The Quick Read: Yes, through select asset-based programs, you can refinance a Virginia home on savings and investments instead of a paycheck, because the lender documents your accounts rather than your employment, subject to underwriting.
- Path one, asset qualifier: eligible assets must cover the entire loan, and no employment or income is documented.
- Path two, asset depletion: usable assets divided by 60 months become monthly qualifying income, which then runs through the debt-to-income test.
- Leverage: on the qualifier path, up to 75% on a refinance of a principal residence or second home. On the depletion path, up to 80% on a rate-and-term refinance and 60% on a cash-out refinance for those same homes.
- Documentation: you skip traditional personal-income documentation, pay stubs and employment verification. You do not skip statements, credit review or underwriting.
Retirees, business sellers and people living on a portfolio are the usual fit. Everything below is subject to underwriting and the lender’s own calculation.
Why Does Losing Income Change the Review?
A lender must see a believable way for you to repay. A paycheck is one proof. A large, seasoned pool of liquid assets is another. Asset-based programs run on the second proof.
Many borrowers assume a refinance needs a job. For a conventional file, that is mostly true. The lender wants pay stubs, traditional personal-income documentation and an employer to call. Once the paycheck stops, that checklist has nothing to check.
Asset-based mortgage programs exist for exactly this gap. Across the wholesale network where Lendmire places these files, they fit retirees, people who just sold a business, and recipients of an inheritance or a settlement. They also fit early-retired professionals. These households have big balances and little documented income.
Lendmire is a broker. It arranges these loans through select lenders, and those lenders review eligibility and approve. Lendmire’s asset-based mortgage program page lays out the loan options. The consumer mortgage lending behind this program is licensed in 16 states, and Virginia is one of them.
Which Path Fits You?
Pick the path first. The two paths use different leverage, different asset percentages and different tests. A borrower is reviewed on one path at a time, so never blend the two tables.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| Core test | Assets cover the whole loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Divisor | None | 60 months |
| Refinance leverage | Up to 75% | Up to 80% rate-and-term |
| Cash-out | Set by lender, not published | Up to 60% |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | The lender’s matrix |
The qualifier path is the cleaner fit when your balances are large relative to the loan. The depletion path fits when you need a monthly income figure, or when you want cash out. It also covers an investment property, which the qualifier path does not.
Use the qualifier path when your eligible assets, after the percentages below, equal or exceed the whole loan. Use the depletion path when they do not, but your usable assets still divide into enough monthly income to carry the housing payment and your other debts.
Which Assets Count, and How Much?
Cash-like assets count at full value on both paths. Everything else is trimmed by a percentage, and the trim differs by path. The figures below are typical ceilings from select programs, subject to underwriting.
| Asset | Qualifier Path | Depletion Path |
|---|---|---|
| Savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Brokerage accounts | 100% | 80% (securities) |
| Private stock | Not listed | 75% |
| 401(k) and IRA | 90% under 59½, 100% at 59½+ | 70% at any age |
| Real-estate equity | Not listed | 60% |
Accounts combine, so you can mix a brokerage account, a retirement account and savings toward one total.
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.
- 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 to convert them into a seasoned cash balance in a regulated account. The lender then reviews where the money came from.
One point trips people up. The home you are refinancing does not serve as the qualifying asset for the loan against it. Federal ability-to-repay rules exclude the dwelling securing a consumer loan from the assets a lender may rely on, as the CFPB’s ability-to-repay rule spells out. Real-estate equity appears in the depletion table above only as a reduced-value asset, and that equity comes from property other than the one securing the loan.
What Does the Math Look Like?
The math is simple division after the percentages. The examples below are illustrative, and the lender’s own calculation governs.
Qualifier example. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, $300,000 in a 401(k) and $200,000 in savings. You are under 59½.
- Brokerage counts at 100%, which is $330,000.
- The 401(k) counts at 90% under 59½, which is $270,000.
- Savings counts at 100%, which is $200,000.
- Usable assets total $800,000, which equals the loan.
That file is reviewed on assets alone, with no employment or income documented. The lender still reviews credit and the property, subject to underwriting.
Depletion example. Say you hold $1,500,000 in securities and $300,000 in cash.
- Securities count at 80%, which is $1,200,000.
- Cash counts at 100%, which is $300,000.
- Usable assets total $1,500,000.
- Divided by 60 months, that is $25,000 of monthly qualifying income.
That figure then carries the housing payment and your other debts through the debt-to-income test. Larger debts eat the income quickly on paper, so the test can fail even when the balances look big.
Two cautions apply. A shorter divisor produces more income from the same assets, so the divisor decides the outcome. Other programs use much longer periods, and a borrower comparing offers should ask which divisor each one uses. Also, cash-out proceeds never count as qualifying assets on the depletion path, so you cannot borrow your way into the next qualification.
What Seasoning and Minimums Apply?
Seasoning is the waiting period an asset must sit in your account before it counts. The two paths measure it differently.
- Qualifier path: 60 days of seasoning, plus 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.
The depletion path also has asset minimums. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. When assets are your only income source, you need no less than $250,000 liquid. If asset income only supplements documented income, it can do so up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Credit still matters. The qualifier path publishes a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix, and a first-time investor on that path needs 700. Housing history is 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. A housing event needs four years of seasoning on the depletion path.
Reserves also differ. The qualifier path requires none at or below 75% loan-to-value, and above that the lender sets them. The depletion path publishes no reserve months.
What About the Timing Problem?
Refinance while your assets are intact and well seasoned. The program does not care much whether your paycheck stopped last week or last year. It cares whether the balances are real, documented and old enough.
Three timing traps show up often:
- Moving money. A transfer between accounts can restart the clock on seasoning. Leave accounts alone once you decide to apply, and talk to your broker before you move anything.
- Double-counting. Money you spend on closing costs or a down payment leaves the pool. On the qualifier path, a drop of a few percent can push usable assets below the loan amount. On the depletion path, it shrinks the monthly income the same way.
- Selling assets mid-file. Selling a stock position to raise cash changes its percentage. A brokerage balance counts at 80% on the depletion path, but cash counts at 100%. The sale can help or hurt depending on the path.
Retirement accounts deserve extra care. A withdrawal can trigger penalties or income, and tax treatment varies; consult a qualified professional. The qualifier path only needs the balance documented, not withdrawn.
What Is Different for a Virginia Home?
The program figures do not change by state. The percentages, seasoning rules and minimums above apply to a Virginia home the same way they apply anywhere the program is available. Virginia is one of the 16 states where this consumer lending is licensed.
What does vary is your budget. Property taxes and homeowners insurance differ by county and feed into the housing payment you must carry, so request current figures for your specific address before you run any numbers. That matters most on the depletion path, where the derived income has to cover the full housing payment.
The mechanics match. Only the local costs differ.
What If the Property Is a Rental?
Rentals follow a different logic. 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. Credit extended primarily for a business or commercial purpose is exempt from the federal ability-to-repay rule.
That exemption turns on what the money is actually for. A law firm’s guide gives the example that a cash-out refinance of a rental used to pay personal income taxes is a consumer-purpose loan. If you pull cash out of a rental, keep the proceeds in the business.
The asset depletion path can also finance an investment property, which is business-purpose. Leverage is lower there: up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. The qualifier path covers only a principal residence or second home.
For an investor who has stopped drawing a paycheck, the practical split is simple. If the rent covers the property, a rental-income loan may fit. If you want to qualify on your own balances, the depletion path may fit. Either way, the file is fully underwritten.
What Documents Do You Need Without Pay Stubs?
Gather statements, not paychecks. Lenders must verify the assets they rely on with reliable third-party records, which is why the ability-to-repay review looks at the records behind each account.
A practical checklist:
- Statements for every account you want counted, matching the path’s seasoning rule.
- A statement trail for any large deposit, such as a business sale, inheritance or settlement.
- Your current mortgage statement and homeowners insurance.
- Government ID and credit authorization.
- For crypto or other unlisted assets, proof of conversion into a regulated cash account.
Skip the traditional personal-income documentation, pay stubs and employment verification. Do not skip anything else. The loan is not undocumented. Only the income paperwork goes away.
What If Refinancing Is Not the Right Move?
Sometimes the better answer is to wait or choose a different tool. Asset-based loans suit specific borrowers, and they are not always a more affordable way to stay in a house.
| Situation | Option To Weigh |
|---|---|
| Large balances, no paycheck | Asset qualifier or depletion path |
| Monthly income needed on paper | Asset depletion path |
| Steady deposits, no payroll | Bank statement program |
| Rent covers the property | Business-purpose rental financing |
| Balances thin, payment strained | Loan modification, selling or downsizing |
The bank statement program is for borrowers who document income with deposits. It does not fit someone whose deposits have dried up.
Think about what the loan does to your portfolio too. Drawing on assets to close can leave you thinner than you want in a down market. Stress-test how long your remaining balances would last against the new housing payment before you commit. A refinance that saves little but locks you into a program you cannot sustain is not a win. Honestly, the strongest candidates have balances that comfortably exceed the loan, so no asset is stretched.
Why Do These Files Get Denied?
Most denials trace back to a handful of fixable problems.
- Seasoning shortfall. The statements are too new or too few. Fix it by waiting and keeping the accounts untouched.
- Ineligible assets. The borrower counted something the program excludes, such as stock options or cash on hand. Fix it by converting to an eligible account and seasoning it.
- Double-counted funds. The same dollars were counted for both closing costs and qualifying. Fix it by recalculating on what remains.
- Debt-to-income failure on the depletion path. Derived income cannot carry the payment and other debts. Fix it by paying down debt or reducing the loan.
- Credit or housing history. A late payment or a recent housing event falls outside the matrix. Fix it with time, or a lower-leverage structure.
- Mixed-purpose cash-out. Personal spending from a rental refinance changes how the loan is classified. Fix it by keeping proceeds in the business.
Each program is placed through select lenders and underwritten individually, so one lender’s overlay can differ from another’s.
Key Terms Defined
Seasoning is the period an asset has to sit in your account before a lender counts it.
Haircut is the share of an account’s balance a lender subtracts when it counts the asset at less than full value.
Depletion period is the number of months a lender divides your usable assets by to create monthly qualifying income. This program uses 60.
Debt-to-income ratio compares your monthly debts, including the new housing payment, with your monthly income.
Rate-and-term refinance replaces your current loan without taking extra cash out.
Cash-out refinance replaces your loan with a larger one and pays you the difference.
Frequently Asked Questions
Can I refinance with no job at all?
Yes, through select programs that qualify the loan on your assets. You document accounts with statements instead of employment, and the lender still reviews credit and the property. Approval depends on underwriting and is never promised.
Does my 401(k) or IRA count?
It does. On the qualifier path it counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path it counts at 70% at any age. You do not have to withdraw the money for it to count.
Can I take cash out on the asset-based path?
On the depletion path, cash-out refinances of a principal residence, second home or investment property go up to 60%. The qualifier path’s cash-out rules are set by the lender and are not published, so ask before assuming. Cash-out proceeds never count as qualifying assets on the depletion path.
What if my balances drop after I apply?
The lender recalculates on what remains. A drop can leave you below the loan amount on the qualifier path or reduce your derived income on the depletion path. Avoid moving, spending or selling accounts during the file unless your broker says it is safe.
Does my spouse’s income matter?
If a spouse is a co-borrower, their documented income can be considered, and asset-derived income may supplement it on the depletion path up to a 45% debt-to-income ratio. The details depend on the program and the lender’s review. Ask how joint accounts will be counted.
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. Reach the team at 828-256-2183.
Lendmire’s asset-based mortgage in Virginia page presents the program for Virginia borrowers.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of tax returns, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its 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 Regulation Z, ability-to-repay rule
2. eCFR, 12 CFR 1026.3, exempt transactions
3. Doss Law, business purpose exemption guide
4. Lexology, CFPB Supervisory Highlights analysis
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 Buy a Second Home in Georgia on Assets Instead of Income? · Can You Relocate to Michigan and Buy a Home on Assets Before You Have Local Income? · How Snowbirds Get a Mortgage on a Winter Home Without Income
Guides: Asset-Based Mortgage in Virginia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.