The Quick Read: Usually two months of statements for each qualifying account on the asset qualifier path, with the funds seasoned for 60 days, while the asset depletion path cares more about how old the statements are than how many you send. Indiana does not change either answer, because the program figures are the same in every state we place loans in.
- Asset qualifier path: two months of statements per qualifying account, plus 60 days of seasoning, subject to underwriting.
- Asset depletion path: statements at least 120 days old at application, plus the most recent statement dated within 45 days.
- No income documents is not no documents: the assets are always documented, on both paths.
- Rental purchases: an investment property can only use the depletion path. Most rental buyers are better served by a DSCR loan, covered below.
- Indiana: it is one of the 16 states where Lendmire arranges consumer mortgages. State law does not set a statement count.
Which Path Are You On?
Your statement burden depends on the path, so start there. Asset-based financing is a non-QM program, meaning a mortgage that sits outside the standard agency box. You are qualified on one path at a time, never a blend of both.
The asset qualifier path treats your eligible assets as the whole answer. After the credit percentages below, they 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, for a principal residence or second home. Loans go up to $4,000,000, with a 600 minimum credit score, all subject to underwriting.
The asset depletion path turns your assets into monthly income. Usable assets are divided by 60 months, and that figure must carry the housing payment and other debts through the debt-to-income test. Loans run $125,000 to $3,500,000. The lender’s score and loan-amount matrix sets the credit floor.
This fits retirees, people who sold a business, heirs, and households living off a portfolio. Their balances are large and their documented income is small. Those are the files these paths exist for.
How Many Months of Statements on the Qualifier Path?
Two months, for every account you use. That is the usual answer across the programs we place files with, and it is the figure for this path through select programs.
Two months of statements show that the balance is real and stable. The 60-day seasoning requirement then confirms the money has sat in your name long enough to count. Seasoning is the waiting period a lender wants before it trusts a balance. The idea is that borrowed or just-moved money should not qualify you.
Each qualifying account needs its own statements. If you use a brokerage account, a savings account, and an IRA, you send two months for each of the three. Complete statements with every page, your name, the dates, and the balances are the norm. Screenshots and partial printouts tend to come back with a request for the real thing.
Here is how the credit percentages work on this path. Brokerage, certificates of deposit, money market, and savings count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and 100% at 59½ or older. Accounts combine.
Take this illustrative file. An $800,000 loan is backed by $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). That adds up to $800,000 of usable assets, and the file is reviewed on assets alone. The lender’s own calculation governs the real number.
What Replaces a Month Count on the Depletion Path?
An age test. On this path, statements must be at least 120 days old at application, and the most recent statement must fall within 45 days. Think of it as a window: older history proves the money has been there, and the newest statement proves it still is.
Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning, since the money arrived recently and for a clear reason. You document the source instead.
The credit percentages differ here, and you should never mix them with the qualifier table. Cash and certificates of deposit count at 100%. Securities count at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%.
Here is the sanctioned shape of the math. $1,500,000 in securities counts at 80%, which is $1,200,000. Add $300,000 in cash at 100%. That gives $1,500,000 of usable assets, divided by 60 months, for $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test.
Two minimums apply on this path. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. If assets are your only income source, you also need at least $250,000 in liquid funds. Asset income can instead supplement documented income up to a 45% debt-to-income ratio, and in that case the minimum-assets rule is waived.
Side by Side
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| Statement test | 2 months per account | 120 days old, plus latest within 45 days |
| Seasoning | 60 days | Built into the age test |
| What assets do | Cover the whole loan | Become monthly income (÷ 60) |
| Purchase leverage | Up to 80% | Up to 80% primary or second home; 65% investment |
| Refinance leverage | Up to 75% | 80% rate-and-term; 60% cash-out |
| Credit | 600 minimum | Lender’s matrix |
Everything here is a ceiling or floor, not an offer. Each file is reviewed individually, and programs change.
Is There a Legal Minimum Number of Months?
No. Federal ability-to-repay rules require a lender to verify the income or assets it relies on, using reasonably reliable third-party records, as the eCFR text of 12 CFR 1026.43 lays out. The rule never says how many months that takes.
The month count is therefore an investor policy choice. It exists to satisfy the verification standard and to catch borrowed money. Indiana has no separate statement rule for these loans that we are aware of, so an Indiana borrower follows the same program sheet as a borrower elsewhere.
One related point from Bankrate’s non-QM explainer: counting assets as income is possible on non-QM loans, while qualified mortgages do not allow it. That is why this document set looks different from a standard mortgage file.
Why Seasoning Drives the Whole Request
Seasoning is the real reason for the statement window. An investor-education explainer on asset depletion loans makes the same point: it exists largely to confirm the assets were not borrowed shortly before application. A single statement cannot show that. Two months can, and an age test can too.
So the practical goal is simple. Decide where your qualifying money will sit, and leave it there. Moving funds between accounts during the window creates sourcing questions, and each question means more paper.
What Underwriters Flag in the Statements
- Large deposits. Expect to explain any that stand out, with documents showing the source.
- Missing pages. A statement with every other page is a statement the lender will send back.
- Costs of the deal. Money you need for the down payment, closing costs, and any required reserves cannot also count as qualifying assets in the depletion math. Cash-out proceeds never count as qualifying assets either.
- Ineligible funds. 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 do not count.
- Other asset classes. Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account, with the lender reviewing the source.
For reserve questions specific to this program, Lendmire’s piece How Many Months of Reserves Does an Asset Qualifier Mortgage Require? goes deeper. In short, the qualifier path requires none at or below 75% loan-to-value, and above that the lender sets them.
Three Scenarios
Retiree with a rollover IRA and savings. A borrower under 59½ holds most of their wealth in an IRA. On the qualifier path, the IRA counts at 90%, and the statements must cover each account for two months. Over 59½, the same IRA counts at 100%.
Business seller with a fresh cash balance. The proceeds landed three weeks ago. On the depletion path, sale-of-business funds are excused from the 120-day seasoning, but the lender will want the sale documents that show where the money came from.
Portfolio household with a thin paper trail. The borrower holds securities at several firms. Each account used must be documented. Consolidating before applying can reduce the paperwork, but only if the moves happen well before the statement window starts.
What If You Have Fewer Months Than Required?
Time is the one thing money cannot buy back, and an account opened last month cannot show two months of history.
Some borrowers can use a different account that already has the history. Others delay the application until the seasoning runs out. Sale, inheritance, and settlement funds are the main exceptions on the depletion path, and even there the paper trail has to be clean.
Do not mix this up with bank statement loans. Those use a long run of deposits, often a year or two, to prove income. They serve borrowers who document income with deposits. Asset-based files use a short window to prove assets. Same word, different test.
Buying a Rental? Read This Before You Gather Anything
An investment property can use the asset depletion path only, at up to 65% on a purchase or rate-and-term refinance and up to 60% on a cash-out, through select programs. The qualifier path covers principal residences and second homes.
Most rental buyers will not use either. Loans for non-owner-occupied rentals are business-purpose investor loans, reviewed differently from a standard owner-occupied mortgage. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, which makes it the usual route. DSCR files still ask for statements, but for a short window to prove cash to close and reserves, not to turn assets into income.
Programs below a 1.00 coverage ratio are available through select lenders in the network, though loan-to-value and terms adjust. Lendmire’s complete DSCR loans guide walks through that path.
A Pre-Submission Checklist
1. Identify the path: assets cover the loan, or assets become income.
2. List every account you plan to use, and the percentage each one counts.
3. Pull complete statements, every page, for the window your path requires.
4. Write a short explanation, with proof, for any large deposit.
5. Subtract down payment, closing costs, and required reserves before you count anything.
6. Leave the money where it is until the file is done.
Tax treatment varies; consult a qualified professional.
Key Terms Defined
Seasoning: the period funds must sit in your account before they count.
Asset qualifier: a path where eligible assets alone cover the whole loan amount.
Asset depletion: a path that divides usable assets by 60 months to produce qualifying income.
Haircut: the share of an account’s balance that is discounted, so only a percentage counts.
Debt-to-income: the share of monthly income that goes to debt payments, including the new mortgage.
Non-QM: a mortgage that falls outside the standard qualified-mortgage box, often built for borrowers with unusual income.
Frequently Asked Questions
Do the statements have to be consecutive?
Yes in practice. A gap in the window leaves the lender unable to confirm what happened to the balance, so expect to send an unbroken run for each account.
Does Indiana require more or fewer months than other states?
Neither. Indiana is one of 16 states where Lendmire arranges consumer mortgages, and the program figures do not change by state. State facts such as taxes and insurance are context, not program rules.
Can I use a business account?
Only to the extent of your ownership share, and the lender reviews the source closely. Business accounts beyond your share are not published as eligible, so many borrowers convert the funds to a seasoned personal cash balance first.
Does a bigger balance let me skip the statements?
No. A larger balance can raise your qualifying income or cover more of the loan, but it never replaces sourcing and seasoning review. Both paths document the assets.
Is the 60-month divisor the same as the statement count?
No. The divisor is math: it turns usable assets into monthly income. The statement window is documentation. They answer different questions.
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 broker that arranges these loans through select lenders in its network. Programs change, and every file is underwritten individually, so nothing here is a commitment to lend.
Two clean months in the right accounts will usually do more for an Indiana file than any amount of balance sitting in the wrong ones.
Lendmire’s asset-based mortgage in Indiana page presents the program for Indiana borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
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. eCFR, 12 CFR 1026.43 (Ability-to-Repay)
3. 4homes, Asset Depletion Loans for Investors
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? · Does a Securities-Backed Line of Credit Hurt Your Asset-Based Mortgage Application? · How a Margin Balance Is Treated on an Asset Depletion Mortgage
Guides: Asset-Based Mortgage in Indiana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.