The Quick Read: It depends on the path: on the asset qualifier path eligible assets must cover the whole loan, on the asset depletion path they become monthly income, and on a rental the property’s cash flow sets the limit. A million dollars in assets rarely means a million-dollar purchase price. The down payment, closing costs, and the way each account is counted all pull the ceiling down.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no employment or income is documented. Leverage runs up to 80% on a purchase and 75% on a refinance of a principal residence or second home, subject to underwriting.
- Asset depletion path: usable assets divided by 60 months become qualifying income, and that income runs through a debt-to-income test.
- Rental purchase: a business-purpose DSCR loan looks at the property’s rent against its payment, not your balance sheet.
- Documentation: “no income” never means “no paperwork.” Your statements are reviewed on every path.
Why Isn’t $1 Million in Assets a $1 Million Budget?
Because lenders do not count your assets at face value, and the same dollar cannot do two jobs. Your money has to cover the loan or the qualifying income, the down payment, and the closing costs. What remains after those jobs sets your real budget.
Picture a retiree in Columbus who sold a business and holds a brokerage account, some savings, and a rollover IRA. On paper, that is a seven-figure net worth. A lender reads it differently. The IRA may count at 90%, 100%, or 70%, depending on age and path. The brokerage account may count in full or at 80%. Savings usually counts in full.
Ohio changes none of the program figures. The numbers below are the same for an Ohio borrower as for anyone else, subject to underwriting and the lender’s own calculation. Local prices, insurance, and property taxes shape the payment. They never change the asset rules.
Which Path Fits You?
Pick the asset qualifier path if your assets can cover the whole loan. Pick the asset depletion path if you want to borrow against assets that exceed the loan. A borrower is qualified on one path at a time, never a blend of both.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Core idea | Assets cover the entire loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Purchase LTV | Up to 80% | Up to 80% (65% on investment property) |
| Refinance LTV | Up to 75% | 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Investment property | Not offered | Yes |
The depletion path’s 80% applies to a purchase or rate-and-term refinance on a principal residence or second home. A rate-and-term refinance changes the loan’s terms without pulling cash out. On the same path, investment property tops out at 65% on a purchase or rate-and-term refinance. The 60% figure on the table is the cash-out ceiling for all occupancies on that path. Cash-out proceeds never count as qualifying assets.
On the qualifier path, whether cash-out is allowed is set by the lender and is not published. Do not plan around it.
LTV means loan-to-value: the loan amount as a share of the property’s value. Every ceiling here is a maximum, not an offer.
How Does the Asset Qualifier Path Work?
The test is simple: your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. No employment or income is documented. Across the select programs in Lendmire’s wholesale network, this is the cleanest route for a cash-heavy borrower who wants a modest mortgage.
Here is how the credit works on this path. Brokerage accounts, certificates of deposit, money market accounts, and savings all count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and at 100% once you are 59½ or older. Accounts combine, so you can mix them.
Illustrative arithmetic, with the lender’s own calculation governing: a loan supported by $330,000 in brokerage accounts (100% counts $330,000), $300,000 in a 401(k) under 59½ (90% counts $270,000), and $200,000 in savings (100% counts $200,000) shows $800,000 of usable assets. That is reviewed on assets alone.
Run your own version with the same percentages. If most of your $1 million sits in brokerage, savings, and CDs, almost all of it counts. That does not mean you can buy a $1 million house, though. A purchase at 80% leverage means the loan is 80% of the price. You still owe the down payment and closing costs from somewhere. The lender’s calculation decides how those dollars are treated, so you cannot count the same dollar twice. The practical ceiling lands below the million-dollar mark. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Other terms on this path: a 600 minimum credit score, 60 days of seasoning, and two months of statements for each qualifying account. Seasoning means the money has sat in your account long enough to prove it is yours. Reserves are not required at or below 75% LTV, and above that the lender sets them. Housing history is typically 0x30x12, meaning no 30-day late payments in twelve months, though one late payment is considered case by case. All of this is subject to underwriting.
How Does the Asset Depletion Path Work?
This path divides your usable assets by 60 months to create monthly income. That income must then carry the full housing payment and your other debts through a debt-to-income test. It suits borrowers whose assets far exceed the loan and who want more flexibility, including on investment property.
The idea is not new. The OCC’s guidance on asset dissipation underwriting defines it as using an applicant’s assets to calculate a hypothetical cash annuity stream. It notes that the method is often used for high-net-worth applicants who hold significant liquid assets but lack cash flow under standard income rules. That matches the borrowers this path was built for.
Here is the program’s math, applied to $1 million as an illustration. Say you hold $500,000 in securities (80% counts $400,000) and $500,000 in cash (100% counts $500,000). Usable assets are $900,000. Divided by 60 months, that is $15,000 of monthly qualifying income.
That $15,000 is not your loan. It is the income a lender then tests against the full housing payment and other debts. Pricing the loan is a separate step. Your income looks smaller once a mortgage payment, insurance, taxes, and debts are tested against it, and the lender’s own calculation governs.
Minimums matter on this path. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They must also never fall below $250,000 liquid when asset depletion is your only income. A smaller loan lowers the bar to 1.25 times the loan, so $1 million of raw assets can clear the test even after haircuts. Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio. When it does, the minimum-assets rule is waived.
Your credit follows the lender’s matrix for score and loan size, and a first-time investor on this path needs a 700 score. Multiple bankruptcies are not eligible. A housing event such as a foreclosure needs four years of seasoning here. 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 common worry is that this path forces you to sell your portfolio. It does not. Statements Ready’s asset depletion explainer describes the method as a qualifying calculation in which nothing is sold or pledged.
What Counts, and What Doesn’t?
Cash and CDs count most. Retirement accounts and stock count less, and the haircut depends on the path. The table shows the share of each balance that counts, subject to underwriting.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Cash accounts / savings | 100% | 100% |
| Certificates of deposit | 100% | 100% |
| Brokerage / securities | 100% | 80% |
| Money market | 100% | Not published |
| Private stock | Not published | 75% |
| 401(k) / IRA | 90% under 59½, 100% after | 70% at any age |
| Real-estate equity | Not published | 60% |
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, and 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 documented route is converting them into a seasoned cash balance in a regulated account. The lender then reviews the source of those funds. Treat any quote that counts them at a percentage with suspicion.
One more rule matters when you mix funds. Down payment money cannot double as a qualifying asset. A law-firm review of federal supervisory findings reports that a non-QM lender may not count the down payment itself as an asset for ability-to-repay purposes. In practice, lenders subtract funds needed to close before they run the numbers.
What If You Want a Rental, Not a Home?
Then the better tool is often a DSCR loan, not an asset-based consumer mortgage. 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 means debt service coverage ratio: the property’s monthly rent divided by its monthly housing payment, which includes principal, interest, taxes, insurance, and any association dues. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your personal income is not the test. Credit and your liquid assets are still reviewed. Lendmire’s complete DSCR loans guide walks through the whole product.
So for a borrower with $1 million in assets and no paycheck, the DSCR route flips the question. Assets stop setting your price and start funding three things: the down payment, the closing costs, and reserves. Reserves are liquid funds the lender wants you to hold after closing. The rent, and the leverage you choose, set the ceiling. A bigger loan means a bigger payment, which pushes coverage down. That is the real limit on purchase size.
Most DSCR programs are built around coverage near or above 1.00x, where rent matches the payment. Programs below 1.00 are available through select lenders in the network, but the leverage and terms adjust. Putting more cash down shrinks the loan and improves coverage, which can open options a thin-rent property would not otherwise have.
Short-term rental rules can vary by city, county, HOA, and property type, so investors should confirm local rules before relying on projected rental income.
How do the three routes compare for a rental? This split is a common one across the network:
- Rent is strong relative to price. A DSCR loan usually fits better, because coverage does the work and your assets stay liquid.
- Rent is thin or the price is high. The asset depletion path can fit better, because your assets carry the payment instead of the property.
- The home is your residence. DSCR does not apply. You are on the asset qualifier or depletion path.
How Much Liquidity Do You Keep?
The answer is whatever the loan structure leaves behind, and that is the real tradeoff. The qualifier path asks for assets equal to the whole loan. That ties up a large share of your portfolio in documentation, though nothing is sold. The depletion path uses assets as an income yardstick, so you keep more control. It also has tighter leverage on investment property.
Both paths are documented. Retirees, business sellers, and inheritors are the common borrowers here. Their statements are clean and their incomes are not. Keep your funds in accounts that show a clear trail, and avoid moving money around mid-application, since unexplained transfers can complicate an otherwise clean file.
If you plan to sell investments to build the down payment, check the timing. Funds sitting in new accounts may not have the seasoning the program wants. Tax treatment varies; consult a qualified professional before selling investments to fund a purchase.
Key Terms Defined
Asset qualifier path: a loan qualified on assets alone, where eligible assets must cover the entire loan.
Asset depletion path: a loan qualified by converting usable assets, divided by 60 months, into monthly income.
Haircut: the share of an account’s balance a lender does not count, such as the 20% cut on securities on the depletion path.
Debt-to-income (DTI): monthly debts, including the new housing payment, compared to monthly income.
Seasoning: how long funds have been in your account, or how long ago a past credit event happened.
Reserves: liquid funds left after closing that a lender may require as a cushion.
Where Do Borrowers Get This Wrong?
Three mistakes show up again and again in files like this.
1. Treating net worth as a price tag. The assets set the loan or the income, not the home’s price. Work backward from what you want to borrow.
2. Counting assets the lender will not. Crypto, collectibles, and pledged funds are not published as eligible. Convert them to seasoned cash first.
3. Mixing the two paths. The asset qualifier path and the depletion path have different credit percentages and leverage. Treat each separately.
A fourth is quieter: assuming “no income” means “no documents.” Two months of statements per qualifying account is the floor on the qualifier path, and depletion statements must be at least 120 days old plus one within 45 days. Every asset is documented.
What Should You Do Next?
Start with a statement-level inventory: every account, its type, its age, and its owner. Mark which accounts are cash, securities, or retirement. Then decide what you are buying. A home to live in points to the asset-based consumer mortgage, and a rental points to DSCR. Run both paths against the same account list before choosing, because the better fit often depends on how your assets are split.
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 brokerage at 828-256-2183 or request a quote.
Frequently Asked Questions
Can I get a mortgage in Ohio with $1 million in assets and no job?
Yes, through select programs, subject to underwriting. Lendmire’s consumer mortgage lending covers 16 states, Ohio among them. On the asset qualifier path, your eligible assets must cover the whole loan. On the depletion path, your assets become qualifying income. Both require credit review and documented statements.
What credit score do I need?
The qualifier path’s published floor is 600, subject to underwriting. The depletion path follows the lender’s matrix for score and loan size, and a first-time investor on that path needs 700. Housing history is typically 0x30x12, with one recent late payment considered case by case. A credit check is part of the process either way.
Will my retirement account count as an asset?
Yes, at a haircut. On the qualifier path, a 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. Accounts combine, and the lender’s own calculation governs.
Can I use this to buy a rental property in Ohio?
Yes, in two ways. The depletion path allows investment property at up to 65% LTV on a purchase or rate-and-term refinance and 60% on a cash-out. A business-purpose DSCR loan is the other option and relies on the property’s rent. The asset qualifier path is for principal residences and second homes. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Do I have to sell my investments to qualify?
No. Both paths are qualifying calculations, and nothing is liquidated or pledged. The depletion path divides usable assets by 60 months to create income. The qualifier path counts eligible balances against the loan. You do need seasoned, documented funds for the down payment and closing costs.
For current guidelines and terms, see Lendmire’s asset-based mortgage programs page.
Lendmire’s asset-based mortgage in Ohio page presents the program for Ohio 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. OCC Bulletin 2019-36: Asset Dissipation Underwriting
2. Statements Ready: Asset Depletion Loan Explainer
3. CFS Review: CFPB Prohibits Considering Down Payments for Non-QMs
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 Florida and Buy a Home on Assets Before You Have Local Income? · How to Buy Before You Sell in Ohio Using an Asset Qualifier Mortgage · How Much Does a Michigan Retiree Need in Assets to Buy a Home Without Income?
Guides: Asset-Based Mortgage in Ohio
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.