The Quick Read: It depends on which path the loan runs on: assets can cover the whole loan outright, or assets can be converted into monthly qualifying income, and each path sets a different ceiling, so $1 million in assets never translates into one fixed purchase price. The balance is not the limit. What you can buy depends on how much of it counts, what the loan must cover, and how much cash you keep after closing.
- Asset qualifier path: eligible assets must equal or exceed the entire loan amount. No employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income. That income carries the payment and your other debts.
- One path at a time: a borrower is qualified on one path, never a blend of the two.
- Your cash does double duty: down payment, closing costs and reserves all come out of the same balance you want to qualify on.
- Rental purchases are different: an investment property can qualify on the property’s rent through a DSCR loan, and your personal income is not the test.
Which Path Fits a Washington Buyer With Assets and No Paycheck?
Most buyers with large balances and little documented income fit one of two paths. The first is the asset qualifier path, where assets alone cover the loan. The second is the asset depletion path, where assets are converted into income. The program figures below do not change by state. They are the same for a buyer in Seattle, Spokane or Vancouver. Local prices, property taxes and insurance do change, so those need a local check.
Lendmire is a broker. It places these files with select lenders in its wholesale network, and Lendmire’s consumer mortgage lending is licensed in 16 states, Washington among them. Every figure here is a ceiling or a floor on select programs, subject to underwriting. None of it is an offer or a commitment to lend.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| How assets are used | Must cover the entire loan | Divided by 60 months into income |
| Income documented | None | Derived income tested through DTI |
| Purchase leverage | Up to 80% | Up to 80% primary or second home; up to 65% investment |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Statements | Two months per account; 60 days seasoning | Statements 120 days old plus one within 45 days |
| Credit | 600 minimum | The lender’s score and loan-amount matrix |
The depletion path has one more entry test. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They can never be below $250,000 in liquid assets when depletion is the only income source.
How Does the Asset Qualifier Path Work?
The asset qualifier path asks one question. After the credit percentages are applied, do your eligible assets equal or exceed the whole loan? If they do, the loan can qualify on assets alone.
The percentages are favorable. Brokerage accounts, certificates of deposit, money market and savings count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and 100% once you are 59½ or older. Accounts combine.
Here is the shape of a qualifying file. Take an $800,000 loan with $330,000 in brokerage accounts, which counts at 100% for $330,000. Add $300,000 in a 401(k) held by a borrower under 59½, which counts at 90% for $270,000. Add $200,000 in savings, which counts at 100% for $200,000. That totals $800,000 of usable assets, so the loan is reviewed on assets alone. The lender’s own calculation governs, and this is an illustration.
Leverage on this path goes up to 80% on a purchase and 75% on a refinance, for a principal residence or second home. Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them. Whether cash-out proceeds are allowed on this path is the lender’s call and is not published. Treat it as unavailable until a lender confirms it.
The practical catch is double counting. If $1 million sits in one pool, the same dollars cannot be both the down payment and the balance that backs the loan. The down payment leaves the account at closing. What remains has to carry the loan, plus closing costs and whatever cushion you want. Any plan built on $1 million must subtract those uses first.
How Does the Asset Depletion Path Turn a Balance Into Income?
The asset depletion path turns your balances into a monthly figure, then tests that figure like income. Usable assets are divided by 60 months. The result is the qualifying income that must carry the housing payment and your other debts through the debt-to-income test.
Each asset class is discounted before the division:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%.
- Private stock counts at 75%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Take $1,500,000 in securities, which counts at 80% for $1,200,000. Add $300,000 in cash, which counts at 100%. That is $1,500,000 usable, divided by 60 months for $25,000 of monthly qualifying income.
Now run the same method on a plain $1,000,000 held entirely in securities. At 80%, usable assets are $800,000. Divided by 60 months, that is about $13,333 of monthly qualifying income. If the same $1,000,000 were all cash, it would count in full and produce about $16,667. Those figures show why asset mix matters as much as the balance. They are illustrations, and the lender’s calculation governs.
Leverage here is lower than most buyers expect. On a principal residence or second home, a purchase or rate-and-term refinance goes up to 80%, and a cash-out refinance goes up to 60%. Cash-out proceeds never count as qualifying assets.
Derived income can also supplement documented income. A borrower with a small pension or part-time income can add asset income up to a 45% debt-to-income ratio. When assets supplement documented income this way, the minimum-assets rule is waived.
What Limits the House You Can Buy in Washington With 1 Million?
Four limits set the ceiling: leverage, the share of each asset that counts, the cash you keep after closing, and the monthly obligation you can carry for years. Income is not on the list for the qualifier path. On the depletion path, derived income is on the list, but it comes from the same balance.
Leverage. The loan is a percentage of the price, and the difference is your down payment. A lower leverage cap means more of your own cash goes into the purchase. That leaves less to back the loan and less to hold in reserve. On the depletion path, an investment property caps at 65% on a purchase, so it demands the most cash.
Asset mix. Two buyers with the same $1 million can have very different ceilings. A buyer holding cash and CDs gets full credit. A buyer holding retirement funds on the depletion path gets 70% credit. Real-estate equity gets 60% credit on that path.
Cash after closing. The qualifier path requires no reserves at or below 75% loan-to-value. The depletion path publishes no reserve months. Neither fact means you should close with an empty account. A household with no paycheck is paying taxes, insurance and repairs out of the same balance that supports the loan.
Sustainability. A loan can qualify and still strain a household. With no employment income, every monthly dollar of housing cost comes from the portfolio or its returns. A smaller loan against a lower price is often the better fit than the largest loan the program allows.
Local pricing is the last piece. A Washington budget of $1 million buys very different homes across the Seattle area, mid-sized cities and eastern or rural counties. Check current listings in the specific county before fixing a target price.
What Happens When the Property Is a Rental?
An investment purchase has a third path that skips the asset math. 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 file qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. The ratio is monthly rent divided by principal, interest, taxes, insurance and any association dues. Rent comes from a lease or an appraiser’s rent schedule. A ratio at or above 1.00 means the rent covers the payment. Sub-1.00 programs are available through select lenders in the network, but loan-to-value and terms adjust when coverage is below 1.00.
Your $1 million then does a different job. It funds the down payment, closing costs and reserves instead of producing income. The loan size follows what the rent can support.
Across the wholesale network, the DSCR path is usually the better tool for a pure rental purchase. The asset paths on this page are built for a home you will live in, with one exception. The depletion path also allows investment property, at the lower leverage caps above. A buyer who will hold the property as a rental should compare both.
Which Assets Count and Which Do Not?
Counting rules differ by path, so the same balance can be worth more on one than the other.
On the qualifier path, the full list that counts is brokerage, CDs, money market, savings, and retirement accounts at the percentages above. On the depletion path, the list adds private stock and real-estate equity at reduced credit.
Some assets are not eligible on the depletion path at all:
- Custodial accounts
- Deferred compensation
- Escrow accounts
- Foreign funds
- Cash on hand
- Stock options
- Non-vested restricted stock units
- Funds from non-regulated financial companies
Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share are not published as eligible on either path. The route that exists is to convert them into a seasoned cash balance in a regulated account. The lender reviews the source of those funds.
Seasoning matters as much as the type. The qualifier path wants 60 days of seasoning and two months of statements for each qualifying account. The depletion path wants statements 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 on the depletion path. Recently moved money draws questions, so keep a paper trail.
Assets are documented on both paths. No income documentation never means no documentation.
Should You Pay Cash, Finance, or Do Both?
Paying cash removes the qualification question and also removes your liquidity. Financing keeps a cushion but adds a monthly obligation. Many buyers with this profile land in between: a meaningful down payment, a modest loan, and a protected reserve.
Selling securities to raise cash can create a taxable gain. Tax treatment can depend on how the funds are used and how the property is held; borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
The asset paths let you keep the portfolio invested while you borrow against it. That can matter when the holdings are appreciated stock. Neither path requires you to liquidate. The trade-off is that the loan has a monthly cost, and that cost is paid from the same pool.
A useful test is to ask what the household looks like if the portfolio drops. Securities count at 80% on the depletion path, but the balance on a statement can move. A loan sized so the file works with a cushion is safer than one that only works at today’s value.
Why Does “No Income” Still Mean Full Review?
Lenders on consumer mortgages must still look at your ability to repay. Income is one way to show it. Assets are another. The CFPB’s ability-to-repay compliance guide says a creditor must consider and verify the borrower’s income or assets, along with debts. It also says debt-to-income or residual income must be considered, though the rule sets no specific threshold.
Commentary from Consumer Financial Services Review, a law-firm publication, adds that a non-QM lender may rely on income, assets, or both. It notes the odd tension: debt-to-income or residual income still has to be considered even when assets are the basis. That is why the depletion path runs a debt-to-income test on derived income, and why the qualifier path rests on the assets alone.
For you, this means credit and documents still matter. The credit floor is 600 on the qualifier path, and the depletion path follows the lender’s matrix. A first-time investor on the depletion path needs 700. Housing history is 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs 4 years of seasoning on the depletion path. All of it is subject to underwriting.
Key Terms Defined
Asset qualifier path: a loan that qualifies when eligible assets, after credit percentages, equal or exceed the entire loan amount.
Asset depletion path: a loan that divides usable assets by 60 months to create monthly qualifying income.
Usable assets: the share of each account balance a lender counts after applying its percentage for that asset type.
Seasoning: the length of time funds must sit in an account, shown by statements, before they count.
Debt-to-income (DTI): monthly debts, including the new housing payment, compared with monthly qualifying income.
DSCR: monthly rent divided by the full monthly obligation on a rental property, used on business-purpose investor loans.
Who Fits These Programs, and Who Does Not?
These programs fit retirees living on a portfolio, people who have sold a business, recipients of an inheritance or settlement, early-retired professionals, and households whose balances are large and documented income is small.
They fit poorly when most of the wealth is in assets that do not count. A buyer whose $1 million is mostly crypto, collectibles, business equity or borrowed funds has much less usable value until those assets are converted and seasoned. They also fit poorly when the balance is already needed for other commitments. And they do not fit a buyer who wants the largest possible loan with no cushion.
If your income is documented and healthy, a program that uses it may serve you better. The bank statement program is built for borrowers who document income through deposits. Business-purpose rental financing is DSCR.
What to Do First
1. Gather two months of statements for every account you might use, and the most recent statement within 45 days.
2. Sort each balance by asset type and apply the percentages for the path you are testing.
3. Decide how much cash goes to the down payment, closing costs and reserves before you count what is left.
4. Check your credit report for the housing history and any housing events.
5. Compare the qualifier path, the depletion path and, for a rental, DSCR, then size the loan below the ceiling.
6. Confirm the price tier with local listings in the Washington county you want.
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.
Frequently Asked Questions
Can I buy a $1 million house with $1 million in assets and no income?
Not on the whole balance. The same dollars cannot be both the down payment and the pool that backs the loan. On the asset qualifier path, eligible assets must cover the entire loan, so the loan you can take is smaller than the full balance once the down payment and closing costs come out. On the depletion path, derived income must carry the payment and other debts. A price near $1 million usually means a larger asset base than $1 million, or a smaller loan.
Do all my assets count the same?
No. On the qualifier path, brokerage, CDs, money market and savings count at 100%. Retirement accounts count at 90% under age 59½ and 100% after. On the depletion path, cash and CDs count at 100%, securities at 80%, private stock at 75%, retirement accounts at 70%, and real-estate equity at 60%. Crypto, precious metals and collectibles are not published as eligible, though converting them to a seasoned cash balance is the documented route.
Is a no-income mortgage the same as no documentation?
No. Assets are documented on both paths, with statements and seasoning. Credit is reviewed, the property is appraised, and the lender reviews the source of funds. The qualifier path documents no employment or income. The depletion path tests derived income through debt-to-income. Neither is a no-doc loan.
How is this different from a DSCR loan?
A DSCR loan is for investment property and qualifies primarily on rental income covering the payment, subject to lender guidelines. Asset-based loans for a home you live in qualify on your balances. For a rental, your $1 million becomes down payment and reserves rather than income. Sub-1.00 coverage is available through select lenders in the network, with adjusted loan-to-value and terms.
Does Washington change the program figures?
No. The leverage caps, asset percentages and seasoning rules are the same in every state where the program is placed. Local home prices, taxes and insurance differ by county, and those shape how far your balance goes. Lendmire’s consumer mortgage lending is licensed in Washington among 16 states, and every file is underwritten individually.
Lendmire’s asset-based mortgage in Washington page presents the program for Washington borrowers.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB Ability-to-Repay and Qualified Mortgage Compliance Guide
2. Consumer Financial Services Review: CFPB Addresses Non-QMs Under Ability-to-Repay Rule
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 Does a Michigan Retiree Need in Assets to Buy a Home Without Income? · Can You Relocate to Florida and Buy a Home on Assets Before You Have Local Income? · How to Buy Before You Sell in Washington Using an Asset Qualifier Mortgage
Guides: Asset-Based Mortgage in Washington
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.