The Quick Read: An assets-only jumbo loan is reviewed around what you own, not what you earn, and the underwriter runs no debt-to-income test. Your verified U.S. liquid assets must cover the loan amount, closing costs, and a cushion for losses on other residential property. That is the core test, available through select wholesale programs and subject to full underwriting.
- The asset test: liquid assets must equal the loan amount, plus closing costs, plus sixty months of any net loss on other residential property.
- What counts: retirement accounts count at 70% of balance (80% at age 59½ or older). Business funds, gifts, unvested stock, and cryptocurrency never count.
- Credit: typically a 660 floor on the portfolio non-QM program and 680 on the bank portfolio program, with a 700 floor above the super-jumbo line.
- Size: files run from $300,000 to $30,000,000 across two programs. Every loan above $4,000,000 is reviewed case by case before submission.
- One pool of money: the same dollar cannot serve as qualifying assets, down payment, and reserves all at once.
What Does “Assets-Only” Actually Mean?
Assets-only is a way of qualifying, not a separate loan product. The lender looks at your balance sheet and asks one question: do you hold enough liquid money to cover this loan, with room to spare? If yes, your paycheck, traditional personal-income documentation, and debt-to-income ratio are not part of the equation.
That makes it a fit for a particular borrower. Picture a founder who just sold a company and has no salary this year. Or a retiree with a large brokerage account and modest taxable income. Or an attorney whose partnership draws swing wildly. Each can look thin on paper and rich on a statement.
Two details matter from the start.
First, you do not sell or withdraw anything. The assets stay in your accounts. They are measured, not spent.
Second, “no income test” never means “no proof.” Every dollar the lender relies on must be documented with account statements. The loan is reviewed on documented assets under the applicable program, subject to lender guidelines.
Assets-Only vs. Asset Allowance vs. Bank Statements vs. DSCR
These four paths get blurred together constantly. They test different things, and picking the wrong one wastes weeks of paperwork.
| Path | What gets tested | DTI test? | Best fit |
|---|---|---|---|
| Assets-only | Liquid assets vs. the loan | No | Large balances, little income |
| Asset allowance | Assets divided into monthly income | Yes | Assets plus some income |
| Bank statements | Deposits after an expense ratio | Yes, to 50% | Self-employed cash flow |
| DSCR | Rent vs. the property’s payment | Not personal | Rental properties |
Asset allowance is the cousin that confuses people. It turns your assets into notional monthly income by dividing liquid assets by 36, 60, or 84 months. The 36-month divisor is used when the assets supplement other income and DTI before the asset income is at or below 60%. The 60-month divisor applies when that pre-asset ratio runs above 60%. The 84-month divisor is for standalone use, or any loan above $3,500,000. It applies to primary and second homes only, with an 80% LTV maximum. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
The divisor swings the outcome hard. Dividing by 84 instead of 36 produces less than half the monthly income from the same statement.
Assets-only skips that conversion. It compares your liquid assets to the loan directly.
Key Terms Defined
- Jumbo loan: a mortgage above the conforming limit, so it cannot be sold into agency-backed channels. The baseline one-unit limit is $832,750, and the high-cost ceiling is $1,249,125, according to Orrick’s summary of the current conforming loan limits. Alaska, Hawaii, and U.S. territories use separate limits.
- Non-QM: any loan that is not a Qualified Mortgage, as this BiggerPockets discussion lays out. Plenty of well-underwritten loans live here.
- Assets-only: the qualification path where liquid assets are measured against the loan, with no DTI test.
- Asset allowance: the path that divides liquid assets by a set number of months to create monthly income.
- Liquid assets: money you can reach without selling a building or a business: cash, brokerage balances, and eligible retirement funds.
- Reserves: months of housing payments the lender wants left in the bank after closing.
- Funds to close: the down payment plus closing costs due at the table.
- Seasoning: the time money has sat in your name. Lenders use it to confirm the funds are really yours.
How Underwriting Treats Your Assets, Step by Step
Underwriting an assets-only file follows a clear sequence. Here is how it runs across the programs Lendmire places files with.
1. The program and size are set. Loan amount decides which program, which leverage ceiling, and how many reserve months apply.
2. Your assets are inventoried. The underwriter lists every account and sorts it into counts, counts partly, or never counts.
3. Ineligible money is removed. Business funds, gifts, most trusts, unvested stock, and cryptocurrency drop out. Only a revocable living trust is accepted among trusts.
4. Retirement accounts are discounted. They count at 70%, or 80% once you are 59½ or older. Every $100,000 in an IRA becomes $70,000 of usable liquidity before age 59½.
5. The assets are tested against the loan. U.S. liquid assets must equal the loan amount plus closing costs plus sixty months of any net loss on your other residential property.
6. Credit and reserves are checked. Reserves run 3 months to $500,000, 6 months to $1,500,000, and 9 months above that. Add 2 months per additional financed property, to a 12-month maximum. First-time investors need 12 months.
7. Everything is verified. A lender must verify the assets it relies on using reasonably reliable third-party records, as the Federal Register text of the ability-to-repay rule puts it for consumer loans. Statements, source of large deposits, and name on the account all get checked.
8. Appraisal and title follow, like any other mortgage.
Notice what is missing. No pay stubs. No traditional personal-income documentation. (Some programs still ask for them in other paths, which is why choosing the path first matters.)
The One-Pool-of-Money Problem
Here is where wealthy borrowers get surprised. Your net worth is not the number that matters. Your usable liquidity after the deal is.
Say you request a $2,000,000 loan on a primary-residence purchase. The assets-only test wants liquid assets of at least the loan amount plus closing costs. At that size, nine months of reserves also apply. And your down payment has to come from somewhere too.
If one brokerage account is your only liquid pile, it cannot pass the test and fund the down payment and sit as reserves. The same dollar cannot do three jobs. Not ideal.
Compare two borrowers. The first holds liquid assets at roughly two and a half times the loan. After the down payment, closing costs, and reserves, the file still clears the asset test. The second is worth far more on paper, but most of it sits in a private business and home equity. That borrower fails. Business funds never count, and equity is not liquid.
Which Assets Count (and Which Never Do)
The short answer is cash and securities, yes; business money and crypto, no.
| Asset | Treatment | Watch-out |
|---|---|---|
| Cash in U.S. accounts | Counts | Needs statement history |
| Brokerage accounts | Counts as liquid | Volatile holdings may be marked down |
| Retirement accounts | 70% (80% at 59½+) | Discount applies to balance |
| Business accounts | Never counts | Moving it personally may not help |
| Gifts | Never counts | Gift money is excluded from qualifying assets |
| Trusts | Revocable living trust only | Other trusts excluded |
| Unvested stock, crypto | Never counts | Excluded outright |
Real estate equity is the other big miss. A paid-off rental is wealth, but it is not liquid. If most of your net worth lives in buildings, the property-based or deposit-based paths below usually fit better.
Where Does the Assets-Only Rule Break?
The general rule is simple. The exceptions are where files fall apart.
Investment property. Asset allowance applies to primary and second homes only. Confirm the occupancy each program accepts before you plan around it. If you are buying a rental, a property-based path often fits better. DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage.
Cash-out. Cash-out refinances on this path run tighter. Cash-out proceeds cannot satisfy reserves in the super-jumbo overlays. Unlimited proceeds are available at or below 60% LTV, and the portfolio program caps cash-in-hand at $1,500,000 above that. For the full picture, see Lendmire’s walkthrough of super jumbo cash-out using assets alone. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
The super-jumbo overlays. Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, extra rules apply on the portfolio program:
- A 700 credit floor.
- A 0x30x24 housing history.
- 48-month seasoning on any credit event.
- U.S. citizens and permanent residents only.
- No non-occupant co-borrowers.
- No rural property, with ten acres the maximum.
Texas home-equity loans. A Texas 50(a)(6) loan takes a 5-point LTV reduction and stops at $3,000,000 on the portfolio program.
Property type. Warrantable condos run to 85% LTV and non-warrantable to 80%. Second homes are one-unit only. Rural property goes to 80% on ten acres or less and never above $3,000,000. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Big net worth, thin file. A large portfolio does not guarantee anything. The math has to work after everything else is subtracted.
The Size and Leverage Ladder
Leverage steps down as the loan grows, and at the larger sizes a different program takes over. These are ceilings through select wholesale programs, subject to full underwriting. The credit column shows the score that band’s top leverage needs, not a program floor.
| Loan size | Primary-residence purchase LTV | Credit for this leverage |
|---|---|---|
| To $1,000,000 | 90% | 680+ |
| $1M to $2M | 85% | 700+ to $1.5M; 720+ above |
| $2M to $3M | 80% | 720+ |
| $3M to $4M | 75% (top tier) | 720+ to $3.5M; 760+ above |
| $4M to $5M | 65%, on review | 680+ (bank portfolio program) |
| $5M to $10M | 60%, on review | 680+ (bank portfolio program) |
| $10M to $30M | 55%, on review | 680+ (bank portfolio program) |
Anything above $4,000,000 is reviewed case by case before submission, so treat those figures as starting points. Second homes and investment property take their own ladders, and each band’s figure comes from that occupancy’s own table. Asset allowance caps leverage at 80% no matter what the ladder shows. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review.
Two programs sit behind this ladder. The portfolio non-QM program carries files to $6,000,000, with a 660 credit floor. The bank portfolio program carries twelve-month-statement files to $30,000,000, with a 680 floor. Its ladder begins above $4,000,000 and overlaps the first program to $6,000,000.
What the Decision Looks Like for an Investor
Start with where your wealth sits, because that picks the path.
- Mostly liquid, little income: assets-only is built for you.
- Liquid assets plus some income: asset allowance blends both, with the divisor set by your DTI.
- Income flows through a business: bank statements use 12 or 24 months of deposits after an expense ratio. Personal-account transfers from your own business count in full.
- Wealth is in rentals: the property’s rent decides. DSCR loans qualify primarily on property-level rental income covering the payment, subject to lender guidelines. Select lenders in the network offer programs below 1.00 coverage, though LTV and terms adjust. The complete DSCR loans guide covers how that works.
Across the wholesale network Lendmire places files with, the common mistake is picking a path by net worth instead of by documents. A strong portfolio can still miss a program’s asset test, while a modest portfolio paired with strong deposits can clear a different one. Lenders also differ on divisors, haircuts, and occupancy, so one file can look different at three desks. That is the case for shopping it.
When a rental’s coverage is thin, the structure can matter more than the profile. Lendmire’s piece How to Use Interest-Only to Qualify a Thin Jumbo DSCR Rental shows how. Tax treatment varies by how funds are used and how the property is held; consult a qualified professional before relying on any deduction.
Why Files Stall (and the Fix)
- Assets are in the wrong account. Business funds never count. Move planning to personal liquid accounts early, and know that source and seasoning get reviewed.
- Large unexplained deposits. Document where they came from before the underwriter asks.
- Reserves forgotten. Liquidity that passes the asset test can still fall short once reserves are subtracted.
- Occupancy mismatch. An investment purchase run through a primary-and-second-home path goes nowhere. Fix the path, not the paperwork.
- Credit just under a tier. A 660 file and a 700 file are different files. Check the score against the tier before you commit to a loan size.
Frequently Asked Questions
Do I need traditional personal-income documentation for an assets-only jumbo loan?
No, not on the assets-only path, because the test compares liquid assets to the loan instead of measuring income. You still document every asset with statements, and credit and property review still apply. Other paths, like asset allowance or bank statements, have their own documentation rules.
Can I use my 401(k) or IRA?
Yes, partly. Retirement accounts count at 70% of balance, or 80% at age 59½ or older, through select wholesale programs. The discount reflects tax and withdrawal cost. You do not have to take a distribution.
Can I use this for a rental property?
Sometimes, but confirm the program. Asset allowance is limited to primary and second homes, so investors usually look at bank statements or DSCR instead. Investment-property leverage also follows its own ladder, so read each band from that table rather than from the primary-residence figures.
Will a large net worth get me approved?
Not by itself. Business funds, gifts, unvested stock, cryptocurrency, and home equity do not count as qualifying liquidity. Credit, reserves, and the property still have to clear underwriting.
Do I have to sell investments to qualify?
No. The assets stay where they are. They are measured at the time of underwriting and verified with statements.
Next Step
If you are financing a high-balance property and want to see how the numbers work on assets, deposits, or property cash flow, Lendmire can help you compare super jumbo options based on your liquidity, the property, credit profile, leverage, and your goals. Reach the team at 828-256-2183.
For current guidelines and terms, see Lendmire’s super jumbo bank statement loan programs page.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker that shops multiple wholesale programs for high-net-worth borrowers. It does not lend directly. Its consumer mortgage lending is licensed in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA, and WA. Programs change, every file is underwritten individually, and nothing here is a commitment to lend. 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. Orrick – conforming loan limit summary
2. BiggerPockets – portfolio lender vs. non-QM lender
3. Federal Register – CFPB ability-to-repay and qualified mortgage final rule
This article is part of Lendmire’s super jumbo bank statement loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Qualify as a Founder for a Super Jumbo Bank Statement Loan · How a Super Jumbo Bank Statement Loan Works for Retirees Who Qualify on a Portfolio · Can an Executive With No Job Qualify for a Super Jumbo Loan?
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
Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.