The Quick Read: It depends on the path: on the asset qualifier path, your eligible assets must cover the entire loan, while on the asset depletion path, usable assets divided by 60 months must produce enough monthly income to carry the payment and your other debts, with a floor of the lesser of $1,000,000 or 1.25 times the loan, subject to underwriting. No single dollar threshold exists, because each path tests something different. Programs change, and every file is underwritten individually.
- Asset qualifier path: eligible assets must equal or exceed the whole loan, and no employment or income is documented.
- Asset depletion path: usable assets are divided by 60 months to create qualifying income, which then runs through the debt-to-income test.
- Leverage: up to 80% on a purchase on the qualifier path; up to 80% on a purchase of a primary residence or second home on the depletion path.
- Retirement accounts: on the qualifier path they count at 90% under age 59½ and 100% after. On the depletion path they count at 70% at any age.
- Documentation: your assets are fully documented, and only your income is left out.
Which Path Fits a Retiree?
The qualifier path fits you when your liquid balances are at least as large as the loan. The depletion path fits you when your balances are large but the loan is bigger than what you hold. A borrower is qualified on one path at a time, so the two sets of numbers never blend.
Picture a retiree who sold a business and holds brokerage accounts, savings and an IRA. If the total, after the credit percentages below, meets or beats the loan amount, the file can be reviewed on the qualifier path. No income is documented, and the lender’s review rests on the assets.
Now picture a retiree with a large portfolio who wants a mortgage that is bigger than that portfolio’s usable value. Here the assets are converted into monthly income on paper, and that income has to carry the housing payment and every other debt.
Both paths apply to consumer mortgages on a home you will live in. Lendmire’s consumer lending is licensed in 16 states, Georgia among them, and the program figures here do not change by state.
How the Asset Qualifier Path Counts Your Money
On the qualifier path, the question is simple: do your eligible assets add up to the loan? Most programs we place files with apply a percentage to each account type before they add the balances.
| Asset type | Qualifier path credit |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) and IRA | 90% under 59½, 100% at 59½+ |
Accounts combine, so you can mix them. Here is an illustration, and the lender’s own calculation governs. Take an $800,000 loan with $330,000 in brokerage accounts (100% = $330,000), $300,000 in a 401(k) under 59½ (90% = $270,000) and $200,000 in savings (100% = $200,000). That counts $800,000 of usable assets, and the loan can be reviewed on assets alone.
Leverage on this path goes up to 80% on a purchase and 75% on a refinance of a principal residence or second home. Loan amounts run up to $4,000,000. The minimum credit score is 600, and housing history is 0x30x12, which means no late housing payments in the last twelve months. One 30-day late is considered case by case. Reserves are not required at or below 75% loan-to-value (LTV, the loan as a share of the home’s value). Above that, the lender sets them.
How the Asset Depletion Path Counts Your Money
The depletion path turns a portfolio into pretend monthly income. The haircut, which is the share of each balance that counts toward qualifying, is applied first. Then the usable total is divided by 60 months.
| Asset type | Depletion path credit |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts | 70% at any age |
| Real-estate equity | 60% |
Here is the illustration, and again the lender’s own calculation governs. Say you hold $1,500,000 in securities (80% = $1,200,000) plus $300,000 in cash (100% = $300,000). That is $1,500,000 usable, and divided by 60 months it equals $25,000 of monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income (DTI) test.
Nothing is sold, pledged or drained. Depletion is a qualifying convention, and your portfolio stays yours.
These minimums apply on the depletion path:
- Qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance.
- Never less than $250,000 liquid when asset depletion is your only income source.
- Loan amounts from $125,000 to $3,500,000.
- Credit that follows the lender’s score and loan-amount matrix, with 700 required for a first-time investor. Every figure here varies by lender and program, and property type, leverage and credit profile all apply.
Which Retirement and Brokerage Accounts Count?
Retirement accounts are the biggest swing between the two paths. The qualifier path gives a 401(k) or IRA 90% credit under 59½ and 100% after. The depletion path discounts them to 70% at any age. If you are under 59½, the qualifier path treats those accounts more kindly.
Some assets do not count on either path. Cryptocurrency, precious metals, collectibles, pledged or borrowed funds and business accounts beyond your ownership share are not published as eligible. The documented route is converting them to a seasoned cash balance in a regulated account, with the lender reviewing the source. On the depletion path, these are also not eligible:
- Custodial accounts.
- Deferred compensation.
- Escrow accounts.
- Foreign funds.
- Cash on hand.
- Stock options.
- Non-vested restricted stock units.
- Funds from non-regulated financial companies.
Withdrawals from retirement accounts can have tax consequences, so tax treatment varies and a qualified professional should be consulted before you rely on any account.
What the Lender Will Ask You to Document
“No income” never means “no paperwork.” Both paths document the assets, and only the income is left out.
On the qualifier path, expect 60 days of seasoning (the waiting period money must sit in an account) and 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. Funds from the sale of a business, an inheritance or a legal settlement are excused from that seasoning.
A large deposit does not mean automatic denial. It usually means the lender asks for the paper trail that shows where the money came from. Most programs also want ID, a credit report, a purchase contract and an appraisal.
Do You Need a Cushion Beyond the Loan?
Yes, in practice, because the loan is not the only bill at closing. The down payment, closing costs and any reserves all come out of your cash. On the qualifier path, the logic is easy: leave enough above the loan amount that you still hold comfortable liquidity afterward.
On the depletion path, the lender’s calculation governs how down payment and closing funds reduce the usable base. Ask for that math before you commit to a contract. A retiree who counts every dollar in the portfolio often finds that the coverage figure is smaller than expected.
Pension, Social Security and Other Income
Documented income helps, and it does not cancel the assets. On the depletion path, asset-derived income can supplement documented income such as Social Security, pensions or required distributions, up to a 45% DTI ratio. When assets supplement documented income this way, the minimum-assets rule is waived.
Couples can combine accounts, since accounts combine on both paths. That can lift the usable total without any change to the percentages. For a retiree whose Social Security has not started yet, the asset path may carry the file until the benefits begin.
Leverage on the Depletion Path
Leverage tightens when you borrow against a portfolio-income calculation. On a principal residence or second home, the ceiling is 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Cash-out proceeds never count as qualifying assets.
Investment property carries lower limits on this path. The ceiling is 65% on a purchase or rate-and-term refinance and 60% on a cash-out. The qualifier path publishes no cash-out figure, so ask the lender before you plan around one.
Buying a Rental Instead? The DSCR Detour
If the home is a rental and not a residence, the question changes. A DSCR loan (debt service coverage ratio, meaning the property’s rent compared with its full monthly obligation) is built for non-owner-occupied investment property. Because these are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. The business-purpose exemption is set out in federal law.
For a retiree, that shifts the asset question. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. You still need verified, seasoned cash for the down payment, closing costs and reserves, but you do not need a multiple of the loan in assets. Programs below 1.00 coverage are available through select lenders in the network, though LTV and terms adjust.
A retiree who will live in the home cannot use that route. Residences go through the asset qualifier or depletion paths above. For the full picture of how rental financing works, see Lendmire’s complete DSCR loans guide.
Why “No Income” Mortgages Exist at All
Federal lending rules ask lenders to consider the income or assets a borrower will use to repay. The CFPB’s ability-to-repay compliance guide lists current or reasonably expected income or assets, other than the value of the home itself, as an underwriting factor. Assets are a recognized way to show you can repay, so a portfolio can carry a loan without a paycheck. That is why both paths here exist.
Common Misconceptions
“All assets count dollar for dollar.” They do not. Haircuts apply, and retirement accounts are treated differently on each path.
“Asset depletion means I must sell my investments.” It does not. It is a qualifying calculation only.
“No income means no documentation.” Statements, seasoning and sourcing are all required.
“The qualifier and depletion numbers can be mixed.” They cannot. Pick the path first, then run its numbers.
“No credit check.” Credit is still reviewed, and approval is never promised.
Risks and Whether It Makes Sense
Borrowing against a portfolio you also live on is a real tradeoff. If markets fall, the securities you counted can drop in value, and the same money may be funding your living expenses. A mortgage payment sits on top of that.
Many retirees compare the options before choosing: pay cash, borrow modestly, or keep renting. Lendmire’s piece How a Bank Statement Lender Turns Assets Into Income for a Retiree covers a neighboring route. Its piece on DSCR cash-out without tax returns for a retiree living on asset income covers the rental side.
Key Terms Defined
Asset qualifier path: a way to qualify where eligible assets must equal or exceed the entire loan and no income is documented.
Asset depletion path: a way to qualify where usable assets are divided by 60 months to create monthly income for the DTI test.
Haircut: the share of an account balance that does not count toward qualifying.
Seasoning: the length of time money has sat in an account before the lender will count it.
Debt-to-income (DTI): your monthly debts, including the new housing payment, compared with your monthly income.
DSCR: a ratio of a rental property’s income to its monthly obligation, used on investor loans.
Frequently Asked Questions
Is there a minimum amount of assets a Georgia retiree needs?
No single number applies to everyone. On the asset qualifier path, eligible assets must cover the whole loan. On the depletion path, you need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid if assets are your only income. All of this is subject to underwriting.
Does my age affect whether I can borrow?
Age matters only for retirement accounts on the qualifier path. Those balances count at 90% under 59½ and 100% at 59½ or older. Every other account type counts at the same percentage at any age, and on the depletion path retirement accounts count at 70% at any age.
Can I use my 401(k) or IRA?
Yes, through select programs. On the qualifier path they count at 90% under 59½ and 100% after. On the depletion path they count at 70%. Accounts combine with your other eligible balances.
Do I have to sell investments to qualify?
No. Nothing is sold or pledged, since the calculation is only a way to measure repayment ability. The lender still needs statements showing the accounts are yours and seasoned.
What if I’m buying a rental instead of a home to live in?
Then a DSCR loan may fit better. It qualifies primarily on the property’s rental income covering the payment, subject to lender guidelines. You still need verified cash for the down payment, closing costs and reserves.
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. The program is placed through select lenders in its network. This is not a commitment to lend.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Cornell Law School Legal Information Institute, 12 CFR 1026.3
2. CFPB Ability-to-Repay and Qualified Mortgage Rule 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: Can You Relocate to Michigan and Buy a Home on Assets Before You Have Local Income? · How Much Does a Retiring Physician Need in Assets to Qualify for a Mortgage? · Can You Buy a Second Home in Georgia on Assets Instead of Income?
Guides: Asset-Based Mortgage in Georgia
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.