The Quick Read: On the asset qualifier path, a brokerage account typically counts at 100% of its balance, but on the asset depletion path the same securities typically count at 80%, so the answer depends on which path your file runs on, subject to underwriting. The figures do not change because the property is in North Carolina.
- Asset qualifier path: brokerage, CDs, money market and savings count at 100%, and the eligible total must cover the entire loan.
- Asset depletion path: securities count at 80%, cash and CDs at 100%, and the total is divided by 60 months to create qualifying income.
- Retirement accounts: 90% under age 59½ and 100% after on the qualifier path, but 70% at any age on the depletion path.
- Rentals: investment property is eligible only on the depletion path, at lower leverage. Most rental buyers use a brokerage account for reserves instead.
- A borrower runs on one path at a time. The two sets of percentages are never blended.
These are program ceilings and floors placed through select lenders in Lendmire’s network. They are not offers.
The Straight Answer
Brokerage money is not counted the same way everywhere. Across the wholesale network Lendmire works with, the treatment depends on the path. Think of it as two different tests that happen to look at the same statement.
The first test is the asset qualifier path. It asks whether your eligible assets, after the percentages below, equal or exceed the whole loan. If they do, the loan is reviewed on assets alone, and no employment or income is documented. Brokerage accounts count at 100% here.
The second test is the asset depletion path. It turns your eligible assets into a monthly qualifying income, which then carries the housing payment and your other debts. Securities count at 80% here.
Same account, different answer. That is why a number you saw online may not match the one your file produces.
Which Path Fits You?
Pick the path that matches your goal. The qualifier path suits a borrower whose assets can cover the loan outright. The depletion path suits a borrower whose assets are large but whose loan is bigger than the pool, so the assets must work as income.
Picture a retiree living on a portfolio in the Charlotte area. Documented income is small. The brokerage and savings balances are large. If those balances add up to the loan amount after the percentages, the qualifier path is the clean fit. If they fall short, the depletion path lets the same pool support a payment through the debt-to-income test.
The same logic applies to someone who just sold a business, received an inheritance, or retired early. Large balances, thin paper income.
The two paths also differ on leverage and size:
- Qualifier path: up to 80% loan-to-value on a purchase and 75% on a refinance, on a principal residence or second home. Loans run up to $4,000,000.
- Depletion path: up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance, on a principal residence or second home. Loans run from $125,000 to $3,500,000.
Whether cash-out is available on the qualifier path is set by the lender and is not published, so plan around the depletion figures if cash-out matters to you.
How Each Asset Counts
Here is the full side-by-side. Every figure is subject to underwriting and to the lender’s own calculation.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage / securities | 100% | 80% |
| Cash, savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| 401(k) and IRA | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not published | 75% |
| Real-estate equity | Not published | 60% |
Accounts combine on the qualifier path. You do not need one account to carry the whole loan.
The depletion path also lists what does not count: 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. Don’t count on them at any percentage. The documented route is to convert them into a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Why Isn’t Brokerage Counted at Face Value Everywhere?
Securities can lose value between your statement date and the day the loan is reviewed. A haircut is the percentage a lender trims off an asset to cover that risk. It is a policy choice, not a law of nature.
That also explains why published numbers disagree. No federal rule sets a percentage for a brokerage account. The CFPB’s ability-to-repay rule only requires a lender to consider current or reasonably expected income or assets, and it leaves the thresholds to the creditor acting in good faith. So each program sets its own number, and the numbers differ.
Lendmire sees many programs side by side. The qualifier path credits brokerage at 100% because the test is strict in other ways: the assets must cover the whole loan, and each account needs two months of statements. The depletion path credits securities at 80% because it asks the pool to produce income for years. Different job, different trim.
The Order of Operations
Whatever path you use, the math runs in the same sequence.
1. Inventory the accounts. List every statement-verified account and its type.
2. Apply the percentage by account type. Brokerage, cash, retirement and so on each get their own number.
3. Subtract what the deal consumes. The down payment and any required reserves come out of the pool first. One dollar cannot be both cash to buy and a qualifying asset.
4. Run the test for your path. Compare to the loan amount, or divide by 60 months for income.
5. Verify. Statements prove ownership and balances. The lender also pulls credit.
Now two worked illustrations. They are illustrative only, and the lender’s own calculation governs.
Qualifier path. Say an $800,000 loan is backed by $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) at an age under 59½ (90% counts, so $270,000) and $200,000 in savings (100%, so $200,000). Usable assets total $800,000. That matches the loan, so the file is reviewed on assets alone, subject to underwriting.
Depletion path. Say you hold $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100%, so $300,000). Usable assets total $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income must then carry the housing payment and your other debts through the debt-to-income test.
Notice what the second example shows. Moving from 100% to 80% on securities is only part of the story. The 60-month divisor does more work than the haircut. If your pool is mostly securities, test the file both ways before you assume anything.
Which Brokerage Holdings Actually Count?
Most plain-vanilla holdings count under the securities treatment: individual stocks, ETFs, mutual funds and bond funds held in your own name at a regulated custodian. Money-market sweep balances inside the account generally ride with the cash treatment, subject to the lender’s review.
The edge cases are where files get stuck.
- Pledged shares. If the shares secure a securities-backed credit line or sit under a margin loan, expect the lender to net out the borrowed amount or decline the shares. Pledged or borrowed funds are not published as eligible.
- Concentrated positions. A portfolio that is mostly one stock is a fragile base. The lender can still count it per the percentage, but a drop in that single name moves your total fast.
- Unvested or optioned stock. Stock options and non-vested restricted stock units do not count on the depletion path.
- Private stock. It counts at 75% on the depletion path and is not published on the qualifier path.
- Foreign accounts. Foreign funds are not eligible on the depletion path.
- Joint and third-party accounts. Ownership matters. Your lender will want to see that the funds belong to you. A non-borrower’s name on the account can reduce what is usable.
Seasoning, Statements, and Market Moves
Seasoning is the length of time money has sat in your account before a lender will count it. It keeps a last-minute deposit from inflating the pool.
On the qualifier path, you need 60 days of seasoning and two months of statements for each qualifying account. On the depletion path, statements must be at least 120 days old at application, plus the most recent statement within 45 days. Funds from the sale of a business, an inheritance or a legal settlement are excused from that seasoning.
The assets are documented on both paths. Skipping income documentation is not skipping documentation.
Then there is market risk. The lender works from the statement in the file, but a large drop in your holdings before review can leave you short. If your cushion is thin, a bad month in the market can matter more than the percentage itself. Build a margin into your numbers.
Does a Brokerage Account Help You Buy a North Carolina Rental?
It helps, but usually not the way people expect. An investment property is eligible only on the depletion path. Leverage there tops out at 65% on a purchase or rate-and-term refinance and 60% on a cash-out, so the asset-income route is a tighter fit for a rental. The depletion path also needs 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 this path needs a 700 score.
Most rental buyers take a different road. A DSCR loan is built for non-owner-occupied investment properties, and it qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Because these are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage.
On a DSCR file, your brokerage account is mostly proof you can absorb a bad month. Lenders typically count some portion of it toward reserves, and that portion varies by program. Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust. Reserves are where the brokerage statement earns its keep on a rental.
There is another useful angle. If you also buy a primary residence or a mountain or coastal second home in North Carolina, the asset paths fit those purchases directly. Using assets to qualify for the home can leave your rental cash flow free to cover the rental.
One more point on cash to close. A brokerage statement alone does not prove a down payment. Shares must be sold and the cash must arrive in the account.
Retirement Accounts and the 59½ Line
The qualifier path counts a 401(k) or IRA at 90% under age 59½ and 100% at 59½ or older. The line mirrors the age at which early-withdrawal costs fall away. Pulling from an IRA before 59½ generally triggers a 10% additional tax on top of regular income tax, per the IRS, so tax treatment varies and a qualified professional should be consulted before you rely on any withdrawal.
The depletion path is blunter. Retirement accounts count at 70% at any age. If your net worth is mostly in a 401(k), the qualifier path often credits it far more generously.
What Happens If the Number Falls Short?
You have a few moves, and none involves guessing.
- Switch paths. A pool that misses the whole-loan test may still produce workable income through the depletion path.
- Shrink the loan. A larger down payment from seasoned cash lowers the amount the pool must cover.
- Add documented income. On the depletion path, asset income may supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it supplements.
- Seasoned cash. If the pool includes crypto or other unlisted holdings, converting them to a cash balance in a regulated account is the documented route.
- Choose a different program. If the property is a rental, DSCR may fit better than any asset path.
Common mistakes are easy to avoid. Don’t count the same dollar as cash to close and as a qualifying asset. Don’t assume every balance counts in full. Don’t move money around right before applying without keeping the paper trail. Credit also matters: the qualifier path’s published floor is 600, the depletion path follows the lender’s matrix, and housing history of 0x30x12 is expected, with one 30-day late in the last twelve months considered case by case.
Key Terms Defined
Haircut: The percentage trimmed off an asset’s balance to reflect risk, so only part of it counts toward qualifying.
Seasoning: The waiting period money must sit in an account before a lender will count it.
Asset qualifier path: The test where eligible assets must equal or exceed the entire loan, with no employment or income documented.
Asset depletion path: The test that divides usable assets by 60 months to create monthly qualifying income.
Debt-to-income ratio: Your monthly debts, including the new housing payment, as a share of your qualifying income.
Securities-backed credit line: A loan secured by your brokerage shares, which can lead a lender to reduce or refuse those shares.
Frequently Asked Questions
Does my brokerage account count at 100%?
On the asset qualifier path, typically yes, subject to underwriting. Brokerage, CDs, money market and savings all count at 100% there. On the depletion path, securities typically count at 80% while cash and CDs stay at 100%. The path you choose sets the number.
Do I have to sell my investments to use them?
Not to qualify on assets. The holdings stay in your accounts, and the lender verifies them with statements. Cash needed to buy the home is different. A down payment must be cash, so shares used for that purpose must be sold first.
Can I use my brokerage account to qualify for a rental property?
Only on the depletion path, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out refinance, subject to underwriting. Most investors qualify through DSCR instead, which looks primarily at the property’s rental income. The brokerage account then typically supports reserves rather than income.
What if my brokerage balance drops before the lender reviews my file?
The lender works from the statements in your file, and a significant drop can leave the pool short of the requirement. If your margin is thin, run the numbers at a lower balance before you apply.
Is there a different rule for North Carolina?
The program figures do not change by state. A North Carolina buyer sees the same percentages, seasoning and leverage. State differences, like local prices and insurance, affect the deal, not the qualifying math.
Where to Go Next
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 programs based on your statements, the property, credit profile, leverage, and your goals. Lendmire is a mortgage broker whose consumer lending is licensed in 16 states, including North Carolina, and it arranges these loans through select lenders; it is not a commitment to lend.
For a North Carolina buyer sitting on a large portfolio, the statement you print today matters less than the path you pick before you apply.
Lendmire’s asset-based mortgage in North Carolina page presents the program for North Carolina 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
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 a 401(k) Counts Toward a Virginia Asset Qualifier Mortgage Under Age 59½ · Can Two North Carolina Retirees Buy a Home Together on an Asset Qualifier Mortgage? · Can Pledged or Margined Securities Count Toward an Asset Qualifier Mortgage?
Guides: Asset-Based Mortgage in North Carolina
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- 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.