The Quick Read: Yes, through select programs, when your documented balances either cover the entire loan on their own or convert into monthly qualifying income, because neither path asks for a job. Credit, seasoned statements, leverage limits and the property are still reviewed, and every file is underwritten individually.
- Asset qualifier path: eligible assets, after the program’s credit percentages, must equal or exceed the whole loan. No employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which then runs through the debt-to-income test.
- One path at a time: a borrower is qualified on one path or the other, never a blend of both.
- Your assets are documented: no income documentation never means no documentation. Statements, seasoning and sourcing all apply.
- Pure rentals: if the property is a pure rental, business-purpose DSCR financing is usually the better fit, and it qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
Who This Actually Fits
Asset-based mortgages fit people whose balances are large and whose paychecks are not. Think of a retiree living off a portfolio, someone who just sold a business, a household that received an inheritance or a legal settlement, or a professional who retired early.
A person who lost a job last month but holds a large brokerage account is the same borrower on paper. The lender looks at what you own, how long you have owned it, and whether the loan fits inside it.
Lendmire is a mortgage broker. It does not lend. Across its wholesale network, these loans are placed through select lenders for principal residences and second homes, and for investment property only on the depletion path. Consumer mortgage lending is licensed in 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington.
Every figure below is a ceiling or floor from select programs, subject to underwriting. None of it is an offer.
How Does the Asset Qualifier Path Work Without a Job?
The asset qualifier path ignores employment completely. The test is simple: your eligible assets, after the percentage each type receives, must equal or exceed the entire loan amount. No employment or income is documented.
Leverage on this path runs up to 80% loan-to-value on a purchase and 75% on a refinance, for a principal residence or second home. Loans go up to $4,000,000. The credit floor is a 600 score.
Whether cash-out proceeds are allowed on this path, and at what leverage, is set by the lender and is not published. Do not plan around cash-out here.
Here is how much of each balance counts on the qualifier path.
| Asset type | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) or IRA, under age 59½ | 90% |
| 401(k) or IRA, 59½ or older | 100% |
Accounts combine. A worked example shows how it adds up.
Say a borrower seeks an $800,000 loan. Brokerage accounts hold $330,000 and count at 100%, or $330,000. A 401(k) holds $300,000 for a borrower under 59½ and counts at 90%, or $270,000. Savings hold $200,000 and count at 100%, or $200,000. Together that is $800,000 of usable assets, which meets the loan amount, so the file is reviewed on assets alone. The lender’s own calculation governs, and this example is illustrative.
Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them.
How Does the Asset Depletion Path Work?
The depletion path turns your balances into income on paper. The lender takes usable assets, after the haircuts below, and divides by 60 months. The result is a monthly qualifying income. That income must carry the full housing payment and your other debts through the debt-to-income test.
This path is the only one that reaches investment property. Leverage differs by occupancy.
| Property and transaction | Maximum leverage |
|---|---|
| Principal residence or second home, purchase | 80% |
| Principal residence or second home, rate-and-term refinance | 80% |
| Principal residence or second home, cash-out refinance | 60% |
| Investment property, purchase | 65% |
| Investment property, rate-and-term refinance | 65% |
| Investment property, cash-out refinance | 60% |
Loan amounts run from $125,000 to $3,500,000. Cash-out proceeds never count as qualifying assets.
Here is how much of each balance counts on the depletion path.
| Asset type | Share that counts |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts, any age | 70% |
| Real-estate equity | 60% |
Run the sanctioned example. A borrower holds $1,500,000 in securities, which count at 80%, or $1,200,000. The same borrower holds $300,000 in cash, which counts at 100%, or $300,000. Usable assets total $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That income must then carry the housing payment and other debts through the debt-to-income test. Again, the lender’s own calculation governs.
Minimums matter for an unemployed borrower. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They can never fall below $250,000 liquid when asset depletion is your only income source.
Credit follows the lender’s score and loan-amount matrix. A first-time investor on this path needs a 700 score. Housing history is 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning.
So Which Path Fits an Unemployed Borrower?
Compare the two paths directly.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Income documented | None | Derived from assets |
| Debt-to-income test | No | Yes |
| Investment property | No | Yes, at lower leverage |
| Best for | Balances near the loan size | Large portfolios, higher-priced homes |
If your balances are close to the loan amount and the property is a home you will live in, the qualifier path is cleaner. No income math, no debt-to-income ceiling. The cost is that assets must cover the whole loan.
If your portfolio is much larger than the loan, or you want to buy an investment property, the depletion path is the route. The derived income has to carry your debts, so existing obligations matter more here.
Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio. That helps a borrower with a pension or rental income. When it supplements, the minimum-assets rule is waived. Without documented income, the depletion rules above apply in full.
What About Unemployment Benefits or a New Job Offer?
Neither path is built around them. The qualifier path documents no income at all. The depletion path derives income from your balances.
Whether a lender will count unemployment benefits as documented income is a lender decision, and the published program does not rely on it. Do not count on it.
A job offer during the process is similar. On the qualifier path it changes nothing, since employment is not part of the test. On the depletion path, documented income from a new job could supplement derived income, but that depends on the lender’s documentation rules and on your file. Ask before you assume.
What the lender does look at is a recent job loss’s effect on the rest of the file. Credit history, housing history and the size of your liquid balances matter more when there is no paycheck behind them.
What Counts as Assets, and What Does Not?
Beyond the percentages above, several categories are excluded 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.
Other asset classes are not published as eligible on either path. That includes cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share, and pledged or borrowed funds. Do not expect them to count at any percentage.
The documented route is to convert them into a seasoned cash balance in a regulated account, with the source of funds reviewed by the lender.
Seasoning is the waiting period assets must sit before a lender trusts them. Here are the requirements.
- Qualifier path: 60 days of seasoning and two months of statements for each qualifying account.
- Depletion path: statements at least 120 days old at application, plus the most recent statement within 45 days. Funds from a business sale, inheritance or legal settlement are excused from that seasoning.
Lendmire’s piece Do You Have to Liquidate Assets to Reserve an Asset Qualifier Mortgage? covers a common worry: qualifying on assets does not mean selling them.
The Risk Nobody Mentions
Qualifying is not the same as affording. An asset-based loan can be approved against a portfolio that then loses value, and the payment does not shrink with it.
If securities carry your qualification, a market drop can hurt in two ways. Your balances fall, and the payment still arrives every month. Retirement accounts that count at 70% or 90% can also be costly to tap before 59½. Tax treatment varies; consult a qualified professional.
A practical test: ask whether you could make the payment for several years from cash and CDs alone, without selling anything at a bad moment. If the answer depends on stocks staying high, size the loan down.
What If the Property Is a Rental?
For a pure rental, the answer usually moves to a different loan. Asset depletion reaches investment property, but only at 65% on a purchase or rate-and-term and 60% on a cash-out, and the derived income must carry your debts.
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. The CFPB’s summary of the Truth in Lending Act lists business-purpose credit as exempt from its consumer rules. In its ability-to-repay rulemaking, the Bureau said investment-purpose loans count as business-purpose loans.
In practice, a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. DSCR stands for debt service coverage ratio: monthly rent divided by the property’s full monthly housing payment. Your employment does not enter the test. Credit, reserves, the appraisal’s rent conclusion and the property still do.
Programs below 1.00 coverage are available through select lenders in the network, though leverage and terms adjust. A weak property still has no income fallback behind it, because nothing else is documented. The rent has to carry the loan or come close.
One caution. Purpose, not the label, decides the category.
For the full picture, see Lendmire’s complete DSCR loans guide.
Alternatives If You Do Not Fit
| Option | Best for | Main requirement |
|---|---|---|
| Asset qualifier | Balances near loan size | Assets cover whole loan |
| Asset depletion | Large portfolios | Derived income passes the test |
| DSCR loan | Pure rental purchase | Rent covers the payment |
| Bank statement program | Self-employed with deposits | Documented deposit income |
| Waiting | Thin seasoning or credit | Time and cleaner statements |
The bank statement program is for borrowers who document income with deposits. If you have no deposits worth documenting, it is not your route.
Common Reasons Files Stall
- Fresh money. Assets that landed last week have not seasoned. Move funds early and leave them alone.
- Wrong asset class. Crypto or collectibles that were never converted to a seasoned cash balance do not count.
- Thin depletion assets. Falling short of the lesser of $1,000,000 or 1.25 times the loan, or the $250,000 liquid floor, ends the file.
- Credit events. A recent housing event inside the four-year window, or multiple bankruptcies, is a hard stop on the depletion path.
- Mixing paths. Counting assets for both the qualifier and depletion tables double-counts them. The lender will not.
A Simple Order of Operations
1. Gather statements for every account you plan to use. Two months each, with the seasoning above. 2. Decide the path. Is the loan covered by assets, or do assets need to become income? 3. Check your credit report against the 600 floor on the qualifier path, or the lender’s matrix on the depletion path. 4. Settle the property type. A home you will live in and a rental go to different loans. 5. Review the file with a broker who sees many lenders’ guidelines, then compare the options.
Because this is a consumer mortgage, standard TRID disclosures apply.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, equal or exceed the whole loan, with no income documented.
Asset depletion: a path that divides usable assets by 60 months to create monthly qualifying income.
Haircut: the share of a balance a lender discounts because the asset can lose value or is hard to access.
Seasoning: the time funds must sit in an account before they count.
Debt-to-income: monthly debts divided by monthly income, the ceiling the depletion path runs through.
DSCR: the ratio of a rental’s monthly rent to its full monthly housing payment.
Frequently Asked Questions
Do I have to sell my investments to use them?
No. On both paths the assets are documented and counted, not spent. They stay in your accounts. Seasoning rules mean you should avoid large moves during the process. Whether a lender asks for any reserves above 75% loan-to-value on the qualifier path is the lender’s call.
Can retirement accounts count if I am under 59½?
Yes, at a reduced share. On the qualifier path they count at 90% under age 59½ and 100% at 59½ or older. On the depletion path they count at 70% at any age. Eligibility is subject to underwriting.
Will I need a high credit score?
The qualifier path publishes a 600 floor. The depletion path follows the lender’s score and loan-amount matrix, and a first-time investor needs 700. Housing history of 0x30x12 is the standard, with one late considered case by case.
Can I buy a rental with an asset-based mortgage?
Only on the depletion path, at up to 65% on a purchase and 60% on a cash-out. Many investors find a DSCR loan fits a pure rental better, since it qualifies primarily on the property’s rent covering the payment, subject to lender guidelines.
Is an asset-based mortgage the same as a no-doc loan?
No. You document no employment or income on the qualifier path, but statements, seasoning, credit, appraisal and title are all reviewed. Nothing here is a promise of approval.
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. You can reach the team at 828-256-2183.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of tax returns, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB Truth in Lending Act summary
2. Federal Register: Ability-to-Repay and Qualified Mortgage Standards
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 Asset Qualifier Mortgage Loan Limits Work · How Big Can an Assets-Only Mortgage Be? · How to Qualify for an Asset Qualifier Mortgage
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.