The Quick Read: Yes, through select programs, and which route fits depends on what you are buying. For a home you will live in, eligible assets either cover the whole loan or are converted into monthly qualifying income. For a rental, the property’s rent is what qualifies, not your paycheck. Every file is underwritten individually.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which runs through a debt-to-income test.
- Documented, not hidden: both paths require seasoned, statement-backed assets.
- Real estate equity: it counts only on the depletion path, at 60%.
- Rentals: these use a separate loan that qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
What Does “Savings and Investments Alone” Actually Mean?
It means no paycheck, no W-2, and no employer letter. The lender looks at your balances instead. Virginia is only the setting here, since the program figures below do not change by state.
Across the wholesale network Lendmire works through, assets-only borrowers fall into a few groups. Some are retirees living on a portfolio. Others sold a business, received an inheritance or settlement, or retired early from a high-income career. The common thread is large balances and little documented income.
Lendmire is a mortgage broker, not a lender. It places these files with select lenders, and consumer mortgage lending is licensed in 16 states, Virginia among them. The lender underwrites each file on its own.
Which Path Fits You?
Start with the question of whether your assets can cover the loan outright. If they can, the qualifier path is simpler. If they cannot, the depletion path turns them into income.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| How you qualify | Assets cover the entire loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Debt-to-income test | Not run on income | Yes, on derived income |
| Max leverage, home | 80% purchase, 75% refinance | 80% purchase or rate-and-term, 60% cash-out |
| Loan range | Up to $4,000,000 | $125,000 to $3,500,000 |
| Investment property | Not offered | 65% purchase or rate-and-term, 60% cash-out |
You are qualified on one path at a time. The two never blend, so you cannot add a qualifier-path balance to a depletion-path calculation. These figures are ceilings, not offers, and they are subject to underwriting.
How the Asset Qualifier Path Works
The rule is simple: after credit percentages, your eligible assets must equal or exceed the whole loan. Nothing is borrowed against future income, and no employment is documented. Seasoning is 60 days, and each qualifying account needs two months of statements.
Credit counts at the following percentages on this path:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- 401(k) and IRA balances count at 90% if you are under 59½, and 100% at 59½ or older.
- Accounts combine.
Say you want an $800,000 loan. You hold $330,000 in brokerage accounts (100%, so $330,000), $300,000 in a 401(k) while under 59½ (90%, so $270,000), and $200,000 in savings (100%, so $200,000). That counts $800,000 of usable assets, and the file is reviewed on assets alone, subject to underwriting. The lender’s own calculation governs.
A 600 credit score is the published floor on this path. Reserves are not required at or below 75% loan-to-value, which is the loan amount as a share of the property’s value. Above that, the lender sets them. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
How the Asset Depletion Path Works
Here, the lender converts your usable assets into a pretend monthly paycheck. It adds up the eligible balances after haircuts, divides by 60 months, and runs the result through a debt-to-income test. That test compares your monthly debts, including the new housing payment, to your qualifying income.
Picture a retiree with $1,500,000 in securities and $300,000 in cash. Securities count at 80%, so $1,200,000. Cash counts at 100%, so $300,000. That is $1,500,000 usable, divided by 60 months, or $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts.
Nothing is sold, and nothing is pledged. The division is a qualifying convention, not a withdrawal plan. Many lenders use different divisors, so across the market you will see 84, 120 or 360 months. This network’s programs use 60.
Minimums apply. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you need at least $250,000 liquid. If asset-derived income only supplements documented income, it can run up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Credit follows the lender’s matrix, with housing history of 0x30x12. One 30-day late payment in the last twelve months is considered case by case. A first-time investor on this path needs a 700 score.
Which Assets Count, and at What Percentage?
Cash and CDs are the cleanest assets. Retirement accounts and stocks take haircuts. Real estate equity counts only on the depletion path.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Brokerage accounts | 100% | 80% (securities) |
| Private stock | Not published | 75% |
| 401(k) and IRA | 90% under 59½, 100% after | 70% at any age |
| Real estate equity | Not published | 60% |
Some assets 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.
Crypto, precious metals and collectibles are not published as eligible on either path. Neither are pledged or borrowed funds. The documented route is converting them to a seasoned cash balance in a regulated account, with the lender reviewing the source. Do not count on any percentage for them.
Under 59½: What Early Retirees Should Know
Age matters only for retirement accounts. On the qualifier path, a 401(k) or IRA counts at 90% under 59½ and 100% after. On the depletion path, retirement accounts count at 70% at any age, so turning 59½ changes nothing there.
For early retirees, the practical move is to look at which path your mix favors. Heavy brokerage and cash balances do well on the qualifier path. A portfolio concentrated in retirement accounts usually fits better on the depletion path, as long as you clear the asset minimums.
Are You Assets Only, or Assets Plus Something Else?
Many retirees are not truly assets only. Social Security, a pension or rental income may sit beside the portfolio, and the right path depends on the mix.
| Your situation | Likely fit |
|---|---|
| Assets exceed the whole loan, no other income | Asset qualifier path |
| Assets are large, but below the loan amount | Asset depletion path, assets as income |
| Documented income plus a large portfolio | Depletion income can supplement, up to 45% debt-to-income |
| Income arrives as deposits, such as from a business | Bank statement program, which is for borrowers who document income with deposits |
If your plan is to fund a purchase mostly from retirement balances, Lendmire’s piece Can a Retiree Qualify for a Jumbo Mortgage Using Assets Alone? covers the larger-loan version in detail.
What About a Rental Property?
If the property is a rental, the lender reviews the property rather than your income. 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.
DSCR stands for debt service coverage ratio. It compares the property’s monthly rent to its full monthly payment, including principal, interest, taxes, insurance and any HOA dues. A loan of this kind qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Being retired is not a disqualifier, though the lender still reviews credit and the money you bring to the deal.
Your savings still matter. They fund the down payment and reserves, which are the cash a lender wants left in the bank after closing. Select lenders in the network also review programs below 1.00 coverage, though leverage and terms adjust when coverage runs thin. The complete DSCR loans guide walks through how those files work.
Here is the line that trips people up: a DSCR loan is not available if you plan to live in the property. A retiree who wants a home to live in uses an asset-based mortgage. A retiree who wants a rental can use DSCR financing, or the depletion path at 65% on an investment property purchase or rate-and-term refinance, and 60% on a cash-out. Many retirees end up with both, a DSCR loan on the rentals and an asset-based loan on the residence.
Why the Law Lets Assets Stand In for a Paycheck
Lenders making consumer mortgages must make a reasonable, good-faith determination that you can repay. Under Regulation Z’s ability-to-repay rule, the lender may consider income, assets, or both, and it must verify them with third-party records. The CFPB’s compliance guide lists savings, vested retirement amounts, stocks, bonds, CDs and trust funds among the assets a lender may weigh. It also excludes the value of the property securing the loan.
So the law allows this kind of lending. The real limit is each lender’s program. That is also why “no income documentation” never means “no documentation.” Your assets are reviewed line by line.
Documents You Will Need
- Two months of statements for every qualifying account on the qualifier path.
- On the depletion path, statements at least 120 days old at application, plus the most recent statement within 45 days.
- Proof of where large recent deposits came from. Sale-of-business, inheritance and legal-settlement funds are excused from the seasoning on the depletion path, but the source is still reviewed.
- Credit history and housing history, including a mortgage history if you have one.
- For rentals, a lease or an appraisal with a rent schedule.
Sell Investments, Pay Cash, or Qualify on Assets?
This is the decision most retirees actually face. Selling can trigger taxes and ends the growth on what you sold. Paying cash drains liquidity. Qualifying on assets keeps the portfolio intact, though it means carrying a mortgage.
| Option | Upside | Tradeoff |
|---|---|---|
| Sell investments | No loan balance | Lost growth, possible tax bill |
| Pay cash | Simplest purchase | Less liquidity afterward |
| Qualify on assets | Portfolio stays invested | Lending terms, a loan to carry |
Tax treatment varies; consult a qualified professional before deciding.
Plan the down payment and closing costs before you count anything. Those dollars come out of the pool first. On the depletion path, they are subtracted from usable assets before the division happens.
Downsides and Common Reasons for Decline
Asset-based lending is a specialty product. Fewer lenders offer it, and the terms usually differ from a standard owner-occupied mortgage. That is why a broker who sees many lenders’ guidelines is useful for comparison.
The most common problems we see in this lane are predictable:
- Assets fall short after haircuts. A large net worth built mostly on home equity and a private business can fall under the asset minimums.
- Unseasoned or unexplained deposits.
- Credit below the lender’s matrix, or a housing event inside the 4-year seasoning window on the depletion path.
- A cash-out plan that counts on proceeds as assets. Cash-out proceeds never count as qualifying assets.
Retirees who have been mortgage-free for many years sometimes find the housing-history requirement an unexpected hurdle. Raise it early.
A related question is how savings interact with rental financing. Lendmire’s piece How Much Savings Matter on a Retiree’s Part-Time Airbnb DSCR Loan covers the reserves side for a short-term rental.
Key Terms Defined
Asset qualifier path: a program where eligible assets must cover the entire loan and no income is documented.
Asset depletion path: a program where usable assets divided by 60 months become qualifying monthly income.
Haircut: the percentage of an asset’s balance the lender leaves out because the asset could lose value or carry a penalty.
Seasoning: the length of time funds must sit in your account before they count.
Debt-to-income (DTI): your monthly debts divided by your qualifying monthly income.
Frequently Asked Questions
Can I get a mortgage with no income at all?
Yes, through select asset-based programs. On the qualifier path, eligible assets must cover the entire loan and no income is documented. On the depletion path, the lender derives income from your assets. Credit, seasoning and statements still apply, and every file is underwritten individually.
Do I have to sell my investments?
No. Neither path requires you to sell or pledge the assets. The lender counts them as a qualifying convention and leaves the portfolio invested. Down payment and closing costs still come out of the pool, so plan those dollars first.
Do retirement accounts count?
Yes, at a discount in most cases. On the qualifier path, a 401(k) or IRA counts at 90% under 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. Both are subject to underwriting.
Can I use this for a rental property?
A rental usually goes through DSCR financing, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. The depletion path also allows investment property at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. DSCR financing is not available for a home you will occupy.
Does being retired hurt my approval?
Retirement itself does not disqualify you. The lender’s program decides what it needs, and asset-based programs exist for exactly this situation. Credit score, housing history and the quality of your statements matter more than your employment status.
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. Reach the team at 828-256-2183.
Lendmire’s asset-based mortgage in Virginia page presents the program for Virginia 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. CFPB Regulation Z §1026.43, ability-to-repay determination
2. 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: Asset Qualifier Mortgage vs Bank Statement Mortgage · How to Open a HELOC on Assets Alone as a Retiree · How an Asset Depletion Mortgage Works
Guides: Asset-Based Mortgage in Virginia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.