The Quick Read: Yes, through asset-based mortgage programs, a Colorado borrower with large savings and little or no documented income can qualify, because select lenders in Lendmire’s network either count eligible assets against the whole loan or convert them into monthly qualifying income, with no traditional personal-income documentation, pay stubs or employment verification, subject to underwriting. Your statements still get documented, and every file is fully underwritten.
- Asset qualifier path: eligible assets must cover the entire loan, and no employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which then runs through a debt-to-income test.
- Leverage: up to 80% on a purchase on the qualifier path, and up to 80% on a purchase of a principal residence or second home on the depletion path.
- Colorado fit: consumer mortgage lending through Lendmire is licensed in Colorado, so the program applies to Front Range primary homes and mountain second homes, subject to lender guidelines.
What Does “No Income” Mean to a Lender?
A lender does not need a paycheck to see that you can repay. It needs proof that you can, and a large, seasoned balance in a regulated account is proof. The program is built for people whose balances are large and whose documented income is small.
That describes retirees, people who just sold a business, and heirs. It also describes anyone who received a legal settlement, took early retirement, or lives off a portfolio.
Be precise about your own situation. Three different borrowers get lumped together under “no income.” One has truly zero income. One has low income on paper because of write-offs or a gap in employment. One has plenty of money but cannot show it as a salary. Asset-based programs are designed for all three, but the path you use depends on how much you hold and how much you want to borrow.
Lendmire is a broker, not a lender. It places asset-based files with select lenders in its wholesale network, and those lenders review and decide each loan.
Which Path Fits You?
Across the network, a borrower is reviewed on one path at a time, and the two paths never blend. Here is how they compare.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Core idea | Assets cover the whole loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Debt-to-income test | Not applied; review rests on assets | Applied to derived income |
| Max leverage, purchase | 80% | 80% (home); 65% (investment) |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
Pick the qualifier path if your usable assets equal or exceed the loan. Pick the depletion path if your assets are large but fall short of the loan, so the monthly income they generate has to carry the payment. All figures here are ceilings and floors through select programs, never offers, and remain subject to underwriting.
How the Asset Qualifier Path Works
The rule is simple: your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. Nobody documents employment or income. On a principal residence or second home, leverage runs up to 80% on a purchase and up to 75% on a refinance, subject to underwriting. Whether cash-out proceeds are allowed on this path is set by the lender and is not published.
Credit counts here, with a 600 minimum score. Housing history is expected to be clean, meaning 0x30x12, although one 30-day late in the last twelve months is considered case by case. Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them.
Here is an illustrative example, and the lender’s own calculation governs. Picture an $800,000 loan. The borrower holds $330,000 in brokerage accounts, which count at 100%. They hold $300,000 in a 401(k) while under age 59½, which counts at 90% or $270,000. They also hold $200,000 in savings at 100%. That is $800,000 of usable assets, so the borrower is reviewed on assets alone, subject to underwriting.
Accounts combine, so you do not need one giant balance in one place.
How the Asset Depletion Path Works
This path turns assets into income. The lender applies a haircut to each asset type, adds up the usable total, and divides by 60 months. The result is a monthly qualifying income that must carry the full housing payment and your other debts through the debt-to-income test.
An illustrative example follows. Say a borrower holds $1,500,000 in securities, which count at 80% or $1,200,000. They also hold $300,000 in cash at 100%. That is $1,500,000 of usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income. That figure then carries the housing payment and other debts through the test. Your assets stay where they are, because the math only converts them into notional income.
Some lenders outside this network stretch the divisor much longer, which shrinks the income considerably. Always ask which divisor a program uses before comparing offers.
Leverage on this path varies by property:
- Principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Investment property: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Cash-out proceeds: never count as qualifying assets.
The minimums are real. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you also need at least $250,000 liquid. The credit floor follows the lender’s matrix. A first-time investor on this path needs a 700 score, and a housing event needs 4 years of seasoning.
Have some income too? Asset-derived income may 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?
The two paths treat accounts differently, so match the table to your path before you add anything up.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Brokerage / securities | 100% | 80% |
| Private stock | Not published | 75% |
| 401(k) / IRA | 90% under 59½; 100% after | 70% at any age |
| Real-estate equity | Not published | 60% |
Some items do not count on the depletion path. These include 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.
Crypto, precious metals and collectibles are not published as eligible on either path. Business account balances beyond your ownership share and borrowed or pledged funds fall in the same category. 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.
Seasoning and Sourcing Your Savings
Seasoning is how long money has sat in an account before the lender counts it. It is where many files stall.
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. Sale-of-business, inheritance and legal-settlement funds are excused from that depletion-path seasoning, though the lender still reviews them.
A large recent deposit usually needs a paper trail. Expect to explain where it came from. Federal ability-to-repay rules require a consumer lender to verify any assets it relies on with reliable third-party records, and account statements are that evidence. A trade commentary on non-QM lending also notes that the rule still calls for considering debt-to-income or residual income. That tension is why the depletion path runs derived income through a debt-to-income test.
If retirement money is part of your plan, tax treatment can depend on how the funds are used and how the property is held. Keep clear records and speak with a qualified tax professional before relying on any deduction.
Can You Use This to Buy a Rental?
Yes, but only on the depletion path, at the lower investment-property leverage listed above. Rent does not qualify the loan here. Your assets do.
Investor loans are a different animal. Business-purpose investor loans are reviewed differently from a standard owner-occupied mortgage. A lender decides case by case whether a loan’s primary purpose is exempt, so do not assume every rental qualifies as business-purpose.
If your goal is a pure rental purchase and you would rather not qualify on personal assets at all, a DSCR loan is the other route. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Your savings still matter there, since they fund the down payment, closing costs and reserves.
Colorado Considerations
The program figures do not change by state. What changes is the property and the context. Colorado is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, so a Colorado borrower is within the states where Lendmire can work with consumers.
Front Range primary homes and mountain second homes both fit the program’s occupancy categories. Whether a specific condo, resort-area unit or unusual property type is eligible is set by the lender’s property guidelines. Ask early, before you fall in love with a listing.
Local taxes, insurance and prices vary by county. Treat them as context for your budget, not as program terms.
Is This Right for You?
It fits you if you are asset-rich and income-light, and you can document where the assets came from.
It is probably the wrong tool in a few cases:
- Your assets are mostly crypto, collectibles or business accounts. Convert them to seasoned cash first, or choose another route.
- Your balances are new and unsourced. Wait for seasoning, or gather paper on the source.
- Your credit is below the floor. The qualifier path has a 600 minimum, and the depletion path follows the lender’s matrix.
- You can get a conventional loan on your income. Asset-based loans generally cost more and ask for bigger down payments than conventional loans, so use them when you actually need them.
Alternatives include a larger down payment, a co-borrower with income, or waiting until a statement history seasons. Ask a broker to compare options before you pick one.
Common Misconceptions
“Light on income paperwork means light on paperwork.” Not true. Expect credit, an appraisal, ID, and full statements for every qualifying account.
“Assets don’t need to be verified.” They do. The lender documents every asset it relies on.
“Asset depletion means selling my investments.” It does not. Your assets stay in place, and the math only turns them into notional income.
“All asset loans use the same math.” They do not. Divisors and haircuts vary by program, and a longer divisor can shrink qualifying income substantially.
“Asset-based loans and DSCR loans are the same product.” They are not. One is reviewed on your assets and the other on the property’s rent.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, must cover the entire loan.
Asset depletion: a path where usable assets divided by 60 months become qualifying monthly income.
Haircut: the share of an account’s balance a lender discounts, so a 70% treatment counts $0.70 of every dollar.
Seasoning: the time funds must sit in an account before the lender counts them.
Debt-to-income (DTI): your monthly debts divided by your monthly income, which lenders use to test repayment ability.
Non-QM: a mortgage that falls outside standard agency guidelines and is underwritten on its own terms.
Frequently Asked Questions
Do I need traditional personal-income documentation?
No. Asset-based programs do not ask for traditional personal-income documentation, pay stubs or employment verification. You do provide statements, credit and property documents, and the lender fully underwrites the file.
Can I use a 401(k) or IRA?
Yes, with different treatment by path. On the qualifier path, balances count at 90% under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age, subject to underwriting.
Does this work for a second home in the mountains?
Yes, second homes are an eligible occupancy type on both paths. Leverage limits are the same as for a principal residence, and property eligibility, such as condos, depends on the lender’s guidelines.
Do I have to sell my investments?
No. The lender counts them where they sit. Cash-out proceeds from a refinance never count as qualifying assets on the depletion path.
What credit score do I need?
The qualifier path publishes a 600 minimum. The depletion path follows the lender’s matrix, and a first-time investor there needs 700. Approval is never promised, and every file is reviewed individually.
Next Steps
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 programs based on your statements, the property, credit profile, leverage, and your goals.
In a state where home prices and second-home demand run high, a well-seasoned balance is often the strongest document a borrower can bring.
Lendmire’s asset-based mortgage in Colorado page presents the program for Colorado 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.
Investors who want the broader program framework can review how DSCR loans work.
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References
2. CFS Review, non-QM loans under the ability-to-repay rule
3. CFPB, Regulation Z §1026.3 commentary
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 to Refinance a Michigan Mortgage After Retiring With No W-2 Income · How to Refinance a Mortgage After Retiring With No W-2 Income · How to Refinance a Georgia Mortgage After Retiring With No W-2 Income
Guides: Asset-Based Mortgage in Colorado
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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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.