The Quick Read: Yes, through select asset-based programs, a Pennsylvania borrower with large verified savings and little documented income can be reviewed for a mortgage, because the lender qualifies the file on your assets instead of your paycheck, subject to underwriting. The assets are fully documented with statements, and credit still matters.
- 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 a monthly qualifying income.
- Primary residence or second home: both paths are available through select programs.
- Investment property: only the depletion path applies, at lower leverage.
- Paperwork: no traditional personal-income documentation, pay stubs or employment verification, but plenty of account statements.
Which Path Fits You?
You are on one path at a time, and the two paths work very differently. Pick by asking one question: do your assets cover the whole loan, or do you need them to behave like income?
The asset qualifier path is the simpler one. After the credit percentages are applied, your eligible assets must equal or exceed the entire loan amount. If they do, nobody asks about your job or income. Loans run up to $4,000,000 through select programs. Leverage tops out at 80% on a purchase and 75% on a refinance, for a principal residence or second home.
The asset depletion path treats your savings as a paycheck. The lender takes your usable assets, divides them by 60 months, and calls the result your monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income test. Loan amounts run from $125,000 to $3,500,000.
A retiree who sold a business and sits on seven figures in brokerage and savings accounts often fits the qualifier path. A household living off a portfolio with a larger balance and a bigger loan may need the depletion path. All figures here are ceilings and floors from select programs, never offers, and every file is underwritten individually.
How the Asset Qualifier Path Works
The qualifier path counts your accounts at a percentage, adds them up, and compares the total to the loan. Brokerage accounts, certificates of deposit, money market and savings all count at 100%. Retirement accounts such as a 401(k) or IRA count at 90% if you are under 59½ and at 100% once you reach 59½. Accounts combine.
| Asset (qualifier path) | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) or IRA, under 59½ | 90% |
| 401(k) or IRA, 59½ or older | 100% |
Here is an illustration. Say the loan is $800,000. You hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) under age 59½ (90% counts, so $270,000), and $200,000 in savings (100% counts, so $200,000). That adds up to $800,000 of usable assets, which covers the loan and is reviewed on assets alone. The lender’s own calculation governs, so treat this as a picture, not a quote.
Two more qualifier-path details matter. Credit needs a 600 minimum score. Reserves are not required at or below 75% loan-to-value, which is the loan amount divided by the property value. Above 75%, the lender sets them.
How the Asset Depletion Path Works
The depletion path trims your assets first, then spreads what is left over 60 months. Think of it as a paper calculation. Nothing leaves your account, and you do not sell anything.
| Asset (depletion path) | Share that counts |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Run the numbers on a portfolio holding $1,500,000 in securities and $300,000 in cash. Securities count at 80%, so $1,200,000. Cash counts at 100%, so $300,000. Usable assets total $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That figure then has to carry the housing payment and your other debts through the debt-to-income test.
The depletion path comes with minimums. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income source, liquid assets can never fall below $250,000. If you also have some documented income, such as a pension or part-time consulting, asset-derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Leverage differs by property. Subject to underwriting, a principal residence or second home can go up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. An investment property tops out at 65% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Cash-out proceeds never count as qualifying assets.
Lendmire arranges these loans as a broker through select lenders. You can see how the pieces fit together on its asset-based mortgage program page.
What Does Not Count as Savings?
Plenty of wealth does not qualify as an asset on these programs. This is where cash-rich borrowers get surprised. On the depletion path, these items are not eligible:
- Custodial accounts
- Deferred compensation
- Escrow accounts
- Foreign funds
- Cash on hand
- Stock options and 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. Plainly put, they do not count at any percentage. The documented route is to convert them into a seasoned cash balance in a regulated account, and the lender reviews where that money came from.
Equity in the home you are buying cannot be your asset either. The lender looks at everything except the dwelling that secures the loan.
Seasoning and Statements: The Paper You Will Still Need
Asset-based does not mean paperless. The assets are documented on both paths, and the lender reviews every account. What you skip is the income paperwork: no traditional personal-income documentation, pay stubs or employment verification.
Seasoning is how long money has sat in your account. Each path counts it differently:
- Qualifier path: 60 days of seasoning and 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 the depletion-path seasoning. Expect questions about any large deposit that does not match the paper trail.
Credit still matters. The qualifier path’s floor is a 600 score. The depletion path follows the lender’s matrix of score and loan amount, and a first-time investor on that path needs 700. Housing history is reviewed at 0x30x12, meaning no 30-day lates in the last twelve months. One 30-day late is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs 4 years of seasoning on the depletion path. Expect a personal credit check, and no program here promises approval.
Does This Work for a Rental Property?
Only partly. The qualifier path is a consumer mortgage for a principal residence or second home. If you are buying an investment property, the depletion path is the asset-based route, and its leverage is lower: 65% on a purchase or rate-and-term refinance, 60% on a cash-out.
Many investors with big balances and thin income actually want a different tool. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. DSCR means debt service coverage ratio: monthly rent divided by the full monthly housing payment. 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 comes from the federal ability-to-repay rule, which asks a lender to consider your income or assets, other than the value of the dwelling that secures the loan. Federal rulemaking also states that investment purpose loans are treated as business purpose loans and fall outside those provisions. Lenders use that room to underwrite the rent. It is a lender-policy choice, and compliance obligations still exist.
Here is how the options compare for a saver in Pennsylvania:
| Option | Best for | What is verified | Main tradeoff |
|---|---|---|---|
| Asset qualifier | Cash covers the loan | Assets only | Home use only |
| Asset depletion | Portfolio but low income | Assets, then DTI | Lower leverage on rentals |
| DSCR | Pure rental purchase | Rent, credit, reserves | Pricing premium |
| Bank statement | Self-employed with deposits | Income shown by deposits | Needs business history |
Most programs across Lendmire’s wholesale network ask for a DSCR of 1.00 or better for maximum leverage. Select lenders will review sub-1.00 coverage, but leverage and terms adjust. DSCR loans also commonly carry prepayment penalties, and the pricing premium for skipping income qualification eats margin on thin deals. If you can qualify conventionally, that route may cost less. For a pure rental with solid rent, DSCR is usually the cleaner fit than depletion.
Pennsylvania Notes
The program figures do not change by state. Pennsylvania is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, so a Pennsylvania borrower can use the paths above for a home purchase or refinance, subject to underwriting.
What does change is local cost. Prices in Philadelphia, Pittsburgh and rural counties differ a lot, and property taxes and homeowners insurance vary by county. Budget for both, because they sit inside the housing payment that the depletion path’s income must carry. For an investment purchase, a Pennsylvania borrower should also know that licensing rules for business-purpose loans can differ from consumer ones. Whether a particular loan is covered depends on its purpose, so ask your broker rather than assuming.
The Real Cost of Using Savings
These loans are built for flexibility, and flexibility has a price. Think through four tradeoffs before you commit:
- Liquidity. A bigger down payment means a smaller cushion. Keep enough outside the qualifying pool for emergencies.
- Market risk. Securities count at 80% on the depletion path. A market drop before application can shrink the pool.
- Double counting. Money committed to the down payment and closing costs comes out of the pool first. The same dollar cannot do two jobs.
- Retirement accounts. They count, but at a discount, and pulling funds out is a separate decision from counting them.
Tax treatment varies; consult a qualified professional.
Who should skip this? Anyone whose balances sit mostly in the ineligible categories above. Anyone who cannot document where the money came from should also skip it. So should a borrower who qualifies conventionally at a lower cost. And a borrower with a credit score below the program floor should look elsewhere, because savings do not fix credit.
How to Work Through It, Step by Step
1. List every account and its balance, owner and age.
2. Sort them by the percentages above, and cross off anything ineligible.
3. Choose a path. Do eligible assets cover the entire loan (qualifier), or do they need to become income (depletion)?
4. Check seasoning. Find the statements that meet the 60-day or 120-day rules.
5. Match the property type to the leverage for your path.
6. Get your credit reviewed against the score and housing-history rules.
7. Submit statements and let the lender underwrite the file.
This is one reason a broker helps. Different lenders in a wholesale network treat the same account in slightly different ways, and a broker can match your balance sheet to the program it suits best, subject to lender guidelines.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, must equal or exceed the whole loan.
Asset depletion: a path where usable assets divided by 60 months become monthly qualifying income.
Seasoning: how long money has been in your account before it counts.
Loan-to-value (LTV): the loan amount as a percentage of the property’s value.
Debt-to-income (DTI): your monthly debts as a share of your monthly qualifying income.
DSCR: monthly rent divided by the full monthly housing payment, used on investor loans.
Frequently Asked Questions
Can I get a mortgage with zero income in Pennsylvania?
Yes, through select asset-based programs, if your verified assets are large enough. On the qualifier path your eligible assets must cover the whole loan. On the depletion path your assets become qualifying income. Credit and underwriting still apply.
Can I use my retirement account?
Yes. On the qualifier path a 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path retirement accounts count at 70% at any age. Nothing is withdrawn.
Will I need reserves?
On the qualifier path, no reserves are required at or below 75% loan-to-value, and above that the lender sets them. The depletion path has no published reserve months. Either way, the lender reviews the file individually.
Does my spouse’s income matter?
Potentially. On the depletion path, asset-derived income can supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is then waived. Your broker can show how that works for your household.
Can I use this for a rental in Pennsylvania?
Only on the depletion path, at 65% on a purchase and 60% on a cash-out. For a pure rental, many investors compare it with a DSCR loan, which looks at the property’s rent instead.
If You Qualify on Assets, Not Income
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.
Pennsylvania’s mix of big-city and small-town markets means the same pile of savings can stretch very differently from one county to the next.
Lendmire’s asset-based mortgage in Pennsylvania page presents the program for Pennsylvania borrowers.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage with consumer lending licenses in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending partners for borrowers whose tax returns understate their income, and each application is reviewed individually by the lender. 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
2. Federal Register, ability-to-repay and qualified mortgage standards final rule
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 an Ohio Mortgage After Retiring With No W-2 Income · How to Refinance a Tennessee Mortgage After Retiring With No W-2 Income · How to Refinance a Pennsylvania Mortgage After Retiring With No W-2 Income
Guides: Asset-Based Mortgage in Pennsylvania
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.