Pinetop Capital

/BRIEFING · September 1, 2026

Freddie Mac rewrites how assets convert into qualifying income

Bulletin 2026-10 reworks Guide Section 5307.1. The same balance now supports more qualifying income, and investment properties become eligible.

Primary source: Freddie Mac Bulletin 2026-10, Single-Family Seller/Servicer Guide · Guide Section 5307.1, assets as a basis for repayment

01

What changed

Freddie Mac Bulletin 2026-10 overhauls the section of the Guide covering accumulated assets used as a basis for repayment, the underwriting approach usually called asset depletion or an asset qualifier.

The headline is the divisor. Eligible assets are converted into a monthly qualifying figure by spreading them across a set number of months, and that number has been shortened. The same balance therefore supports a larger monthly figure than it did before.

02

The part that matters for investors

Occupancy has opened up. The approach is no longer confined to a primary residence: second homes and investment properties are now permitted, and the separate ceiling that used to sit on these files has been removed in favour of the standard limits.

That is a meaningful change for a borrower with a substantial balance sheet and a tax return that shows very little, which is the situation asset depletion exists to solve in the first place.

03

What tightened

The trade is documentation. Accounts now need a longer seasoning history before the Note Date, and there is a variance test: an account whose balance fell materially over that window is ineligible unless the movement is documented as a transfer into another eligible account.

The file also has to run through automated underwriting and receive an Accept. There is no manual underwriting path for this.

Transactions are limited to a purchase or a refinance without cash out.

04

Why your answer may differ by desk

This is a lender-option item, which means each wholesale outlet decides when to adopt it and some will move well before others. A scenario that gets a no this week can get a yes next month at the same shop, and a different answer at two desks on the same day.

If you have a file where this would make the difference, it is worth re-running rather than assuming last month’s answer still holds.

The program this applies to

Jumbo & asset depletion

See who it’s for, how it works, and the common questions.

/programs/jumbo-asset-depletion

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Sources

Guidance changes and lenders adopt it on their own timelines. Check the primary source before relying on any of this for a live file.

Educational only. Not an offer, an approval, or advice on your specific file.

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