The Quick Read: On most files, you replace job and income paperwork with account statements, proof that the accounts are yours, and a clear source for every large balance, so the lender reviews your assets instead of a paycheck, subject to underwriting and the program you use. Lendmire is a mortgage broker that places these loans through select lenders in its network, and it is licensed for consumer lending in Georgia. The program figures below are the same for a Georgia borrower as for anyone else.
- Income paperwork falls away. Asset paperwork does not.
- You pick one path: assets cover the whole loan, or assets are converted into monthly income.
- Every account you rely on needs statements, proof of ownership, and a traceable source.
- Retirement accounts, securities and cash are counted at different percentages.
- Nothing is sold. The assets stay yours, and the lender’s own calculation governs.
This is an owner-occupant product (a principal residence or second home), and the depletion path can also reach investment property. It is not a DSCR loan. A DSCR loan is reviewed for the rent a property earns. An asset-based mortgage qualifies your balance sheet. If you are a retiree, a business seller, or a portfolio-funded household, this is the path that lets your statements do the talking.
Key Terms Defined
Asset qualifier path: The program path where your eligible assets, after the credit percentages, must equal or exceed the entire loan amount. No employment or income is documented.
Asset depletion path: The path where usable assets are divided by 60 months to create a monthly qualifying income. That income then runs through the debt-to-income test.
Debt-to-income (DTI): Your monthly debts, including the new housing payment, compared with your monthly income.
Haircut: The share of an account’s balance that a lender does not count, because the value can swing or be hard to reach.
Seasoning: The length of time money must sit in your accounts before the lender treats it as yours.
Letter of explanation: A short written note that tells the underwriter where a large or recent deposit came from.
What Replaces the Employer Check?
Asset statements replace the employer check. On a standard income file, the lender calls an employer or reads pay records. On an asset file, the lender reads your account records, confirms they are yours, and confirms the money has a clean history.
| What is normally verified | What replaces it | What you provide |
|---|---|---|
| Employer and job title | Nothing, on the qualifier path | Truthful application entry |
| Pay stubs, W-2s, returns | Account statements | Every page, every account |
| Income stability | Asset stability | Seasoned balances |
| Source of down payment | Source of all funds | Deposit explanations |
| Ability to repay | Assets versus the loan | Ownership proof |
The lender still reviews credit, the property and the file as a whole. You are changing the evidence, not skipping the review.
Which Path Fits You?
Pick the path first, because every figure depends on it. A borrower is qualified on one path at a time, and the two tables never blend.
On the asset qualifier path, your eligible assets must cover the entire loan. Through select programs, leverage runs up to 80% on a purchase and 75% on a refinance of a principal residence or second home. Loans go up to $4,000,000. The credit score floor is 600. No employment or income is documented.
On the asset depletion path, assets become income. Leverage on a principal residence or second home runs up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Loans run from $125,000 to $3,500,000. Credit follows the lender’s matrix, and a first-time investor needs 700.
| Feature | Asset qualifier path | Asset depletion path |
|---|---|---|
| Core test | Assets cover the whole loan | Assets divided by 60 months |
| Income documented | None | Derived, run through DTI |
| Occupancy | Primary home, second home | Also investment property |
| Statements | Two months each account | 120 days old plus one within 45 days |
Here is the qualifier math in plain numbers. Take an $800,000 loan. You hold $330,000 in brokerage accounts (counted at 100%), $300,000 in a 401(k) while under 59½ (counted at 90%, or $270,000) and $200,000 in savings (100%). That counts $800,000 of usable assets, so the file is reviewed on assets alone.
The depletion math works differently. Say you hold $1,500,000 in securities (counted at 80%, or $1,200,000) and $300,000 in cash (100%). That is $1,500,000 usable. Divided by 60 months, it creates $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the DTI test. These are illustrations, and the lender’s own calculation governs.
What Counts, and at What Percentage?
Cash-like accounts count most. On the qualifier path, brokerage accounts, certificates of deposit, money market and savings count at 100%. Retirement accounts count at 90% under age 59½ and at 100% from 59½ on. Accounts combine.
On the depletion path, the haircuts are steeper:
- Cash accounts and certificates of deposit: 100%
- Securities: 80%
- Retirement accounts: 70% at any age
- Real-estate equity: 60%
Privately held (closely held company) stock is not eligible on either path. If you own part of a company, the documented route is a sale or buyout converted to a seasoned cash balance.
Some other assets are also not eligible on the depletion path. These include 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 as qualifying assets.
Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account. The lender reviews that source. Do not assume they count at any percentage.
The Document Checklist, Asset by Asset
Every account you rely on needs complete statements. Every page counts, including the blank-looking ones, because missing pages are a common reason files stall. Beyond statements, the package usually includes a photo ID, a credit authorization, the purchase contract or refinance documents, and proof of where closing funds are coming from. Lendmire’s walkthrough of the asset qualifier document checklist goes deeper on the packet itself.
| Asset type | What to provide | Usual snag |
|---|---|---|
| Savings, checking | Two months of full statements | Unexplained deposits |
| Brokerage | Statements showing holdings and value | Account not in your name |
| Retirement (401k, IRA) | Latest statements, balance and vesting | Age affects the percentage |
| CDs | Statements or certificate copies | Early-withdrawal terms |
| Sale proceeds | Closing statement, then the deposit | Gap between sale and deposit |
| Joint accounts | Statements plus owner confirmation | Co-owner who is not borrowing |
Titling trips up more files than people expect. Business accounts count only to the extent of your ownership share, and many are simply ineligible. If you are self-employed, separate personal from business funds well before you apply.
Retirement accounts deserve a note. Programs discount them because their value can swing and because pulling money out early can be costly. NerdWallet’s explainer on liquid net worth separates easy-to-reach cash from harder-to-reach assets. Depletion is a calculation, not a withdrawal. You are not selling or cashing in anything. Tax treatment varies; consult a qualified professional.
Sourcing, Seasoning, and Large Deposits
Seasoning is where most borrowers need to plan. On the qualifier path, funds need 60 days of seasoning, with two months of statements for each qualifying account. On the depletion path, statements must be at least 120 days old at application, plus the most recent statement within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning, but they still need paper. Exact terms depend on lender and investor guidelines, credit profile, reserves, and property review.
A large or recent deposit needs a story the underwriter can follow. Write a short letter of explanation with four parts:
1. What the deposit was (for example, proceeds from selling a home).
2. Where it came from, with the other party or institution named.
3. The date and amount, matching the statement line.
4. The attached proof, such as a closing statement or transfer confirmation.
Keep it factual. A letter that matches the paper trail is easier to clear than a long letter with gaps. If you moved money between your own accounts, say so and include statements for both sides of the move.
Reserves on the qualifier path are none at or below 75% loan-to-value. Above that, the lender sets them. The depletion path has no published reserve months.
How Should the Employment Section Read?
Answer it truthfully and keep it consistent. On the qualifier path, no employment or income is documented, so the loan does not rest on that section. Still, the application, credit report and your documents must tell the same story. A retiree writes retired. A borrower whose business has wound down writes that, not an old title. A borrower between jobs says so.
Contradictions cause questions. If your statements show monthly pension deposits and the application shows no income, the underwriter will ask. On the depletion path, documented recurring income such as a pension can supplement asset-derived income, up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Scenario Walk-Throughs
The retiree. Picture a couple living on a portfolio with a large brokerage balance and an IRA. Over 59½, the IRA counts at full value on the qualifier path. They provide two months of statements per account, ownership proof, and the contract. Their file is mostly statements.
The self-employed owner with a thin return. Say you wrote off most of your income, and your returns show little. The qualifier path ignores the returns. You separate personal accounts from business ones and document only the personal balances. The bank statement program is for borrowers who document income with deposits, so it fits a different file.
Between jobs. Consider someone laid off with savings and a severance already in the bank. Seasoning matters most. A deposit that arrived last week may not count yet, so the timing of that money drives the plan.
After a business or home sale. Run the numbers on a seller who just closed. The closing statement ties to the deposit, and on the depletion path, sale-of-business funds are excused from the seasoning period. The deposit still needs documentation.
After a divorce or inheritance. Settlement and inheritance funds follow the same pattern. Provide the decree, estate paperwork or settlement statement, then the account statements showing where the money landed. Make sure the accounts are titled to you alone.
The Rule Behind It: Assets Can Carry the File
A federal rule explains why having no employer is not an obstacle. The CFPB’s ability-to-repay rule requires a lender to consider your income or assets, other than the value of the home securing the loan. The text on third-party records says the lender must verify what it relies on using reliable records. Bank and investment statements are the standard example.
The employment factor applies only when a lender relies on employment income. That is why this program can ignore your job. Programs differ in how they apply it. The depletion path turns assets into income and runs DTI. The qualifier path rests the review on the assets themselves.
Where the General Rule Breaks
- Occupancy. The qualifier path is for principal residences and second homes. Investment property is reached only on the depletion path, at 65% on a purchase and 60% on a cash-out.
- Cash-out. Whether cash-out is allowed on the qualifier path is set by the lender and is not published. Confirm it before you plan around it.
- Housing events. A housing event needs 4 years of seasoning on the depletion path. Multiple bankruptcies are not eligible, and a single 30-day late in the last twelve months is considered case by case.
- Depletion minimums. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid when depletion is your only income source.
- Rental purchases. 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. Rental financing belongs on that track.
Many investors split the work. They use asset-based qualification for their own home and DSCR for rentals, keeping the two methods separate. Lendmire’s complete DSCR loans guide covers the rental side.
Mistakes That Stall Files
- Sending statements with pages missing.
- Moving money between accounts right before applying, then not explaining it.
- Counting a business account as personal.
- Assuming crypto or collectibles count without converting them.
- Listing a job on the application that the paperwork contradicts.
- Treating cash-out proceeds as qualifying assets.
Gather in This Order
First, choose the path. Second, pull full statements for every account you plan to use. Third, check titling and ownership on each account. Fourth, assemble ID, credit authorization and the contract. Fifth, confirm the seasoning window for your path. Closing in Georgia typically runs through a closing attorney, so ask that office what it needs from you and when.
How Does It Compare to Other Programs?
Each program below is described by its own rules, not as this program’s.
| Program | What you document | Who fits |
|---|---|---|
| Asset qualifier | Assets, no income | Cash-heavy, income-light |
| Asset depletion | Assets converted to income | Portfolio-funded households |
| Bank statement | Income shown by deposits | Self-employed with cash flow |
| DSCR | Property rent versus its payment | Rental purchases |
Programs below 1.00 coverage on DSCR are available through select lenders in the network, but leverage and terms adjust.
Frequently Asked Questions
Can I qualify without any job or income at all?
On the qualifier path, yes in structure: no employment or income is documented, and eligible assets must equal or exceed the entire loan. You still need a credit score of at least 600, seasoned statements and clean sourcing. Approval depends on underwriting.
Do I have to sell my investments to qualify?
No. Depletion is a calculation, not a withdrawal. On the depletion path the lender divides usable assets by 60 months to create qualifying income. You keep the accounts, though funds you use for the down payment or closing cannot also count.
What if I have a big recent deposit?
Document it. Provide a letter of explanation and the paper that proves the source, such as a closing statement. On the qualifier path, funds need 60 days of seasoning. On the depletion path, sale-of-business, inheritance and settlement funds are excused from the seasoning window.
Can I use this for a rental property?
Only on the depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out for an investment property. Most pure rental purchases fit DSCR better, because that product is reviewed around the property’s rent.
Does it work differently in Georgia?
The program figures do not change by state. Lendmire is licensed for consumer lending in Georgia, and closings there typically run through a closing attorney. Ask that office about document delivery early.
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. Reach the team at 828-256-2183. Program details are subject to underwriting and change, and nothing here is a commitment to lend. The cleanest asset files are the ones where every balance has a statement, an owner and a story.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia borrowers.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. NerdWallet, liquid net worth
2. CFPB, Regulation Z §1026.43
3. Cornell LII, 12 CFR 1026.43
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 Much of a Brokerage Account Counts Toward a Texas Asset Qualifier Mortgage? · Does a Montana Asset-Based Mortgage Require Tax Returns? · How to Buy Before You Sell in Colorado Using an Asset Qualifier Mortgage
Guides: Asset-Based Mortgage in Georgia
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.