The Quick Read: Georgia borrowers with large balances and little documented income can be pre-approved through select asset-based programs. These programs either let eligible assets cover the entire loan, or convert those assets into a monthly qualifying income that carries the payment, with every figure subject to underwriting. The assets are fully documented either way. Only the income documentation falls away on one path.
- Asset qualifier path: eligible assets must equal or exceed the whole loan, and no employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which then runs through the debt-to-income test.
- Seasoning matters: statements and account history decide what counts, often more than the balance itself.
- One path at a time: a borrower is qualified on either path, never a blend of the two.
Lendmire is a mortgage broker. It arranges these loans through select lenders in its network, and the lender’s own review governs every file. The figures below are ceilings and floors, not offers.
What does pre-approved on assets actually mean?
It means a lender has reviewed your verified assets and credit and is prepared to lend up to a stated amount on a stated kind of property, subject to underwriting. Other names for the same idea include asset-based mortgage, asset qualifier loan, and asset depletion loan.
Pre-qualification is a quick conversation based on numbers you report. Pre-approval is a document-backed review. An assets-only pre-approval works the same way, except the documents that carry the file are account statements rather than pay stubs and traditional personal-income documentation.
This fits a specific reader. Think of retirees, someone who just sold a business, an heir or settlement recipient, an early-retired professional, or a household living off a portfolio. Balances are large, and documented income is small or irregular.
Two paths: assets cover the loan, or assets become income
Across the programs Lendmire places files with, asset-based qualification takes two forms. Pick the one that fits your balance sheet before you ask for a letter.
The asset qualifier path compares your eligible assets, after credit percentages, to the entire loan amount. If the total equals or exceeds the loan, you qualify on assets alone. No employment or income is documented.
The asset depletion path turns eligible assets into income. Usable assets, after haircuts, are divided by 60 months. That monthly figure must carry the full housing payment and other debts through the debt-to-income test.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Core test | Assets ≥ entire loan | Assets ÷ 60 = income |
| Debt-to-income | Not used for income | Applied to derived income |
| Max loan | Up to $4,000,000 | $125,000 to $3,500,000 |
| Purchase leverage | Up to 80% LTV | Up to 80% on a primary or second home |
| Property types | Primary home, second home | Primary, second, investment |
| Credit | 600 minimum | Lender’s matrix |
Leverage differs by transaction, so read each figure with its label. On the qualifier path, a primary residence or second home can reach 80% on a purchase and 75% on a refinance. Cash-out terms on that path are set by the lender and are not published.
On the depletion path, a primary residence or second home can reach 80% on a purchase or rate-and-term refinance. A cash-out refinance on those homes tops out at 60%. An investment property on the depletion path is capped at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets.
Which assets count, and for how much
Each account type is credited at a percentage of its balance, and the percentages differ by path. Never apply one path’s table to the other.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Cash, savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Brokerage / securities | 100% | 80% |
| Private stock | Not published | 75% |
| 401(k) / IRA | 90% under 59½, 100% at 59½+ | 70% at any age |
| Real-estate equity | Not published | 60% |
On the qualifier path, accounts combine. On the depletion path, several categories are not eligible: 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 pledged or borrowed funds are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account. The lender then reviews the source of that cash.
A worked example on each path
These are illustrative only. The lender’s own calculation governs.
Qualifier path. Take an $800,000 loan. You hold $330,000 in brokerage accounts, counted at 100%, which is $330,000. You hold $300,000 in a 401(k) at age 55, counted at 90%, which is $270,000. You hold $200,000 in savings, counted at 100%, which is $200,000. Usable assets total $800,000, which equals the loan. The file can qualify on assets alone, subject to underwriting.
Depletion path. Say you hold $1,500,000 in securities, counted at 80%, which is $1,200,000. You also hold $300,000 in cash, counted at 100%, which is $300,000. Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income must then carry the housing payment and other debts through the debt-to-income test.
The depletion path has minimums as well. Qualified assets must be at least 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 liquid. Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio. In that case the minimum-assets rule is waived.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, must cover the entire loan amount.
Asset depletion: a path where usable assets divided by 60 months become monthly qualifying income.
Seasoning: the length of time funds have sat in an account, shown by statements.
Haircut: the share of an account’s balance a program does not count, such as 20% of securities on the depletion path.
Pre-approval: a document-backed lender review that supports an offer, still subject to underwriting.
Debt-to-income (DTI): monthly debts, including the new housing payment, compared to monthly qualifying income.
How the pre-approval runs, step by step
1. Choose the path. If your usable assets cover the whole loan, the qualifier path is the simpler fit. If they do not, but they are large, the depletion path may work.
2. Count your assets. Apply the percentages above to each account, then add them up. Funds you need for the down payment and closing costs come out of the total.
3. Pull statements. The qualifier path wants 60 days of seasoning and two months of statements per qualifying account. The depletion path wants statements at least 120 days old at application, plus a recent statement within 45 days. Sale-of-business, inheritance, and legal-settlement funds are excused from that seasoning on the depletion path.
4. Check credit. The qualifier path sets a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix. Housing history is reviewed at 0x30x12. One 30-day late in the last twelve months is considered case by case.
5. Match to a lender. Programs differ on overlays, so a broker compares several before a letter is issued.
6. Receive the letter. It states a loan amount and property type, and it stays subject to underwriting, appraisal, and property review.
No income is documented on the qualifier path. That never means no documentation. Assets are verified on both paths.
What to gather before you call
- Two months of statements for every account you plan to count. Gather longer histories if you are on the depletion path.
- A government ID and the usual credit authorization.
- Evidence of source for any large recent deposit, such as a business sale, inheritance, or settlement.
- A list of debts, since the depletion path runs them through the DTI test.
- Property details if you have a contract or target in mind.
Georgia considerations
The program figures do not change by state. A Georgia borrower sees the same percentages, floors, and ceilings as any other, and Georgia is among the 16 states where Lendmire’s consumer mortgage lending is licensed. What differs is the buyer’s situation.
Metro Atlanta buyers often face multiple offers, so a letter from a lender that has already reviewed the assets can be an advantage. Buyers shopping in retirement communities or coastal markets tend to arrive with proceeds from a home sale. Those proceeds can usually be documented as seasoned cash.
Down payment assistance and first-time-buyer programs can cap or penalize liquid assets after closing. If you hold large balances, check each program’s asset limits before assuming you qualify. Asset-based loans are usually the cleaner fit for a cash-rich buyer.
Where the rule breaks
Some situations change the answer. Know them before you apply.
Foreign funds. These are not eligible on the depletion path. Transfer money into a regulated U.S. account and let it season.
Borrowed or pledged money. A margin loan, a loan against an account, or a gift cannot be counted as your own seasoned asset.
Retirement accounts. The two paths treat them differently. The qualifier path credits 90% under 59½ and 100% after. The depletion path credits 70% at any age.
First-time investors. On the depletion path, a first-time investor needs a 700 score.
Housing events. A recent bankruptcy or foreclosure needs 4 years of seasoning on the depletion path. Multiple bankruptcies are not eligible.
Reserves. The qualifier path requires none at or below 75% LTV. Above that, the lender sets them. The depletion path publishes no reserve months. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Owner occupancy changes the rulebook. These programs are consumer-purpose mortgages. Because that is so, a lender must consider and verify income or assets under the CFPB’s ability-to-repay compliance guide. Assets are a recognized basis for that review. Standard consumer-mortgage disclosures, including TRID, apply to these loans.
Is this the right path? A decision table
| Your situation | Likely fit |
|---|---|
| Large assets, little or no documented income | Asset qualifier or depletion |
| Strong income shown by bank deposits | Bank statement program |
| Rental purchase, rent covers the payment | DSCR loan |
| Traditional employment income and clean returns | Conventional or jumbo full-doc |
The bank statement program suits borrowers who document income through deposits. Conventional and full-documentation jumbo loans follow their own rules, which rest on W-2s, returns, and DTI.
For a rental purchase, DSCR is usually the more practical tool. DSCR loans are designed for non-owner-occupied investment properties, and because they are business-purpose loans, they are reviewed differently from a standard owner-occupied mortgage. The test of whether a loan is business-purpose turns on its primary purpose, as CFPB’s Regulation Z commentary explains.
Tax treatment varies; consult a qualified professional.
Mistakes that delay an assets-only file
- Moving money mid-file. Transfers between accounts can break seasoning and force new statements.
- Counting accounts that do not qualify. Custodial accounts, stock options, and unvested shares are examples.
- Applying the wrong table. A qualifier-path percentage does not carry over to depletion.
- Skipping the source of a large deposit. Lenders want to see where a lump sum came from.
- Ignoring credit. Large assets do not replace the score floor.
- Assuming this is a no-documentation loan. Assets, credit, and the property are all reviewed.
Using your letter in an offer
Present the letter with your offer so the seller and listing agent see that a lender has reviewed your assets. It shows a loan amount and property type, and it stays subject to underwriting and appraisal. If your plan changes, such as a bigger loan, a different property type, or moving funds between accounts, ask for an updated letter first. A letter built on one path does not automatically cover a file that shifts to the other.
Frequently Asked Questions
Do I need traditional personal-income documentation to get pre-approved on assets?
Not on the qualifier path, where no employment or income is documented. The depletion path builds income from your assets, though it still runs a debt-to-income test. Both paths verify assets and credit, so expect statements and a credit review. Everything is subject to underwriting.
Do I have to sell or spend my investments?
No. Assets are used in the qualification arithmetic and are not taken or pledged. On the depletion path, they simply produce a qualifying income figure. You keep the accounts, though large withdrawals before closing can change what counts.
Can I use a retirement account?
Yes, with a haircut. 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. Seasoning and statement rules still apply.
Can I buy a rental this way?
Only on the depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. A first-time investor needs a 700 score. For many rental buyers, a DSCR loan that qualifies primarily on property-level rental income is the more direct route, subject to lender guidelines.
What if my money is in crypto or a business account?
Neither is published as eligible on either path. The documented route is to convert funds into a seasoned cash balance in a regulated account. The lender then reviews the source. Business accounts count only for the borrower’s ownership share, and only once converted.
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.
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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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 Ability-to-Repay and Qualified Mortgage Rule Compliance Guide
2. CFPB Regulation Z §1026.3, Exempt Transactions
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can You Refinance a Michigan Home on Assets When Your Income Stops? · Can You Relocate to Michigan and Buy a Home on Assets Before You Have Local Income? · Can You Relocate to Georgia and Buy a Home on Assets Before You Have Local Income?
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- 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.