The Quick Read: Yes, through select programs: the assets can cover the whole loan, or they can be converted into a monthly qualifying income. On a rental purchase, the property’s own rent can qualify the loan instead, with your savings funding the down payment and reserves. “No income” never means nothing is checked. Your assets, credit and property are all documented.
- Asset qualifier path: your eligible assets must equal or exceed the entire loan, and no employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which then runs through a debt-to-income test.
- DSCR route (rental purchases): the loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines.
- Savings do double duty: the same dollars can’t be counted twice, so down payment, reserves and qualifying assets must be split with care.
Everything below comes from what a broker sees across a wholesale network of lenders. Every figure is a typical ceiling or floor, subject to underwriting, never an offer.
Three Routes, Three Different Questions
The route depends on what you are buying. A home you will live in or use as a second home points to the asset paths. A pure rental points to a DSCR loan, or to asset depletion at a lower leverage.
| Route | Best for | What carries the loan |
|---|---|---|
| Asset qualifier | Primary or second home | Assets cover the whole loan |
| Asset depletion | Primary, second home, or investment property | Assets become monthly income |
| DSCR | Non-owner-occupied rentals | The property’s rent |
Notice that only one route asks about your paycheck, and it isn’t any of these. Another option exists if you have some income that is hard to prove, such as a business with heavy write-offs. That is a bank statement loan. Lendmire’s piece How to Use This Year’s Higher Income on a Bank Statement Mortgage covers it.
The DSCR Route: Let the Rent Do the Talking
DSCR stands for debt service coverage ratio. It is the property’s monthly rent divided by its monthly obligation: principal, interest, taxes, insurance and any association dues. A ratio of 1.00 means rent exactly covers the payment. Higher means more cushion.
Here is what matters for you. Your personal income isn’t the test. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. In practice that means no personal income documentation. Qualification runs on the property’s income.
The lender still checks plenty:
- Your credit.
- An appraiser’s rent schedule, not your rental history.
- Leases, if the unit is occupied.
- Reserves.
- Entity documents if you buy through an LLC, subject to program terms.
Most DSCR loans also carry a personal guaranty. Income never qualified the loan, but you still stand behind it.
Where do your savings fit? They fund the down payment and closing costs. They also sit behind the loan as reserves, and the lender decides how many months it wants. No-money-down DSCR purchases generally aren’t available. A large balance helps because it makes the file stronger.
What if rent falls short of the payment? Select lenders in the network do offer programs below 1.00 coverage. Leverage and terms adjust, so expect a lower LTV (loan-to-value, the loan as a share of the property’s value) or a tighter structure. Whether a given file fits depends on the property, the lender and the credit review.
For the full mechanics, see Lendmire’s complete DSCR loans guide.
Asset Qualifier Path: The Assets Cover the Loan
Think of this as proving the loan is already covered. Your eligible assets, after the percentages below, must equal or exceed the entire loan amount. No employment or income is documented. It applies to a principal residence or second home through select programs.
Typical figures on the asset qualifier path:
- Leverage: up to 80% LTV on a purchase and 75% on a refinance.
- Loan size: up to $4,000,000.
- Credit: a 600 minimum score.
- Seasoning: 60 days, with two months of statements for each qualifying account.
- Reserves: none required at or below 75% LTV. Above that, the lender sets them. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
How much of each balance counts on this path:
| Asset (qualifier path) | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market and savings | 100% |
| 401(k) and IRA, under 59½ | 90% |
| 401(k) and IRA, 59½ or older | 100% |
Accounts combine. Here is an illustration; the lender’s own calculation governs. Say the loan is $800,000. You hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under 59½ (90% counts, so $270,000) and $200,000 in savings (100%, so $200,000). That is $800,000 of usable assets. The loan is reviewed on assets alone, subject to underwriting.
Asset Depletion Path: The Assets Become Income
This is the second consumer-mortgage path, and the only one that reaches investment property. The lender takes your eligible assets, applies the percentages below, and divides the total by 60 months. The result is monthly qualifying income. It must then carry the full housing payment and your other debts through the debt-to-income test.
You sell nothing. The assets stay invested. The division is only a qualifying convention.
Typical figures on the asset depletion path:
- Leverage on a primary residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Leverage on an investment property: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out.
- Loan size: $125,000 to $3,500,000.
- Credit: the lender’s score and loan-amount matrix. A first-time investor needs a 700.
- Statements: at least 120 days old at application, plus the most recent statement within 45 days.
- Minimum assets: the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid when assets are your only income.
| Asset (depletion path) | Share that counts |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts, any age | 70% |
| Real-estate equity | 60% |
Some assets don’t count at all on this 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. Cash-out proceeds never count either.
Now the illustration, again with the lender’s calculation governing. Say you hold $1,500,000 in securities (80% counts, so $1,200,000) plus $300,000 in cash (100%). That is $1,500,000 usable. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts.
Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio. When it does, the minimum-assets rule is waived.
Cryptocurrency, precious metals and collectibles aren’t published as eligible on either path. Neither are pledged or borrowed funds. The documented route is converting them into a seasoned cash balance in a regulated account. The lender reviews where the money came from.
One Pile of Savings, Three Jobs
Here’s the catch. You can’t spend the same dollar three times.
On the DSCR route, savings pay the down payment and closing costs, then sit as reserves. On the asset paths, whatever you put down leaves the qualifying pool. Plan the split before you apply, not after. Statements should show the balance you will have after the purchase, not the one you have today.
A few habits keep a file clean:
- Leave money in place through seasoning. Moving it between accounts can reset the clock.
- Explain any large recent deposit with a paper trail.
- Keep statements complete, with every page.
- Don’t borrow the money to build the balance. Pledged or borrowed funds don’t count.
Three Readers, Three Fits
The retiree over 59½. Retirement balances count in full on the asset qualifier path. Sizable brokerage and savings accounts may cover a home purchase outright. Many retirees assume their lack of paychecks shuts the door. It often doesn’t.
The early-retired professional under 59½. The same 401(k) counts at 90% on the qualifier path. On the depletion path it counts at 70%. The path with the better percentage isn’t always the right path. Compare how each handles your actual mix of accounts.
The business seller or heir. Funds from the sale of a business, an inheritance or a legal settlement are excused from the depletion path’s statement-age rule. That helps when the money arrived recently. You still document it.
Why Borrow When You Could Pay Cash?
Sometimes you shouldn’t. Paying cash avoids a loan altogether, and a loan means a lien, a payment and the risk that a market drop shrinks the assets behind it.
Reasons people borrow anyway: keeping investments invested, keeping liquidity for emergencies, or avoiding one concentrated bet on a single property. Tax treatment varies; consult a qualified professional.
The biggest risk is simple. Asset values move. A portfolio that qualifies today may be smaller next year, and the lender’s percentages mean market swings hit twice. Keep a buffer well beyond the minimums.
Where the Law Fits
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. Under Regulation Z, credit extended primarily for business purposes is exempt from the consumer-credit rules. Occupancy matters, though. An owner-occupied duplex isn’t automatically business purpose, as Compliance Alliance explains.
A home you will live in is a consumer loan, and the lender must make a reasonable repayment determination. The CFPB’s compliance guide confirms that a lender may consider income or assets, other than the value of the home itself. That’s why asset-based mortgages exist. The lender must still verify the assets it relies on. Consumer lending through Lendmire’s network is licensed in 16 states, so availability depends on where the home sits.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, must cover the entire loan with no income documented.
Asset depletion: a path where usable assets divided by 60 months become qualifying monthly income.
Seasoning: the time money must sit in an account before a lender counts it.
Credit percentage (haircut): the share of an account’s balance that counts toward qualifying.
DSCR: monthly rent divided by the monthly payment; it measures whether the property carries itself.
Frequently Asked Questions
Can I get a mortgage with no job but a large deposit?
Yes, through select programs. If you’re buying a home to live in, the asset qualifier or depletion path can use your savings in place of a paycheck. Credit, statements and the property are still reviewed. Leverage ceilings apply, and approval depends on underwriting.
Do I have to sell my investments?
No. On both asset paths the assets stay invested. They are counted toward the loan or divided into qualifying income. The lender wants proof of ownership, value and seasoning, not a sale.
Can retirees qualify?
Often, yes. Retirement accounts count at 100% on the qualifier path at 59½ or older, and at 70% on the depletion path at any age. The retiree’s lack of a paycheck isn’t the obstacle it is on a conventional file.
Is this a loan with no paperwork?
No. Only personal income documentation is skipped on the qualifier path and the DSCR route. Credit, statements, the property, title and insurance are all checked. Large unexplained deposits slow files down.
Can I refinance this way?
Yes, with lower ceilings. The qualifier path allows up to 75% LTV on a refinance. On the depletion path, rate-and-term refinances reach the purchase ceilings, and cash-out is capped at 60%. Cash-out proceeds never count as qualifying assets. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Next Step
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 is a broker, not a lender, and programs are placed through select lenders in its network.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage with consumer lending licenses in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending partners for borrowers whose tax returns understate their income, and each application is reviewed individually by the lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Cornell LII – 12 CFR 1026.3 Exempt transactions
2. Compliance Alliance – Regulation Z and Investment Properties
3. CFPB – ATR/QM Small Entity Compliance Guide
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 an Asset Depletion Mortgage Works · How to Qualify for an Assets-Only Mortgage · How Asset Depletion Income Is Calculated From Your Portfolio
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.