The Quick Read: Usually yes. Two retirees can apply together because the lender reviews both borrowers as one file and counts their combined eligible assets, provided the funds are seasoned and documented, the credit clears the lender’s floor, and the home is a principal residence or second home, subject to underwriting. Marriage is not required. The harder questions are how the deed is written, whose accounts count, and what happens if one owner dies.
- Through select programs, the asset qualifier path covers the whole loan with eligible assets and documents no employment or income.
- The asset depletion path turns assets into monthly income, which then has to pass a debt-to-income test.
- Both borrowers are fully liable for the loan, and the lower credit score usually drives the terms.
- Florida’s default deed rule does not give a surviving co-owner the other share.
Can Two Unmarried or Unrelated Retirees Buy Together?
Yes. Friends, siblings, partners, and spouses can all apply as co-borrowers. Age is not a barrier either. A lender cannot decline a file simply because the borrowers are retired, though it will test whether the assets are real, seasoned, and sufficient.
Separate two things that people blur together: the loan and the deed. The loan lists who owes the money. The deed lists who owns the home. One person can be on the deed and both on the loan, or the reverse in some setups, and each choice carries consequences.
Nolo says unmarried buyers have three basic ways to take title: one person as sole owner, both as joint tenants, or both as tenants in common. It also notes that when one partner has weaker credit, the stronger-credit partner might take legal title. That fits many retiree pairs, but it leaves the other person with no ownership on paper, so it needs a written agreement.
Key Terms Defined
Asset qualifier mortgage: A home loan where eligible assets must equal or exceed the entire loan amount, so no employment or income is documented.
Asset depletion: A method that divides usable assets by 60 months to create a monthly qualifying income, which then runs through the debt-to-income test.
Co-borrower: A person who signs the note and is fully responsible for repaying the loan.
Co-owner: A person whose name is on the deed, whether or not they signed the note.
Seasoning: The time money has sat in an account, so the lender knows it belongs to you and did not arrive as a recent, borrowed deposit.
Debt-to-income (DTI): Monthly debt payments, including the new housing payment, compared with monthly qualifying income.
How Do Lenders Combine Two Borrowers’ Files?
Each borrower completes an application, and the lender reviews them together as one buying party. Credit, debts, and assets all land on the same file. Across the wholesale network Lendmire works with, the pattern holds: the file stands or falls as a unit, and one weak borrower can drag down the other.
Credit is where pairs get surprised. Deeds.com notes that a lender will look at the lower of the two credit scores to make approval decisions. On the asset qualifier path, the published floor is a 600 score, subject to underwriting. On the asset depletion path, the lender’s own score and loan-amount matrix applies.
Liability is shared completely. Each co-borrower owes the whole loan, not half of it. If one person stops paying, the lender can look to either person for the full amount.
Federal law gives lenders room to do this. The ability-to-repay rule in Regulation Z, section 1026.43 requires a reasonable, good-faith review of repayment ability, and it lets a lender consider assets other than the home. It does not set a divisor, a haircut, or a DTI cap. Those are program choices, and they differ from one lender to the next.
Which Path Fits: Assets Cover the Loan, or Assets Become Income?
A borrower is reviewed on one path at a time. Name the path before you quote any figure, because the numbers do not mix.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Idea | Assets cover the whole loan | Assets become monthly income |
| Purchase leverage | Up to 80% | Up to 80% (residence or second home) |
| Refinance leverage | Up to 75% | 80% rate-and-term, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Income documented | None | Derived from assets |
| Statements | 60 days seasoning, two months per account | 120 days old, plus one within 45 days |
These are ceilings and floors through select programs, not offers. On the depletion path, investment property is capped at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. For a pure rental, the usual route is a DSCR loan, which reads the lease rather than your balance sheet.
What counts differs by path:
- Qualifier path: brokerage, CDs, money market, and savings count at 100%. A 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older.
- Depletion path: cash and CDs count at 100%, securities at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%.
Cryptocurrency, precious metals, collectibles, and borrowed or pledged funds are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Worked Example A: Two Retirees With Similar Assets
This is an illustration, and the lender’s own calculation governs. Picture two early retirees, both under 59½, buying a home together on the qualifier path with an $800,000 loan. One holds $330,000 in brokerage accounts and $200,000 in savings. The other holds $300,000 in a 401(k).
Brokerage counts at 100%, which is $330,000. Savings counts at 100%, which is $200,000. The 401(k) counts at 90% under 59½, which is $270,000. Together that is $800,000 of usable assets, which matches the loan, so the file is reviewed on assets alone, subject to underwriting.
Notice the pooling. Because accounts combine, neither retiree needs to cover the loan alone. Whether a lender will count one borrower’s accounts toward a loan the other helps carry is a guideline question, so confirm it before you pick a path.
Worked Example B: One Retiree Holds Nearly All the Assets
Now flip it. One retiree holds $1,500,000 in securities and $300,000 in cash, and the other holds little. Going the depletion route, securities count at 80%, which is $1,200,000. Cash counts at 100%, which is $300,000. That is $1,500,000 usable, divided by 60 months, for $25,000 of monthly qualifying income.
That income has to carry the full housing payment and other debts through the debt-to-income test. The second retiree’s debts and credit score still enter the file. That is the cost of adding a co-borrower with a thin balance sheet.
Mismatched pairs have another option. A pension or Social Security can be documented, and asset-derived income may supplement it up to a 45% debt-to-income ratio. When assets supplement documented income, the minimum-assets rule is waived. Otherwise, depletion requires qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid when assets are the only income source.
Florida Title Options in Plain English
The deed matters as much as the loan. Florida has a default rule that surprises people. Under Florida Statutes section 689.15, a conveyance to two or more people creates a tenancy in common unless the instrument expressly provides a right of survivorship.
| Title form | Survivorship | Who can use it |
|---|---|---|
| Sole owner | Estate plan controls | One person |
| Tenants in common | None by default | Anyone |
| Joint tenants with survivorship | Express deed language needed | Anyone |
| Tenancy by the entirety | Automatic | Married couples only |
A deed that says nothing means tenants in common, so a deceased owner’s share goes to their estate, not to the co-owner. Survivorship takes explicit wording.
The Florida Bar Journal explains that tenancy by the entirety adds a sixth unity, marriage, so two friends or siblings cannot use it. It also notes that a creditor of one joint tenant may attach that tenant’s portion, whereas only creditors of both spouses can reach entireties property.
What a Co-Ownership Agreement Should Settle
Equal loan liability does not mean equal ownership. An unequal down payment does not create unequal ownership shares on its own. If the shares differ, say so in the deed and the agreement.
A useful agreement covers these points:
- Each person’s ownership percentage and who funded what.
- Who pays insurance, HOA dues, repairs, and special assessments.
- How a buyout is priced if one person wants out.
- What happens if one owner needs long-term care or loses capacity.
- Whether either person may rent a room or leave the home to an heir.
Have a Florida real estate attorney draft it. Lending guidance is not legal advice.
Death, Incapacity, and Exit Planning
This is the part most co-buyers skip. If one owner dies and the deed is a tenancy in common with no agreement, the share enters probate. The surviving borrower still owes the whole loan, and the new co-owner may be a relative who never wanted to share a house.
Taking a co-borrower off the loan is not simple either. It generally takes a refinance, which means qualifying again on whatever assets and credit remain. Plan for that file before you need it.
Florida Carrying Costs and Condo Rules
Florida adds costs and approvals that a lender cannot ignore. Insurance, HOA dues, and special assessments feed into the housing obligation, and on the depletion path they sit inside the debt-to-income test. Budget with conservative figures from real quotes.
Condos bring a second hurdle. Many associations review buyers, restrict rentals, or require approval before a sale, and co-owners who are not related can draw extra questions. Ask for the condo documents before you commit to the deal.
Mistakes That Sink Joint Applications
- Moving money at the last minute. Funds shifted into a new joint account can fall short of seasoning. Qualifier-path files want 60 days and two months of statements per account.
- Ignoring the weaker credit score. The lower score usually sets the terms, so check both reports early.
- Assuming every asset counts. Business accounts beyond your ownership share, cash on hand, and borrowed funds do not count, and cash-out proceeds never count as qualifying assets.
- Treating “no income documentation” as “no documentation.” Assets are fully documented on both paths.
- Skipping the deed conversation. Default Florida title rules can undo what the pair thought they had agreed.
- Confusing asset qualifiers with DSCR. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. An asset qualifier reads the borrowers’ balance sheets.
Which Setup Fits Which Pair?
| Pair | Likely fit |
|---|---|
| Spouses, similar assets | Qualifier path, entireties title |
| Friends, similar assets | Qualifier path, written agreement |
| One asset-rich, one thin | Depletion path, or one borrower |
| One has a pension | Depletion with supplemental income |
| Buying a pure rental | DSCR loan instead |
Before You Apply: A Short Checklist
- Pull both credit reports and settle any surprises.
- List every account by owner, balance, and type, and gather two months of statements.
- Decide the title form and whether both names go on the note.
- Ask about seasoning before moving any money.
- Meet with an attorney about survivorship and a co-ownership agreement.
Who This Is Not For
If your balances are modest and your goal is rental income, this is probably the wrong tool. The same goes for pairs who cannot agree on exit terms. Asset-based programs are built for cash-heavy, income-light borrowers, such as retirees, business sellers, and households living on a portfolio.
Frequently Asked Questions
Do both retirees have to be on the mortgage?
No. One person can be the borrower, and the other can be a co-owner or no owner at all. A co-owner who is not on the loan adds no assets or credit to the file, so the choice depends on whether you need their balance sheet to qualify.
Can we pool our accounts on the qualifier path?
Accounts combine on the asset qualifier path, so a pair’s eligible balances can add up toward the loan amount. Each account still needs two months of statements and 60 days of seasoning. Whose accounts count for a given borrower is a guideline question, so confirm it with the lender first.
What if one of us has a lower credit score?
The lower score generally drives approval and terms, so it can cost both of you. The qualifier path publishes a 600 floor, while the depletion path follows the lender’s matrix. If the gap is large, having only the stronger-credit partner borrow may be worth comparing.
If one of us dies, does the other get the house?
Not automatically. Florida’s default for unmarried co-owners is tenants in common, and the share passes through the deceased owner’s estate. The deed has to expressly provide survivorship, and the survivor still owes the full loan.
Can we use this loan for a rental property?
Not on the qualifier path, which is for principal residences and second homes. The depletion path does allow investment property at lower leverage, but a pure rental usually fits a DSCR loan better. Subject to underwriting either way.
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 that places these loans through select lenders, and approval is always subject to underwriting. Florida is one of the states where Lendmire’s consumer mortgage lending is licensed.
A good Florida co-buying plan is only as strong as its deed and its exit plan, so write both down before the closing table.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida borrowers.
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 traditional personal-income documentation, 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. Nolo, How Unmarried Couples Take Title
2. Deeds.com, Buying a Home With an Unmarried Partner
3. CFPB, Regulation Z section 1026.43
4. Florida Senate, Florida Statutes section 689.15
5. The Florida Bar Journal, tenancy by the entireties
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can You Buy a Multi-Generational Home on an Asset Qualifier Mortgage? · How to Buy Before You Sell in Indiana Using an Asset Qualifier Mortgage · Can Two Montana Retirees Buy a Home Together on an Asset Qualifier Mortgage?
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.