The Quick Read: Yes, an Indiana borrower with no job can qualify on assets, through select programs in Lendmire’s wholesale network, because the lender reviews verified assets instead of pay stubs or traditional personal-income documentation. One path counts assets against the whole loan. The other turns assets into monthly income.
- Asset qualifier path: 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 runs through the debt-to-income test.
- Leverage differs by path. The qualifier path allows up to 80% on a purchase and 75% on a refinance of a principal residence or second home, subject to underwriting.
- The assets are fully documented. No job never means no documentation.
- Pure rental purchases usually move to a different loan, a business-purpose DSCR loan, covered below.
Indiana is one of the 16 states where Lendmire’s consumer mortgage business is licensed. Program figures do not change by state. Lendmire is the broker. Select lenders in the network review each file and make the credit decision.
What Does “No Job” Mean to an Underwriter?
It means no paycheck to document. The lender still needs a reason to believe the loan gets repaid. On these programs, that reason is the borrower’s verified balance sheet.
A retiree living on a portfolio, someone who just sold a business, a person holding an inheritance or legal settlement, or a professional who retired early all fit. Their balances are large. Their documented income is small or zero. Conventional underwriting reads that as a problem. Asset-based programs read it as a different kind of file.
Which path fits depends on one question. Do your assets cover the loan outright, or do they need to become income?
Path One: Assets Cover the Whole Loan
The asset qualifier path is the cleanest answer for a borrower with no job. Eligible assets, after the credit percentages, must equal or exceed the entire loan amount. No employment or income is documented. Loans run up to $4,000,000, subject to underwriting.
Here is how the balances count on this path:
| Asset | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) and IRA, under age 59½ | 90% |
| 401(k) and IRA, 59½ or older | 100% |
Accounts combine. Here is an illustration, and the lender’s own calculation governs. Take an $800,000 loan. A borrower holds $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) under 59½ (90% counts, so $270,000) and $200,000 in savings (100%, so $200,000). That is $800,000 of usable assets against an $800,000 loan, so the file is reviewed on assets alone.
Other terms on this path, through select programs:
- Leverage: up to 80% on a purchase and 75% on a refinance, for a principal residence or second home. Whether cash-out is allowed, and at what leverage, is set by the lender. Do not plan around it.
- Credit: a 600 minimum score. Housing history is 0x30x12, and one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible.
- Reserves: none required at or below 75% loan-to-value. Above that, the lender sets them.
- Seasoning: 60 days, with two months of statements for each qualifying account.
Credit is still pulled and reviewed. This is not a no-credit-check loan.
Path Two: Assets Become Monthly Income
The asset depletion path fits borrowers whose assets are large but do not cover the loan balance. The lender takes usable assets, divides by 60 months, and treats the result as monthly income. That income must carry the full housing payment and other debts through the debt-to-income test.
The haircuts on this path are steeper:
| Asset | Share that counts |
|---|---|
| Cash accounts, CDs | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Run the illustration. $1,500,000 in securities counts at 80%, or $1,200,000. Add $300,000 in cash at 100%. That is $1,500,000 usable. Divided by 60 months, it produces $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts. Again, the lender’s calculation governs.
Not eligible 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.
Other terms, through select programs:
- Leverage: up to 80% on a purchase or rate-and-term refinance of a principal residence or second home, and 60% on a cash-out refinance of those. 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.
- Minimum assets: the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is the only income source, never below $250,000 liquid.
- Credit: the lender’s score and loan-amount matrix. A first-time investor needs a 700.
- Cash-out proceeds never count as qualifying assets.
- Supplement option: asset-derived income can add to documented income, up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
A borrower is on one path at a time. Never blend the two tables.
What Gets Documented Instead of a Paycheck?
Everything about the assets. The file swaps income paperwork for asset paperwork, and the paperwork is heavy.
On the qualifier path, expect two months of statements for each account, with 60 days of seasoning. On the depletion path, statements must cover at least 120 days at application, plus the most recent statement within 45 days. Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning.
The usual failure points in files like this:
- Short statement history. A recent transfer between accounts resets the seasoning question.
- Unlisted asset classes. Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond the borrower’s ownership share are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account, with the lender reviewing the source. Do that early.
- Retirement balances. Age 59½ decides whether the 401(k) counts at 90% or 100% on the qualifier path. On the depletion path, it counts at 70% at any age.
- Account ownership. The assets need to belong to the borrower.
Lendmire’s team sees the same pattern across the network. Files with a clean paper trail on large balances move through review with fewer conditions. Files with a recent unexplained deposit pick up questions. The strictest lender overlays want every large deposit explained, so assemble the explanations before applying.
Because this is a consumer mortgage, TRID disclosures apply. That is the opposite of a business-purpose rental loan, which is covered next.
Which No-Job Route Fits Which Borrower?
| Situation | Likely route | Main tradeoff |
|---|---|---|
| Assets cover the loan | Asset qualifier path | Needs usable assets equal to the whole loan |
| Assets large, loan larger | Asset depletion path | Income is derived and runs through the DTI test |
| Deposits show steady business income | Bank statement program | Needs documented deposit history, not a no-job file |
| Buying a pure rental | DSCR loan | Property rent must cover the payment |
The bank statement program serves borrowers who document income through deposits. A person with no job and no deposit stream is not its audience.
What About an Investment Property?
Here the answer splits. If you want a personal-use loan on an investment property, only the asset depletion path applies, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. The qualifier path covers principal residences and second homes.
If the goal is a pure rental, most investors move to a different product. 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. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, so the borrower’s job status is not the test. Credit, cash, and the property’s rent coverage still are.
The legal frame is short. The CFPB’s Regulation Z exempt-transactions page covers business-purpose credit, and the Federal Register notice for the Ability-to-Repay rule says investment-purpose loans count as business-purpose. DSCR loans are TRID-exempt, so consumer disclosure timing does not apply to them.
Two cautions. A house-hack in a small building where you will live is not a DSCR scenario. And programs below a 1.00 coverage ratio are available through select lenders in the network, but leverage and terms adjust.
For the full mechanics, see Lendmire’s complete DSCR loans guide. For borrowers whose balances run very large, Lendmire’s piece on how super jumbo DSCR underwriting works for asset-rich borrowers with no current job goes further on the investor side.
Who Should Not Use This?
Skip it if your balances are modest. The depletion path requires qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid as the sole income source. A borrower with $150,000 saved is not in this program’s range.
Skip it if the assets are mostly crypto, collectibles, or borrowed money. Those are not published as eligible. Skip it if you have multiple bankruptcies or a recent housing event. On the depletion path, a housing event needs 4 years of seasoning.
Also weigh the risk. A borrower with no paycheck is relying on the portfolio. Drawing balances down to close leaves less cushion if markets fall. Think about how much liquidity you hold after the closing, not only whether the file qualifies. Tax treatment varies; consult a qualified professional before moving retirement funds.
What If You Go Back to Work?
Nothing in the program forces a choice. Asset-derived income can supplement documented income on the depletion path, up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does. A borrower with a new salary can combine the two. Whether a particular lender accepts a very recent job start is a file-level question.
Key Terms Defined
Asset qualifier: A path where eligible assets, after credit percentages, equal or exceed the whole loan, and no income is documented.
Asset depletion: A path that divides usable assets by 60 months to create monthly qualifying income.
Seasoning: The period funds must sit in an account before they count.
Haircut: The share of a balance that is discounted because it is less liquid or carries risk.
Debt-to-income (DTI): Monthly debts divided by monthly qualifying income.
Frequently Asked Questions
Do I need any income at all to qualify?
No income is documented on the asset qualifier path. The lender’s ability-to-repay review rests on the assets. On the asset depletion path, income is derived from assets and must pass the debt-to-income test.
Is an asset-based mortgage the same as a no-doc loan?
No. Income is not documented on the qualifier path, but assets, credit, and the property are all reviewed. Statements, seasoning, and credit history stay in the file.
Can I use my IRA or 401(k)?
Yes, through select programs. 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.
Can I buy a rental property this way?
Only on the asset depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Most investors buying a pure rental use a business-purpose DSCR loan instead.
Can I get cash out through this program?
On the depletion path, cash-out is available up to 60% on a principal residence, second home, or investment property, subject to underwriting. Cash-out proceeds do not count as qualifying assets. Lendmire’s piece on whether an asset-rich retiree can get a super jumbo cash-out with no job covers larger balances.
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. Programs change, every file is underwritten individually, and nothing here is a commitment to lend.
Lendmire’s asset-based mortgage in Indiana page presents the program for Indiana borrowers.
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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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. CFPB, Regulation Z §1026.3 Exempt transactions
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: Is an Asset Qualifier Mortgage Harder to Get Than an Asset Depletion Loan? · Can Equity in a Rental Property Help You Qualify for an Asset-Based Mortgage? · Asset Qualifier Mortgage vs Bank Statement Mortgage
Guides: Asset-Based Mortgage in Indiana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.