The Quick Read: Yes, usually, when your eligible assets either cover the entire loan or convert into qualifying income, because a New Mexico paycheck is not required on an asset-based mortgage, though every file is still fully underwritten, your assets are documented with statements, and approval is subject to lender guidelines. Lendmire arranges these loans through asset-based mortgage programs placed with select lenders in its network. You skip traditional personal-income documentation, pay stubs and employment verification, but you do not skip paperwork.
- The loan can be a principal residence or a second home on either path, and an investment property on one path only.
- On the asset qualifier path, your usable assets must equal or exceed the whole loan, and no income is documented.
- On the asset depletion path, your usable assets divided by 60 months become your monthly qualifying income.
- Statements must be seasoned, meaning the money has been sitting in your accounts, so move funds before you start house-hunting.
- A rental you will not live in usually belongs on a different loan type, covered below.
Key Terms Defined
Usable assets: The share of each account balance that a lender counts after applying its credit percentage. A balance of $100,000 in an account counted at 90% adds $90,000.
Loan-to-value (LTV): The loan amount as a percentage of the home’s value or price.
Seasoning: How long money has been in your account before the lender counts it. Lenders use it to confirm the funds are really yours.
Debt-to-income ratio (DTI): Your monthly debts, including the new housing payment, divided by your monthly income.
Reserves: Cash left over after closing, held as a cushion for the loan payments.
Principal residence and second home: A principal residence is where you live most of the year. A second home is a home you occupy for part of the year, in addition to your main one.
Business-purpose loan: A loan taken to buy or hold property as an investment, such as a rental you will not live in.
How Does Qualifying on Assets Work With No New Mexico Job?
You qualify on one of two paths, and a borrower is reviewed on only one path at a time. Which one fits depends on how big your balances are relative to the loan and whether you want income to enter the picture at all.
The asset qualifier path is the simplest. Your eligible assets, after the credit percentages in the next section, must equal or exceed the entire loan amount. No employment or income is documented. Leverage runs up to 80% LTV on a purchase and 75% on a refinance, on a principal residence or second home. Loans go up to $4,000,000, subject to underwriting. The minimum credit score is 600. No reserves are required at or below 75% LTV, and above that the lender sets them. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
The asset depletion path turns assets into income. The lender takes your usable assets, divides them by 60 months, and treats the result as monthly qualifying income. That income then has to carry the full housing payment and your other debts through the debt-to-income test. Loan amounts run from $125,000 to $3,500,000. The credit score requirement follows the lender’s own score and loan-amount matrix. A first-time investor on this path needs a 700.
Neither path ignores your credit. Housing history should show 0x30x12, though one 30-day late payment in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. A housing event such as a foreclosure needs 4 years of seasoning on the depletion path.
Across the wholesale network, the qualifier path is the better fit when you have more liquid assets than the loan balance. The depletion path suits a borrower whose balances are large but not quite large enough to cover the loan outright. It also suits a borrower who wants the assets to count as income alongside other documented income.
Which Assets Count, and How Much?
The two paths treat the same account differently. A brokerage account counts at full value on the qualifier path and at 80% on the depletion path, so never blend the two columns.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage / securities | 100% | 80% |
| Certificates of deposit | 100% | 100% |
| Savings, money market, cash | 100% | 100% (cash accounts) |
| 401(k) / IRA | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not published | 75% |
| Real-estate equity | Not published | 60% |
On the qualifier path, accounts combine. You can stack brokerage, savings and retirement balances to reach the loan amount.
Several assets do not count 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.
Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. The documented route is to convert them into a seasoned cash balance in a regulated account, and the lender reviews where the money came from. Cash-out proceeds from another loan never count as qualifying assets on the depletion path.
A Worked Example
Picture a retired couple selling their home in another state and heading for the New Mexico high desert with no local job and no plans for one. These numbers are modeled, and the lender’s own calculation governs.
Qualifier path. Say they want an $800,000 loan. They hold $330,000 in brokerage accounts (counted at 100%, so $330,000), $300,000 in a 401(k) while under 59½ (counted at 90%, so $270,000), and $200,000 in savings (counted at 100%, so $200,000). That totals $800,000 of usable assets, which matches the loan amount. They qualify on assets alone, subject to underwriting, credit and the property.
Depletion path. Now say a borrower holds $1,500,000 in securities (counted at 80%, so $1,200,000) and $300,000 in cash (counted at 100%). That is $1,500,000 usable, and dividing by 60 months gives $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the debt-to-income test.
On the depletion path, qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income source, you also need at least $250,000 in liquid assets. Asset-derived income can instead supplement documented income, up to a 45% debt-to-income ratio, and in that case the minimum-assets rule is waived.
Is It a Home You Will Live In, or a Rental?
The occupancy you declare decides the loan, and it can be a point of confusion for relocators.
A principal residence or second home can use either path, with these ceilings, all subject to underwriting:
- Qualifier path, principal residence or second home: 80% LTV on a purchase and 75% on a refinance.
- Depletion path, principal residence or second home: 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
An investment property is available only on the depletion path. Leverage is 65% LTV on a purchase or rate-and-term refinance and 60% on a cash-out. The loan is business-purpose, so it follows investor rules rather than consumer-mortgage rules. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
For most pure rentals, though, many borrowers look at a DSCR loan instead. That is a separate investor program that qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. 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.
That distinction has a hard edge. Under the federal rule on business-purpose credit, buying a rental you will not occupy is treated as business purpose. The same rule says the special treatment does not apply if you expect to occupy the property more than 14 days in the coming year. If you plan to live in the home, use a consumer path.
| Option | What the lender looks at | Best fit |
|---|---|---|
| Asset qualifier | Assets cover the whole loan | Home you will live in; large liquid balances |
| Asset depletion | Assets converted to income | Home you will live in or a rental; big portfolios |
| Bank statement program | Income shown by deposits | Self-employed with deposit history |
| DSCR | Rent covering the payment | Rental you will not live in |
| Conventional | Pay stubs, W-2s, traditional personal-income documentation | Borrowers with a documented job |
The conventional row describes loan rules, not this program’s. The bank statement program is for borrowers who document income with deposits, which is the opposite of your situation if you have none yet.
What You Still Document
Skipping income documents does not mean skipping documents. Because the program is a consumer mortgage for a principal residence or second home, consumer mortgage disclosures apply. The lender must also make a good-faith review of your ability to repay, as the federal ability-to-repay rule requires of consumer mortgage lenders. On the qualifier path, that review rests on your assets. A real-estate education explainer makes the same point: non-QM does not mean no rules.
Here is what the file typically needs:
- Qualifier path statements: two months of statements for every qualifying account, and 60 days of seasoning.
- Depletion path statements: statements 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.
- Credit: a full credit review against the minimums above, subject to lender guidelines.
- Source of any large deposit: money moved from your old state needs a clear paper trail.
This is where relocators get tripped up. If you sell your old home and park the proceeds in a new account, those funds need to have a documented source. A big, recent transfer between your own accounts is easy to explain when the paper trail is clean. It slows everything down when it is not.
The Order of Operations
Relocating without local income changes the sequence, because the financing has to be settled before you commit to a house.
1. Before you move. Gather statements for every account you plan to count. Confirm which path fits by checking your balances against the loan amount you want. Move funds into regulated accounts now if you need seasoning.
2. While house-hunting. Tour remotely or on visits, and work with an agent who knows the New Mexico region you are considering. Decide whether the home will be your principal residence, a second home or a rental, because that choice sets the loan.
3. Under contract. Your lender reviews the property and your documents. Inspection, appraisal and title run the same way as for any buyer, and most of it can be done from a distance.
4. At closing and move-in. Keep the qualifying accounts intact until the loan closes. A withdrawal for moving costs can change the number the lender sees.
Consumer lending through Lendmire is licensed in 16 states, and New Mexico is one of them. The program figures here do not change by state.
New Mexico Notes for a Relocating Buyer
New Mexico gives you real choices: Albuquerque for a larger metro with the widest housing stock, Santa Fe for a smaller historic market, and Las Cruces for the southern part of the state. Price levels differ a lot between them, and they change, so check local listings rather than relying on statewide averages.
Wildfire and flood exposure vary by property, and so does insurance availability. Treat that as a property-selection question to settle before you commit.
The two asset paths work the same in each state.
Mistakes That Cost Relocators
Most problems come from timing and from mixing up the paths, not from the assets themselves.
Draining the accounts that qualify you. Paying for a moving truck, a deposit and a car from the same brokerage account can pull your usable total below the loan amount. The stronger play is to hold the qualifying accounts untouched and pay moving costs from a separate account.
Mixing the two tables. Counting your brokerage account at 100% and then dividing by 60 months combines two paths. Pick one path and use its percentages.
Treating a rental like a home. If you intend to rent it out, choose a business-purpose loan. If you intend to live there, choose a consumer loan. Declaring one and doing the other is a problem for you and the lender.
Waiting on seasoning. On the qualifier path you need 60 days of seasoning, and on the depletion path statements must be at least 120 days old at application. Moving money late can push your start date back.
Assuming approval. The leverage and amount figures are ceilings, never offers. Credit, property and the lender’s review decide the result. Tax treatment varies, so consult a qualified professional before relying on any deduction.
Choosing between the asset-depletion path and the asset-qualifier path can be a genuine toss-up for some borrowers: the depletion path sets a lower leverage ceiling on a cash-out, but it can work when balances fall short of the whole loan. If you hold more than the loan amount in eligible assets, the qualifier path is usually the simpler file. If you hold less, depletion may be the only asset route.
Frequently Asked Questions
Can I buy before I have a job in New Mexico?
Yes, on an asset-based mortgage you can buy with no New Mexico job, because the qualifier path documents no employment or income and the depletion path derives income from your assets. You still need credit that meets the program minimums and documented, seasoned statements. Approval is subject to underwriting.
Do I need a lender licensed in New Mexico?
Yes, a consumer mortgage on a New Mexico home needs a lender that can lend in the state. Lendmire is licensed for consumer mortgage lending in New Mexico, among 16 states, and places files through select lenders in its network. Your agent and title company are separate from the lender and handle the local closing logistics.
Does my retirement account count as an asset?
Yes, on both paths, but at different percentages. On the qualifier path, a 401(k) or IRA counts at 90% if you are under 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. Accounts combine on the qualifier path.
Can I use this program to buy a rental in New Mexico?
Only on the asset depletion path, which allows investment property at 65% LTV on a purchase and 60% on a cash-out. Many rental buyers choose a DSCR loan instead, which qualifies primarily on the property’s rental income, subject to lender guidelines. The right fit depends on your assets, credit and the property.
Is this a no-documentation loan?
No, every file is fully underwritten, and your assets are documented with statements. What you skip is traditional personal-income documentation, pay stubs and employment verification. The lender still reviews your credit, the property and the source of your funds.
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.
Lendmire’s asset-based mortgage in New Mexico page presents the program for New Mexico borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages for self-employed and high-net-worth borrowers are arranged through wholesale lenders on primary residences, second homes and investment properties; every file is underwritten by the lender under its program guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Investors who want the broader program framework can review how DSCR loans work.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. CFPB Reg Z § 1026.3 and commentary
2. Federal Register, CFPB Ability-to-Repay and Qualified Mortgage final rule
3. Accredited Real Estate Schools non-QM explainer
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 Tennessee and Buy a Home on Assets Before You Have Local Income? · Can You Refinance a Michigan Home on Assets When Your Income Stops? · How Snowbirds Get a Mortgage on a Winter Home Without Income
Guides: Asset-Based Mortgage in New Mexico
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.