The Quick Read: A retiree with large savings and little paycheck income can qualify for a home loan by letting the savings carry the file instead of a salary. Through select programs, assets either cover the entire loan or are converted into a monthly qualifying income. Neither route requires traditional personal-income documentation, pay stubs or employment verification, but both fully document the assets with statements, subject to underwriting.
- The asset qualifier path counts eligible assets against the whole loan amount and documents no income.
- The asset depletion path divides usable assets by 60 months to create income that runs through a debt-to-income test.
- A borrower is qualified on one path at a time, and the two use different asset percentages.
- Moving to Georgia does not change the mechanics; the figures are the same in every state where the program is offered.
- Retirement accounts count differently depending on age, and 59½ is the dividing line on the qualifier path.
Which Path Fits a Retiree Buying in Georgia?
Retirees whose savings can cover the entire loan fit the asset qualifier path. Retirees who need a smaller loan against a bigger portfolio, or who want to blend savings with a pension or Social Security, fit the asset depletion path. The choice is the first decision in the file.
Lendmire is a mortgage broker. Its consumer mortgage lending is licensed in 16 states, and Georgia is one of them. The brokerage places these files with select lenders in its wholesale network through its asset-based mortgage programs. Because the loan is a consumer mortgage on a home to live in, standard consumer disclosures apply.
Many retirees assume a lender simply wants a paycheck. Most lenders do. A portfolio that has been built over decades often produces low taxable income, and that mismatch is what these programs are built to solve.
How the Asset Qualifier Path Works
On the asset qualifier path, 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, with loan amounts up to $4,000,000, subject to underwriting. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
The credit percentages are the share of each balance that counts:
| Asset type | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market and savings | 100% |
| 401(k) and IRA, under age 59½ | 90% |
| 401(k) and IRA, 59½ or older | 100% |
Accounts combine. Consider a borrower seeking an $800,000 loan with $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) under 59½ (90% counts, so $270,000) and $200,000 in savings (100% counts, so $200,000). The usable total is $800,000, which matches the loan, so the file may qualify on assets alone. The lender’s own calculation governs.
Seasoning is 60 days, with two months of statements for each qualifying account. The credit score floor is 600, and housing history is expected to be clean (one 30-day late in the last twelve months is reviewed case by case). Reserves are not required at or below 75% loan-to-value, and above that the lender sets them. Multiple bankruptcies are not eligible.
How the Asset Depletion Path Works
The asset depletion path turns savings into income on paper while leaving the money where it is. Usable assets, after the haircuts below, are divided by 60 months. That monthly figure must carry the full housing payment and other debts through the debt-to-income test.
| Asset type | Share that counts |
|---|---|
| Cash accounts and CDs | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Take a retiree with $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100% counts, so $300,000). That is $1,500,000 usable, divided by 60 months, or $25,000 of monthly qualifying income. That income then carries the housing payment and other debts. This example is illustrative, and the lender’s own calculation governs.
Leverage on this path is up to 80% on a purchase or rate-and-term refinance of a principal residence or second home, and 60% on a cash-out refinance. Loan amounts run from $125,000 to $3,500,000. Cash-out proceeds never count as qualifying assets.
The minimums are stricter here. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They must never fall below $250,000 liquid when depletion is the only income source. When asset income only supplements documented income, such as a pension, it can count up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Credit follows the lender’s score and loan-amount matrix. A housing event needs four years of seasoning. This path also allows investment property, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out, which matters for a retiree who also wants a rental. That loan is business-purpose.
Where the Rules Break: Edge Cases That Change the Math
Edge cases decide more files than the headline percentages do. These are the ones retirees hit most often.
Retirement accounts under 59½. Early retirees face a split. The qualifier path counts a 401(k) or IRA at 90% before 59½, and the depletion path counts it at 70% at any age. Underneath sits a tax reality: the IRS notes that early IRA distributions are generally those taken before age 59½, and a 10% additional tax applies unless an exception fits. That is one reason qualifying on the balance without withdrawing it is useful.
Real-estate equity. Equity in another property counts at 60% on the depletion path. It is not part of the qualifier path’s published asset list.
Crypto, metals, collectibles and business accounts. These are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the lender reviewing the source. A business account counts only to the extent of the borrower’s ownership share.
Ineligible 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 do not count.
Borrowed or pledged funds. These are not published as eligible. A gift or loan sitting in an account does not become the borrower’s asset by being deposited.
What Is the Legal Basis for Qualifying on Assets?
Federal mortgage rules explicitly allow assets as a basis for repayment ability. The CFPB’s Ability-to-Repay compliance guide lists eight factors a lender must consider. The first is current or reasonably expected income or assets, other than the value of the dwelling securing the loan. The same guide says income does not have to be full-time employment pay, and interest, dividends and retirement benefits can be considered.
That is why a file can rest on documented assets rather than a paycheck. Every file is still fully underwritten, and the assets are verified from statements. Only the traditional personal-income documentation, pay stubs and employment verification drop out.
Moving to Georgia: Sequencing the Purchase
Relocation adds timing problems, not different rules. The program does not change by state, so a retiree applying from another state follows the same steps. The pieces to coordinate are the source of the funds, the statement history, and the sale of the current home.
1. Keep the statements clean. The qualifier path needs 60 days of seasoning and two months of statements per account. The depletion path needs statements at least 120 days old at application, plus the most recent one within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from the depletion seasoning.
2. Place sale proceeds in a regulated account. Proceeds from selling a prior home are best documented as a cash balance the lender can trace. The lender reviews the source and decides how the file treats it.
3. Avoid unexplained movement. Large transfers between accounts invite questions. A written explanation and the paper trail behind it keep the review simple.
4. Choose the occupancy honestly. A home you live in year-round is a principal residence. A home you use part of the year may be a second home. Leverage is the same on the qualifier path and differs by occupancy on the depletion path only for investment property.
If the sale proceeds are not in hand when you want to buy, the asset programs are not a bridge. A bridge loan is a different product with its own rules.
Asset Qualifier or Depletion: How the Decision Looks in Practice
The qualifier path suits a retiree whose usable assets already equal or exceed the loan. It asks the fewest questions and documents no income. The depletion path suits a retiree who wants a smaller loan against a larger pool or has a pension to stack on top.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Cover the whole loan | Become monthly income |
| Purchase leverage (primary or second home) | Up to 80% | Up to 80% |
| Refinance leverage | 75% | 80% rate-and-term, 60% cash-out |
| Retirement account credit | 90% under 59½, 100% after | 70% at any age |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Debt-to-income test | Not documented | Applied to derived income |
The qualifier path counts more of a retirement account, but it asks assets to cover the entire loan. The depletion path counts less, but a modest loan against a large pool can clear it with room to spare. Run both before choosing. The two are never blended, so a file is built on one table or the other.
Savings used this way stay in the accounts. Nothing is sold or withdrawn, which can protect a retiree from realizing gains or paying early-withdrawal tax. Using the assets for the down payment does shrink the pool, so the same portfolio supports less leverage once cash goes into the purchase.
Experienced brokers see the same pattern often. Retirees with seven-figure portfolios get declined on standard underwriting because taxable income looks thin, then clear easily once the deal works to a path that reads the statements. Choosing the wrong path first can cause avoidable delay.
There are other ways to buy. A retiree with enough cash might pay for the home outright. A retiree with a pension and Social Security large enough to cover the payment may do fine on a conventional loan using documented income. A reverse mortgage for purchase is a separate product with different rules. These options are worth weighing against the asset-based route, because the right answer depends on how liquid the portfolio is and how much monthly flexibility you want.
Couples are common here. When two retirees pool assets, the lender reviews each account’s ownership and source.
Key Terms Defined
Asset qualifier: A path where eligible assets, after credit percentages, must equal or exceed the entire loan amount.
Asset depletion: A path where usable assets divided by 60 months become qualifying monthly income.
Haircut: The share of an asset’s balance that a program does not count.
Seasoning: The length of time funds must sit in an account before they count.
Debt-to-income ratio: Monthly debts, including the new housing payment, compared with monthly income.
Principal residence: The home you live in most of the year.
Frequently Asked Questions
Can a retiree with no job qualify for a mortgage in Georgia?
Yes, through select programs that qualify the loan on assets rather than employment. The retiree documents savings, investments and retirement balances with statements. No traditional personal-income documentation, pay stubs or employment verification are needed, though the file is fully underwritten and approval is never assured.
Do I have to sell my investments or withdraw from my IRA?
No. The lender counts the balances, or converts them into income on paper, but nothing is withdrawn. That avoids selling positions and, for younger retirees, avoids the early-withdrawal tax the IRS applies before age 59½.
Does my retirement account count in full?
It depends on the path and your age. On the asset qualifier path, a 401(k) or IRA counts at 90% under 59½ and 100% at 59½ or older. On the asset depletion path, retirement accounts count at 70% at any age.
Can I use these programs for a second home or rental?
A second home is reviewed on both paths. An investment property is only available on the asset depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. That loan is business-purpose, and a pure rental purchase often fits a rental-income program instead.
What credit score do I need?
The asset qualifier path has a 600 minimum score. The asset depletion path follows the lender’s score and loan-amount matrix, and a first-time investor on that path needs 700. These are program floors, not promises, and every file is underwritten individually.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia borrowers.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. 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. IRS Topic 557, Additional Tax on Early Distributions from Traditional and Roth IRAs
2. CFPB ATR/QM Small Entity Compliance Guide
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 a Virginia Retiree Get a Mortgage on Savings and Investments Alone? · How Much Does a Retiring Physician Need in Assets to Qualify for a Mortgage? · Can You Qualify for a Mortgage If Your Income Is in a Foreign Currency?
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.