The Quick Read: Yes, through asset-based programs, subject to underwriting. The loan is fully underwritten, but it is reviewed on documented savings instead of a paycheck, with no traditional personal-income documentation, pay stubs or employment verification. One path lets eligible assets cover the whole loan. The other turns assets into a monthly qualifying income.
- Asset qualifier path: usable assets must equal or exceed the entire loan. No income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which runs through the debt-to-income test.
- Leverage: up to 80% on a purchase on the qualifier path. On the depletion path, up to 80% on a purchase of a principal residence or second home.
- Credit: a 600 minimum score on the qualifier path. The depletion path follows the lender’s matrix.
- Documents: the assets are verified with statements. “No income” never means “no documentation.”
Through select programs in Lendmire’s wholesale network, a Washington borrower with large balances and little documented income has two workable routes. This article explains both, the asset percentages, the statement rules, and when neither one fits.
Who This Is For
Retirees living on a portfolio. Owners who just sold a business. Anyone who received an inheritance or a legal settlement. Early-retired professionals. These borrowers often hold seven figures and show almost no taxable income.
A standard mortgage reads that profile badly. Pay stubs and traditional personal-income documentation says one thing and the brokerage statement says another. Asset-based programs read the statement.
This is a consumer mortgage on a principal residence or second home. Washington’s program figures match every other state in the footprint. State facts such as taxes, insurance and local prices are context, not program parameters.
Two Paths, One at a Time
A borrower is reviewed on one path per loan. Never blend the two tables. Here is how they differ.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Cover the entire loan | Become monthly income |
| Income documented | None | Derived from assets |
| Purchase leverage | Up to 80% | Up to 80% (home), 65% (investment) |
| Refinance leverage | Up to 75% | Up to 80% rate-and-term, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | Lender’s matrix |
The depletion-path leverage figures on a principal residence or second home are 80% on a purchase or rate-and-term refinance and 60% on a cash-out. On an investment property they are 65% and 60%. Cash-out proceeds never count as qualifying assets. All figures are ceilings, subject to underwriting.
How the Asset Qualifier Path Works
The test is simple. After the credit percentages below, eligible assets must equal or exceed the whole loan amount. Employment and income are not documented. The lender’s review of repayment ability rests on the assets.
Brokerage accounts, certificates of deposit, money market and savings count at 100%. Retirement accounts (401(k) and IRA) count at 90% under age 59½ and 100% at 59½ or older. Accounts combine.
Take an $800,000 loan. Say the borrower has $330,000 in brokerage accounts (counted at 100%), $300,000 in a 401(k) under 59½ (counted at 90%, or $270,000) and $200,000 in savings (100%). That is $800,000 of usable assets. The borrower is reviewed on assets alone, subject to underwriting. The lender’s own calculation governs.
Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them.
How the Asset Depletion Path Works
This path converts assets into income. Usable assets are divided by 60 months. The result must carry the full housing payment and other debts through the debt-to-income test.
Here the haircuts are steeper. Cash accounts and certificates of deposit count at 100%. Securities count at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%.
Run the numbers on $1,500,000 in securities (80%, or $1,200,000) plus $300,000 in cash (100%). That is $1,500,000 usable. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test. The illustration is not an offer.
Minimums are higher on this path. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When assets are the only income source, liquid assets can’t fall below $250,000. If a borrower has some documented income, asset-derived income may supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Which Assets Count and Which Don’t
Not every dollar helps. On the depletion path, these are 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
Cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share, and pledged or borrowed funds are not published as eligible on either path. Don’t count on them. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Do You Have to Sell Your Investments?
No. On the qualifier path the lender counts the balance, and the money stays where it is. On the depletion path the 60-month division is arithmetic, not a withdrawal schedule. The portfolio stays invested.
One caution: cash-out proceeds from a refinance never count as qualifying assets on the depletion path.
Statements, Seasoning and the Stall Points
The assets are documented on both paths. The loan is reviewed on verified assets rather than income documentation, subject to lender guidelines.
On the qualifier path, funds need 60 days of seasoning 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.
Here’s where files stall. An unexplained large deposit. A transfer between accounts that doesn’t trace cleanly. A missing page in a statement. Underwriters ask about each one. Pull every page, and keep a paper trail for any recent transfer.
Credit still matters. The qualifier path sets a 600 floor, and the depletion path follows the lender’s matrix. A first-time investor on the depletion path needs 700. Housing history is typically 0x30x12, and 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.
Why This Is Not a “No-Doc” Loan
Old no-doc loans skipped verification of anything. These programs don’t. Federal ability-to-repay rules require a lender to consider income or assets, and only the income or assets actually used to qualify need to be verified. Asset-based underwriting verifies assets in full. The loan is a consumer mortgage, so consumer disclosure rules apply.
Primary Home, Second Home or Investment Property?
Both paths cover a principal residence or second home. Investment property is available only on the asset depletion path, at lower leverage. Those loans are business-purpose.
For rentals that cover their own payment, DSCR is the usual route, and the property’s rent drives lender review. Business-purpose credit is treated differently from a standard consumer mortgage. Lendmire’s asset-based mortgage program page covers the program itself.
How It Compares
A bank statement loan fits borrowers who document income through deposits, such as the self-employed. DSCR fits business-purpose rental financing. Conventional and jumbo loans, under their own rules, expect pay stubs or traditional personal-income documentation. A HELOC or bridge loan taps existing equity and is a different tool.
Asset-based programs fit when balances are large and documented income is thin. They are the wrong fit for someone with modest savings, since the minimum-asset floors are real.
Washington Context
The program figures do not change by state. What changes is the price point. Washington home prices often push a loan toward the upper tiers, so the 80% purchase ceiling and the loan-amount caps matter. Work out the usable-asset total before you shop. Lendmire’s consumer mortgage lending is licensed in 16 states, Washington among them. Lendmire is the broker, and loans are placed through select lenders in its network.
Tax treatment varies; consult a qualified professional.
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.
Key Terms Defined
Asset qualifier: a path where eligible assets cover the entire loan and no income is documented.
Asset depletion: a path where usable assets divided by 60 months become qualifying income.
Seasoning: the length of time funds must sit in an account before they count.
Haircut: the share of an asset’s balance that is discounted, so only the rest counts.
Frequently Asked Questions
Can I qualify if I have zero income?
Yes, on the asset qualifier path, subject to underwriting. Eligible assets must cover the whole loan, and no income is documented. The lender still reviews credit and verifies every account with statements.
Do retirement accounts count?
Yes. On the qualifier path, 401(k) and IRA balances count at 90% under 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age.
What is the highest loan amount?
Up to $4,000,000 on the asset qualifier path. On the depletion path, loans run from $125,000 to $3,500,000. Both are ceilings, subject to underwriting.
Does this work for a rental property?
Only on the asset depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. A rental that covers its own payment often fits DSCR instead.
Is a credit check required?
Yes. The qualifier path sets a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix.
Lendmire’s asset-based mortgage in Washington page presents the program for Washington 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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References
1. CFPB ATR/QM Compliance Guide
2. CFPB Regulation Z §1026.3 Exempt Transactions
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 Qualify for a Mortgage If Your Income Is in a Foreign Currency? · How to Refinance a Florida Mortgage After Retiring With No W-2 Income · Can You Get a Mortgage in Virginia With No Income but a Lot of Savings?
Guides: Asset-Based Mortgage in Washington
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.