The Quick Read: It depends on which path the loan runs on, and a documented sale changes the answer on one of them. On the asset qualifier path, funds typically need 60 days of seasoning with two months of statements per account. On the asset depletion path, sale-of-business, inheritance and legal-settlement funds are excused from the statement-age test, though the paperwork still has to prove where the money came from.
- Asset qualifier path: 60 days of seasoning and two months of statements for each qualifying account, subject to underwriting.
- Asset depletion path: statements at least 120 days old at application, plus one statement within 45 days, with sale-of-business, inheritance and settlement funds excused.
- Sale of a home or rental: no clock is published as waived for it, so plan on the qualifier path’s 60 days and keep a full paper trail.
- Paper beats time: a clean settlement statement answers the sourcing question, but it does not by itself shorten a clock.
- Florida borrowers: the program figures are the same in every state, and Lendmire arranges consumer asset-based mortgages in Florida through select lenders in its network.
Two Paths, Two Clocks
Seasoning is not one rule. Across the wholesale network Lendmire works with, the asset-based mortgage runs on two separate paths, and a borrower is qualified on one path at a time.
The asset qualifier path covers the entire loan with eligible assets. No employment or income is documented. The asset depletion path divides usable assets by 60 months to create a monthly qualifying income, and that income runs through the debt-to-income test.
The clocks differ because the paths ask different questions. The qualifier path asks whether the money has been sitting in the borrower’s accounts long enough to be treated as established. The depletion path asks whether the statements are old enough to show a stable balance, and it carves out specific sources of funds.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| Seasoning | 60 days | Statements 120+ days old at application |
| Statements | Two months per account | Plus one within 45 days |
| Excused sources | None published | Business sale, inheritance, legal settlement |
| Credit | 600 minimum | Lender’s matrix |
| Purchase leverage | Up to 80% | Up to 80% primary or second home; 65% investment |
All figures are typical ranges from select programs, subject to underwriting. Programs change, and each file is reviewed individually.
Where Do Home-Sale Proceeds Fit?
Proceeds from selling a home or a rental are not on the depletion path’s excused list. That list names the sale of a business, inheritance and legal settlements. A home sale is not one of them.
So a Florida seller should plan around the full clock. Treat the 60-day window as the planning number on the qualifier path, and the 120-day statement rule on the depletion path.
A settlement statement still matters a great deal. It shows the borrower as seller, the net proceeds, and the date. It answers the sourcing question that every underwriter asks about a large deposit.
Seasoned and sourced are two separate questions. A deposit with a clean trail is easier to approve than one with no trail, and a deposit with no trail is a problem however old it is. But a clean trail does not make a recent deposit old. Lendmire’s piece Can Sale Proceeds Alone Qualify You for an Asset Depletion Loan? covers the qualification side of this in more depth.
What Is Actually Excused on the Depletion Path
Three sources are excused from the 120-day statement rule on the depletion path: sale of a business, inheritance and legal settlements. The excuse covers the age of the statements. It does not cover documentation.
A business-sale seller should expect to show the closing statement and the bill of sale. An heir should expect to show the estate distribution. A settlement recipient should expect to show the settlement agreement and the payment.
Even then, only a regulated account holds the money in a form the program counts. Funds that sit in an escrow account, a custodial account or a foreign institution are not eligible on the depletion path. Cash on hand is not eligible either. The money has to land in an account the lender can verify.
The Paper Trail, Step by Step
A Florida sale typically moves through a title agent or an attorney’s trust account before the money reaches the seller. Here is the sequence that gives an underwriter the least to question.
1. Sign the sale contract. Decide now which account will receive the proceeds.
2. Close the sale. Get the final settlement statement showing the seller’s name and net proceeds.
3. Receive the funds. Keep the wire confirmation or the check copy.
4. Deposit once. Put the money in the single account that will hold it through the purchase.
5. Wait for the statement. A wire confirmation shows money arrived. It is not an account statement.
6. Leave it alone. Moving money between accounts mid-file creates new items to explain.
A deposit that is out of pattern for an account triggers a sourcing request. That is a document request, not a denial. Round-number transfers, split deposits and partial withdrawals are the usual causes of extra questions.
Three Timing Scenarios
Consider a Florida seller who closed on a home last week and wants to buy now. On the qualifier path, the 60-day window has not run, and the second month of statements does not exist yet. The practical answer is to wait or to restructure the timing of the purchase.
Say a seller closed on a sale some time ago and left the funds in one savings account. Both months of statements show the balance, and the sale paperwork explains the first deposit. That file sits comfortably inside the qualifier path’s published window, subject to underwriting.
Picture a borrower who sold a business and is applying on the depletion path. The statement-age rule is excused for those funds, so the borrower can apply sooner. The business-sale documents carry the weight instead.
What Can Break a Clean File
Most seasoning problems are self-inflicted. These are the ones that come up most.
- Commingling. Sale proceeds mixed into an account with unrelated deposits are harder to trace.
- Moving funds mid-file. A transfer to a new account restarts the explanation, and sometimes the clock.
- Borrowed money. Seasoning and sourcing exist largely to catch short-term loans dressed up as savings. Pledged and borrowed funds are not published as eligible on either path.
- Unlisted asset types. Cryptocurrency, precious metals and collectibles are not published as eligible on either path. The documented route is converting them to cash in a regulated account, with the source reviewed by the lender.
- Spending part of it. Money used for the down payment or closing costs comes out before the asset math. It cannot also count as a cushion.
What Gets Subtracted Before the Math
Funds that pay for the down payment and closing costs come out first. Only what remains is counted toward qualifying. Cash-out proceeds from the loan being originated never count as qualifying assets on the depletion path.
Here is how the sanctioned shapes work. On the qualifier path, an $800,000 loan with $330,000 in brokerage accounts (100% counts), $300,000 in a 401(k) under 59½ (90% counts, or $270,000) and $200,000 in savings (100% counts) totals $800,000 of usable assets. That is reviewed on assets alone.
On the depletion path, $1,500,000 in securities at 80% counts as $1,200,000. Add $300,000 in cash at 100%, and usable assets reach $1,500,000. Divide by 60 months and the result is $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test.
These are illustrations. The lender’s own calculation governs. For a fuller walk-through, see Lendmire’s guide How to Qualify on Home-Sale Proceeds Using an Asset Depletion Mortgage.
Key Terms Defined
Seasoning: the length of time funds have been in the borrower’s account before the loan is reviewed.
Settlement statement: the closing document that shows the seller, the sale price and the net proceeds paid out.
Net proceeds: what the seller receives after the payoff, fees and closing costs.
Sourcing: documenting where a deposit came from, apart from how long it has been there.
Usable assets: the share of each account balance that the program counts after its credit percentages or haircuts.
How Agency Rules Differ
Agency conventional loans handle this differently, and the contrast helps. Fannie Mae’s Selling Guide defines a large deposit as a single deposit above 50% of total monthly qualifying income, and checks files against that test instead of a fixed seasoning period. That is an agency rule for agency loans. It does not describe this program, and conventional large-deposit advice should not be carried over to an asset-based file.
Which Path Fits a Florida Seller
If the plan is to buy a primary residence or second home and the assets cover the loan outright, the qualifier path is the cleaner fit. It needs no income documentation, subject to underwriting. Purchase leverage runs up to 80%, and loans go up to $4,000,000.
If the borrower wants assets to become income, the depletion path fits. It requires qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid when depletion is the only income source. Loans run from $125,000 to $3,500,000.
The flip point is timing. A borrower with a business sale, inheritance or settlement can use the depletion path’s excused sources. A borrower with a home sale and a purchase deadline may find the qualifier path’s 60-day window easier to plan around, if the loan size and asset mix allow it.
Investment property is only available on the depletion path, at up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. A borrower buying a business-purpose rental would typically look at DSCR financing instead. Lendmire’s complete DSCR loans guide explains when that route fits.
One more point: a wire receipt, a gift left in an account, or a short parking period does not turn unseasoned money into seasoned money. Time and paper both matter.
Frequently Asked Questions
Do sale proceeds have to sit in an account before I apply?
On the asset depletion path, sale-of-business, inheritance and settlement funds are excused from the statement-age rule. A home sale is not on that list, so plan for the full clock.
What proof will a lender want for a Florida home sale?
Expect the final settlement statement showing you as the seller and the net proceeds, plus the wire confirmation or check and the account statement showing the deposit. A title agent or attorney trust account is common in Florida, so keep the disbursement record too. Underwriters review each file individually.
Does a wire confirmation count as a statement?
No. A wire confirmation shows that money arrived, but the program asks for account statements. Wait for the statement that includes the deposit.
What happens if I spend part of the proceeds?
Money used for the down payment and closing costs comes out before the asset math. Only the remaining usable balance counts toward qualifying. Large withdrawals may also prompt a request for explanation.
Does the same rule apply if I sold property in another state?
The program figures do not change by state. The paper trail still has to show the sale and the deposit. A borrower purchasing in Florida can work with Lendmire, which arranges consumer asset-based mortgages in Florida among 16 licensed states, subject to underwriting.
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’s asset-based mortgage in Florida page presents the program for Florida borrowers.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Fannie Mae Selling Guide B3-4.2-02, Depository Accounts
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 Retiree Using Asset Depletion Need a Super Jumbo Loan? · Asset Depletion vs Bank Statement Loan After a One-Time Property Sale
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.