The Quick Read: It depends on which path you use, because the price is not a fixed multiple of your assets: with $1 million, the asset qualifier path generally supports a loan up to the usable balance, while the asset depletion path turns that balance into monthly income that must carry the payment, subject to underwriting. The qualifier path covers the whole loan with assets and documents no employment or income. The depletion path divides usable assets by 60 months to create qualifying income.
- Qualifier path: usable assets must equal or exceed the entire loan, with leverage up to 80% on a purchase.
- Depletion path: $1,000,000 in cash and CDs becomes about $16,667 of monthly qualifying income, before funds committed to the deal come out.
- Not the same as no documentation: your statements are reviewed on both paths.
- Rental property: the depletion path allows investment property at lower leverage, and DSCR loans qualify on the property’s rent instead. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Two Paths, One at a Time
A borrower is reviewed on one path at a time. Never blend them.
The asset qualifier path asks one question. After the credit percentages below, do your eligible assets equal or exceed the whole loan? If yes, no employment or income is documented. It covers principal residences and second homes, with loans up to $4,000,000 through select programs.
The asset depletion path works differently. It divides usable assets by 60 months to create monthly income. That income must carry the full housing payment and your other debts through a debt-to-income test. Loans run from $125,000 to $3,500,000. This path also allows investment property.
Across the wholesale network Lendmire works with, most files for a cash-heavy, income-light Texas buyer start with one question. Do the assets cover the loan outright, or do they need to become income? The answer sets the price range more than the size of the balance does.
How Much House Does the Qualifier Path Support?
The qualifier path supports a loan up to your usable assets, and usable is the key word. Different accounts count at different percentages. Brokerage accounts, 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. Accounts combine.
Run the numbers on a modeled $1,000,000 split three ways. Say $500,000 sits in brokerage accounts (100%), $300,000 in a 401(k) held under 59½ (90% = $270,000), and $200,000 in savings (100%). That counts $970,000 of usable assets. The retirement haircut cost you $30,000 of capacity. The lender’s own calculation governs.
Leverage on this path goes up to 80% on a purchase and 75% on a refinance. The loan size is capped by usable assets, but the down payment is the swing factor. If one pool of money has to fund both the down payment and the asset coverage, a realistic price ceiling sits near the size of the usable pool. If you hold separate cash for the down payment, the ceiling rises. Lenders review how the down payment is sourced, so this is a conversation to have before you shop.
Two other practical points apply here. The credit floor on this path is 600, subject to underwriting. No reserves are required at or below 75% loan-to-value, and above that the lender sets them.
How Much House Does the Depletion Path Support?
The depletion path turns the pool into income, so the ceiling is the price at which that income carries the payment. Each asset type counts at its own percentage, then the total is divided by 60. The funds you commit to the purchase come out of the pool first.
| Asset type | Counts at | $1,000,000 balance becomes | Monthly qualifying income |
|---|---|---|---|
| Cash accounts, CDs | 100% | $1,000,000 | about $16,667 |
| Securities | 80% | $800,000 | about $13,333 |
| Retirement accounts | 70% | $700,000 | about $11,667 |
Private stock counts at 75% and real-estate equity at 60%. This arithmetic is illustrative.
Here is the catch. Every dollar you put down also leaves the pool. A larger down payment lowers the loan but also lowers the income the pool can produce. A smaller down payment keeps the pool bigger but raises the payment. Most files land in a middle zone that has to be solved with the lender’s matrix, not guessed.
Leverage differs by occupancy. A principal residence or second home can go up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets.
There are two floors. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They also must never fall below $250,000 liquid when depletion is the only income source. A first-time investor on this path needs a 700 score, and everyone else follows the lender’s matrix. Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio. In that case the minimum-assets rule is waived.
What Counts as an Asset (and What Doesn’t)
Many $1 million balances shrink fast under review. Not everything you own is eligible.
Not eligible on the depletion path:
- 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, borrowed or pledged 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 the source of those funds.
Seasoning matters too. On the qualifier path, assets need 60 days of seasoning and two months of statements per qualifying account. On the depletion path, statements must be at least 120 days old at application, plus a recent statement within 45 days. Funds from the sale of a business, an inheritance or a legal settlement are excused from that seasoning.
Why “No Income” Still Means Documents
“No income” means no employment income to document. It never means no paperwork. The federal ability-to-repay rule lets a lender base repayment ability on income, on assets, or on both. The lender must still verify the income or assets it relies on with third-party records. In practice, that means your statements.
What a Texas Budget Looks Like
Texas has no ceiling that mirrors your assets, but local carrying costs push on the number. Property taxes and homeowners insurance vary by county and school district. They also change from one new suburb to the next. On the depletion path, those costs sit inside the housing payment the derived income must carry. A home in a high-tax district can qualify at a lower price than the same house elsewhere.
Texas is context here, not a program feature. The figures above do not change by state. Consumer mortgage lending at Lendmire covers 16 states, Texas among them. Expect a lender to ask for the same documents wherever the home sits.
Can You Buy a Rental Instead?
For a rental purchase, a DSCR loan usually fits better than either path above. 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. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your assets fund the down payment and reserves instead of setting the price.
Here is the tradeoff. On the depletion path, an investment property is capped at 65% on a purchase, and the property’s rent does not help you qualify. On a DSCR file, rent drives the decision. Most DSCR programs are built around a 1.00 coverage benchmark. Select lenders in the network will review below 1.00, but leverage and terms adjust. If rent barely covers the payment at your target price, a larger down payment from the $1 million raises the coverage. Texas taxes and insurance sit in that payment, so they matter.
If you plan to live in the home, DSCR does not apply. The same goes for a house-hacked property you will occupy. A principal residence or second home belongs on the qualifier or depletion path. For the full investor-side picture, see Lendmire’s complete DSCR loans guide.
Which Path Fits Which Borrower?
- A retiree with a large brokerage account. The qualifier path fits if the loan can sit within the usable balance. Age matters because it sets the retirement haircut.
- A business seller holding cash. Cash counts at 100% on both paths. The sale proceeds are excused from the depletion seasoning rule.
- An inheritance recipient. The funds can ride the same seasoning exception on the depletion path. Keep the paper trail clean.
- A portfolio-heavy household with some documented income. Asset income can supplement what you already document, up to a 45% debt-to-income ratio.
- A crypto-heavy holder. Convert to cash in a regulated account first and let the balance season.
Key Terms Defined
Usable assets: the share of each account balance that counts after the program’s percentages are applied.
Haircut: the discount a program applies to an asset type, such as 80% for securities on the depletion path.
Seasoning: how long funds must sit in your accounts, shown by statements, before they count.
Depletion divisor: the 60 months by which usable assets are divided to create monthly qualifying income.
Debt-to-income (DTI): monthly debts, including the new housing payment, compared to qualifying income.
Asset qualifier path: the route where eligible assets cover the whole loan and no income is documented.
Frequently Asked Questions
Can $1 million in assets buy a $1 million Texas home?
Possibly, though neither path works as a simple multiple. On the qualifier path, the loan must be covered by usable assets, and the down payment needs its own source. On the depletion path, the pool becomes income, and funds committed to the purchase come out first. The result is usually a price below what the raw balance suggests, subject to underwriting.
Do I have to sell my investments to qualify?
No. On both paths, assets are counted in place and reviewed through statements. Funds you commit to the down payment and closing must be accessible. Retirement accounts count at a haircut, and nothing in the program forces a sale just to qualify.
What credit score do I need?
The qualifier path publishes a 600 minimum, subject to underwriting. The depletion path follows the lender’s score and loan-amount matrix, and a first-time investor there needs 700. A housing history of 0x30x12 is expected, with one 30-day late in the last twelve months considered case by case. Multiple bankruptcies are not eligible.
Does Texas change the program figures?
No. Leverage, haircuts and seasoning are the same everywhere. Texas affects the carrying costs, mainly property taxes and insurance, which feed the payment your income or assets must support. Those local figures vary by county.
Is a DSCR loan better if I want a rental?
Usually, yes. DSCR qualifies primarily on property-level rental income, subject to lender guidelines, so your assets do not need to be converted into income. The asset paths still make sense for a home you will live in.
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. Programs change, and every file is underwritten individually. This article is not a commitment to lend. A Texas buyer with a seven-figure portfolio and no paycheck usually finds the price ceiling set by the down payment, not the balance.
Lendmire’s asset-based mortgage in Texas page presents the program for Texas 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. CFPB Regulation Z § 1026.43
2. 12 CFR 1026.43 (Cornell Legal Information Institute)
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 Get Pre-Approved in Michigan on Assets Instead of Income
Guides: Asset-Based Mortgage in Texas
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.