The Quick Read: Yes, usually, when your savings are large enough and well documented: through select asset-based programs placed by Lendmire, a Florida borrower can qualify on eligible assets alone, or on income calculated from those assets, with no traditional personal-income documentation, pay stubs or employment verification, subject to underwriting. The assets are documented with statements, and every file is fully underwritten. Which path fits depends on whether your balances can cover the whole loan or need to be turned into monthly income.
- Assets cover the loan: on the asset qualifier path, usable assets must equal or exceed the entire loan amount, and no income is documented.
- Assets become income: on the asset depletion path, usable assets divided by 60 months become qualifying income that must carry the housing payment and your other debts.
- Not every dollar counts the same: cash counts at 100% on both paths, while securities, retirement accounts and other holdings are discounted.
- Florida doesn’t change the program figures: the property type and insurance picture change the file, not the asset rules.
- Credit and the property still matter: assets open the door, but they don’t replace a credit review.
What “No Income” Really Means to a Lender
A lender cannot ignore your ability to repay. It can measure that ability with assets instead of a paycheck. “No income” is shorthand for no employment income on file. The loan is still fully underwritten.
Picture a retiree who sold a business and holds most of her wealth in brokerage and savings accounts. Her documented income this year is close to zero. A big bank’s software sees a debt-to-income problem and stops. An asset-based program sees large, verifiable balances and asks a different question: can those balances carry this loan?
That is the whole idea. Income documentation gets swapped for asset documentation. You hand over statements instead of pay stubs. Nothing disappears, it just moves.
This fits a particular borrower. Think retirees, people who sold a business, recipients of an inheritance or settlement, early-retired professionals, and households that live off a portfolio. Their balances are large, and their taxable income is small or lumpy.
The Two Paths: Assets Cover the Loan, or Assets Become Income
There are two ways to qualify on assets, and a borrower is qualified on one path at a time. Across the lenders in Lendmire’s network, asset-based mortgage programs split into an asset qualifier path and an asset depletion path. Mixing their rules is the most common way to misjudge your own file.
| Item | Asset qualifier | Asset depletion |
|---|---|---|
| How you qualify | Usable assets cover the whole loan | Assets ÷ 60 months = income |
| Income documented | None | Derived income, tested against debts |
| Property use | Primary home or second home | Primary, second home, or investment |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | The lender’s matrix |
On the asset qualifier path, your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. 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, through select programs. Whether cash-out proceeds are allowed here is set by the lender, so ask before you plan around it.
On the asset depletion path, the lender converts usable assets into monthly income. That income then runs through the debt-to-income test with your proposed housing payment and other debts. Leverage depends on the 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 on this path.
These are ceilings, not offers. Pricing, overlays and final terms come from the lender that reviews your file.
Which Assets Count, and How Much of Each
Cash and brokerage balances count most. Retirement money and other holdings get discounted. The share of each balance that counts differs by path, so read the right table.
Asset qualifier path: share of the balance that counts.
| Asset | Counted |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) and IRA | 90% under 59½, 100% at 59½ or older |
Accounts combine. Balances from several accounts add together toward the loan amount.
Asset depletion path: share of the balance that counts.
| Asset | Counted |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts | 70% at any age |
| Real-estate equity | 60% |
Several things 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.
What about cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share? Neither path publishes them as eligible. Skip assuming they count at some percentage. The documented route is converting them into a seasoned cash balance in a regulated account, then letting the lender review the source of the money.
Two Worked Examples
Both examples below are illustrative. The lender’s own calculation governs your file.
Asset qualifier path. Say you want an $800,000 loan on a primary home. You hold $330,000 in brokerage accounts (counted at 100%, so $330,000). You hold $300,000 in a 401(k) and you are under 59½ (counted at 90%, so $270,000). You also hold $200,000 in savings (counted at 100%, so $200,000). Usable assets total $800,000. That equals the loan, so the file is reviewed on assets alone, subject to underwriting, with no income documented.
Asset depletion path. Say you hold $1,500,000 in securities (counted at 80%, so $1,200,000) and $300,000 in cash (counted at 100%). Usable assets total $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income test.
Notice the difference. The first example is a balance-sheet match. The second is an income test, and a heavy debt load can fail it even with large balances.
How Much Savings Do You Need?
On the qualifier path, your usable assets must at least equal the loan. On the depletion path, they must clear minimum thresholds and produce enough income. Here is a sizing method you can run yourself.
1. List every account with its balance and type.
2. Apply the share-counted percentages for the path you are testing.
3. Add the results.
4. On the qualifier path, compare the total to your target loan amount.
5. On the depletion path, divide the total by 60 for monthly income, then add up your proposed housing payment and other monthly debts to see whether that income can carry them.
The depletion path has minimums on top of the math. Qualified assets generally 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 need no less than $250,000 liquid. Asset-derived income can also supplement documented income, such as a pension, up to a 45% debt-to-income ratio. When it supplements income, the minimum-assets rule is waived.
Reserves are simpler. On the qualifier path, none are required at or below 75% loan-to-value, and above that the lender sets them. The depletion path publishes no reserve months.
Here is the catch most people miss. Down payment and closing funds interact with your qualifying balance in ways the lender decides, so raise that question before you pick a price range, not after.
Seasoning, Statements and Large Deposits
Your money needs a paper trail and some time in the account. Seasoning is the waiting period a lender wants funds to sit in your accounts before they count.
- Qualifier path: 60 days of seasoning, with two months of statements for each qualifying account.
- Depletion path: 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.
A big deposit that shows up last month will draw questions. A sale proceeds transfer, a gift from a relative or money moved from an unregulated account all need a source. Keep the sale contract, the settlement letter or the transfer record. Think of it as telling the story of each large dollar before the underwriter asks.
The assets are documented on both paths. Skipping income paperwork never turns into skipping paperwork.
Credit and Property Rules That Still Apply
Savings get you in the room, and credit decides how the file looks inside it. On the qualifier path, the published credit floor is 600. The depletion path follows the lender’s score and loan-amount matrix. A first-time investor on the depletion path needs 700.
Housing history is typically reviewed at 0x30x12. One 30-day late payment in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. On the depletion path, a housing event such as a foreclosure needs 4 years of seasoning.
Then comes the property. The lender reviews the appraisal and the collateral like any other mortgage. Programs change, and every file is underwritten individually. Nothing here is a commitment to lend.
What Changes in Florida, and What Doesn’t
The program figures stay the same in Florida. The property side is where Florida shows up. Lendmire’s consumer mortgage lending is licensed in 16 states, and Florida is one of them. The asset percentages, leverage ceilings and seasoning rules above do not shift by state.
What does change is the property you are buying. Condos get closer review of the association’s finances and rules. Wind and flood coverage vary a lot by location and affect the monthly obligation that the depletion path has to carry. Get the real insurance quote early. A payment that looked fine on an estimate can strain the debt-to-income test on the actual quote.
Florida homes are also often second homes or retirement purchases. Both fit this program, since principal residences and second homes are eligible on both paths. That makes it a natural fit for borrowers moving south with a portfolio and no paycheck.
Buying a Rental With Savings but No Paycheck
Investors have two options: use savings as the qualifier, or qualify the property instead. Many cash-rich investors have low taxable income because of write-offs, retirement or irregular business earnings. Conventional debt-to-income math punishes that.
The asset depletion path accepts investment property, at 65% leverage on a purchase or rate-and-term refinance and 60% on a cash-out refinance. A first-time investor needs a 700 score. Because the loan is business-purpose, it is reviewed differently from a standard owner-occupied mortgage. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Rental financing built on the property itself is a separate product. That route, known as DSCR, qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Your savings still matter there, because they fund the down payment and reserves. They just aren’t converted into income. If the rent covers the payment, that route may fit better. If the property is thin on rent or is a house you will live in, depletion is the cleaner path.
Why Lenders Are Allowed to Count Assets
Federal consumer-lending rules let a lender rely on assets, income or both. Under the ability-to-repay rule in Regulation Z, a creditor may base repayment ability on income from employment or other sources, on assets other than the dwelling securing the loan, or on both. The lender must verify whatever it relies on.
The rule also leaves room. The CFPB’s compliance guide notes that it sets no comprehensive underwriting standards. Creditors set their own, as long as they consider the eight listed factors and verify what they rely on. That is why asset-based guidelines differ from lender to lender.
None of this means anything goes. Educational explainers on non-QM lending make the same point: asset-based loans are structured, documented products. The loan is a consumer mortgage, so standard consumer disclosures apply.
Tradeoffs, and Who Should Skip This
Asset-based programs trade flexibility for cost and for locked-up liquidity. Be honest about the downsides.
- Your balances do the work. On the depletion path, 100% of cash counts but only 70% of retirement money does. A portfolio full of the wrong assets counts for less than it feels like it should.
- It may cost more than a conventional loan. If you can qualify conventionally, compare the two. A lower-cost standard loan beats a specialty one when it fits.
- Selling assets has consequences. If funding the purchase means selling securities, tax treatment varies; consult a qualified professional.
- Skip it if cash works better. Some borrowers are better off paying cash, buying with a larger down payment, or borrowing against a portfolio. Each has tradeoffs, and a mortgage keeps your investments invested.
Who is a poor fit? Anyone whose liquid assets fall below the minimums, or whose credit sits under the lender’s matrix. Anyone counting on crypto or a single concentrated, restricted stock position should talk to a broker first.
Key Terms Defined
Asset qualifier path: a way to qualify where your eligible assets must equal or exceed the whole loan amount, and no income is documented.
Asset depletion path: a way to qualify where usable assets divided by 60 months become monthly income that must carry your debts.
Seasoning: the time funds must sit in your accounts, backed by statements, before they count.
Usable assets: your balances after the percentage each asset type is allowed to count.
Debt-to-income (DTI): your monthly debts divided by your monthly income, which the depletion path runs on derived income.
Loan-to-value (LTV): the loan amount as a percentage of the property’s value.
Non-QM: a mortgage outside the standard agency box, with its own documentation rules.
What to Do This Week
1. Pull your last two statements for every account you might use.
2. Sort the balances by type and apply the percentages for each path.
3. Note any large deposits and gather the paper that explains them.
4. Check your credit report and your housing history.
5. Decide whether the property is a home, a second home or a rental.
6. Get a real insurance quote on the property you are considering.
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 team at 828-256-2183, or request a quote.
Frequently Asked Questions
Do I have to sell my investments to qualify?
No. The programs count your documented balances, and qualifying does not by itself require you to liquidate. You may still need to move some money for the down payment and closing costs. Those funds need a source the lender can review.
Can I combine a pension or Social Security with my savings?
Yes, on the asset depletion path. Asset-derived income can supplement documented income, up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does. The asset qualifier path documents no income at all.
Why did my bank decline me when I have so much money?
Large retail lenders typically run income-based debt-to-income math. A big balance with little taxable income can fail that test. Asset-based programs through select lenders measure the balances directly instead.
Does cryptocurrency or precious metals count?
Not directly. Neither path publishes those as eligible. The documented route is converting them to cash in a regulated account, letting it season, and having the lender review the source.
Can I use this for a second home or rental in Florida?
A second home is eligible on both paths. An investment property is eligible only on the asset depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out refinance, subject to underwriting.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida 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.
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References
1. CFPB Regulation Z §1026.43, ability-to-repay interpretive text
2. CFPB ATR/QM Small Entity Compliance Guide
3. accreditedschools.com: Non QM Loans Explained Bank Statement DSCR and Asset Based Loans
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 Florida Mortgage After Retiring With No W-2 Income · Can You Qualify for a Mortgage If Your Income Is in a Foreign Currency? · How to Refinance a Pennsylvania Mortgage After Retiring With No W-2 Income
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.