-term, 60% cash-out |
Two cautions. Cash-out proceeds never count as qualifying assets on the depletion path. And if the goal is a pure rental, business-purpose investor financing built on rental coverage is usually the cleaner tool. Lendmire’s complete DSCR loans guide covers that lane, including sub-1.00 coverage programs that select lenders offer with adjusted leverage and terms.
When Is Asset-Based the Wrong Tool?
It is wrong if your assets are mostly illiquid, borrowed or in ineligible classes. It is also wrong if you have strong documented income, since a conventional or jumbo file may price and qualify more simply.
The depletion path also has hard minimums: qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid when depletion is the only income source. A first-time investor on that path needs a 700 score. If you fall short, asset-derived income may supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived in that case.
Credit counts either way. Housing history is reviewed at 0x30x12, with one 30-day late in the past twelve months considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path.
Common Reasons These Deals Stall
Most stalls trace to a few avoidable things.
- The building fails after you are approved. Run the HOA questions before the offer, not after.
- An account does not count. Crypto or a business account beyond your ownership share is the usual surprise.
- Statements age out. The depletion path needs statements at least 120 days old plus a recent one.
- Dues were underestimated. On the depletion path, this can quietly break the debt-to-income math.
- Money moved at the wrong time. Transfers during the file force extra sourcing.
A pre-contract checklist helps: request the declaration, budget, reserve study and litigation disclosure. Local broker guidance on special assessments, like this Atlanta explainer on what buyers should know about condo special assessments, lists the typical topics worth asking about.
Key Terms Defined
Asset-based mortgage: a consumer mortgage qualified on your eligible assets instead of paycheck income; also called asset depletion, asset utilization or asset dissipation.
Asset qualifier path: the path where eligible assets alone must cover the entire loan.
Asset depletion path: the path where usable assets divided by 60 months become qualifying monthly income.
Warrantable condo: a building that meets agency project standards; non-warrantable simply means it does not.
Special assessment: a one-time charge to owners for repairs or shortfalls beyond regular dues.
Seasoning: the period your funds must have been in an account before they count.
Frequently Asked Questions
Do condos qualify for asset-based mortgages?
Generally yes, subject to the building’s review and your own file. Through select programs, the unit must pass project review in addition to your asset review, so the building’s litigation, reserves and investor concentration can decide the outcome.
Does Georgia have special rules for asset-based condo loans?
No Georgia rule blocks them. Georgia’s condominium law governs the association’s assessments and liens, which matter to title and closing, but program eligibility comes from the lender’s guidelines. Georgia is one of the states where Lendmire’s consumer lending is licensed.
Can I use a non-warrantable condo?
Often, but with a more conservative review. Expect tighter leverage, a lower loan cap or both, and the final answer depends on the lender, the building and your file. A building with litigation or weak reserves may be ineligible.
Do HOA dues reduce how much I can borrow?
On the depletion path, yes, because dues sit in the housing payment tested against your derived income. On the qualifier path, the loan is covered by assets, so dues affect the lender’s ability-to-repay review rather than a qualifying-income calculation.
Can I buy a condo as a rental with this program?
Only on the depletion path, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out, subject to underwriting. For a pure rental, business-purpose investor financing is often a better fit than a consumer asset-based mortgage.
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. Program details change and are not a commitment to lend.
Georgia’s condo law lets an association’s lien follow the unit, so the most valuable hour in any purchase is the one spent reading the building’s budget, reserve study and litigation disclosure before you sign.
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. Fannie Mae Selling Guide B4-2.1-01
3. Nolo – HOA and COA Foreclosures in Georgia
4. Space in Town – What Buyers Should Know About Condo Special Assessments
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 Long Should Money Sit in an Account Before an Asset-Based Mortgage Application? · How an Asset Depletion Mortgage Works · Joint vs Individual Accounts on an Asset Depletion Mortgage
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.