The Quick Read: Yes, when the borrower holds enough eligible, documented assets, a Pennsylvania home can be refinanced on those assets instead of a paycheck, through select programs and subject to underwriting. One path counts assets against the whole loan, and the other converts them into monthly qualifying income. Either way, the assets are verified with statements.
- On the asset qualifier path, eligible assets must equal or exceed the entire loan, and no employment or income is documented.
- On the asset depletion path, usable assets divided by 60 months become qualifying income.
- Leverage on a refinance tops out at 75% on the qualifier path and 60% on a depletion-path cash-out.
- It is not a no-doc loan. Statements are required, with no traditional personal-income documentation, pay stubs or employment verification.
- A rental is a different animal, because it can be refinanced on its own rent.
A layoff, a retirement date, or the sale of a business can leave a household with seven figures in the bank and no pay stub. A traditional lender sees the missing pay stub and stops. Across the wholesale network Lendmire works with, the answer is different: some programs treat the balance sheet as the income.
Lendmire’s asset-based mortgage programs are built for that reader. Lendmire is a mortgage broker, so it arranges these loans through select lenders rather than lending directly. This guide covers who fits, what counts, and where the answer changes.
Why Does Occupancy Decide Everything?
The first question is whether the Pennsylvania home is where you live or a rental you own. A primary residence or second home gets a consumer mortgage, and assets can qualify it. A non-owner-occupied rental is business-purpose, so it can be refinanced on the property’s own rent.
The line between the two is a fact test, not a label. The CFPB’s commentary treats credit on a non-owner-occupied rental as business-purpose, but the exemption does not hold if the owner expects to occupy the property for more than 14 days in the coming year, per CFPB Regulation Z § 1026.3. A cabin you use for a month each year is treated as owner-occupied.
For a home you live in, the mortgage must rest on a documented ability to repay. That rule allows assets to carry the loan. The federal rule requires a lender to consider and verify “income or assets,” and also to weigh debt-to-income or residual income, as the Federal Register ability-to-repay final rule explains. So “no income” does not mean “no loan.” It means the assets do the work.
The Two Ways Assets Can Qualify You
Asset-based qualifying runs on two separate paths. A borrower is underwritten on one path at a time, never a blend. Pick the path first, then read only that path’s numbers.
The asset qualifier path requires eligible assets, after the credit percentages, to equal or exceed the entire loan amount. No employment or income is documented. The lender’s ability-to-repay review rests on the assets themselves.
The asset depletion path takes usable assets after haircuts and divides them by 60 months. That figure becomes monthly qualifying income, which must carry the full housing payment and other debts through the debt-to-income test.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| How assets are used | Cover the whole loan | Divided by 60 months |
| Income documented | None | Derived from assets |
| Refinance leverage | Up to 75% | Up to 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | Lender’s matrix |
All figures are ceilings and floors, never offers, and everything is subject to underwriting through select programs.
How Leverage Works on Each Path
On the qualifier path, a purchase can reach 80% loan-to-value and a refinance 75%, on a principal residence or second home. Whether cash-out is allowed on that path, and at what leverage, is set by the lender, so don’t plan around it.
On the depletion path, a principal residence or second home can reach 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. An investment property is lower: 65% on a purchase or rate-and-term, and 60% on a cash-out. Cash-out proceeds never count as qualifying assets.
What Counts as an Asset, and What Doesn’t?
Liquid, seasoned, documented accounts count most. Each path discounts accounts differently, and some holdings don’t count at all. The percentage applied to a balance often matters more than the balance itself.
On the qualifier path, this share of each balance counts:
- Brokerage, certificates of deposit, money market and savings: 100%.
- 401(k) and IRA balances: 90% under age 59½, and 100% at 59½ or older.
- Accounts combine.
On the depletion path, the haircuts are steeper:
- Cash accounts and certificates of deposit: 100%.
- Securities: 80%.
- Private stock: 75%.
- Retirement accounts: 70% at any age.
- Real-estate equity: 60%.
Several items are not eligible on the depletion path. Those include custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, and non-vested restricted stock units.
Cryptocurrency, precious metals, collectibles and borrowed or pledged funds 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. Plan for that conversion before you apply, not during.
Two Worked Illustrations
These are illustrative only. The lender’s own calculation governs.
Qualifier path. Picture a retiree seeking an $800,000 loan. She holds $330,000 in brokerage accounts, which count at 100%, or $330,000. She holds $300,000 in a 401(k) while under 59½, which counts at 90%, or $270,000. She holds $200,000 in savings at 100%, or $200,000. That totals $800,000 of usable assets, which matches the loan. On this path she is reviewed on assets alone, subject to underwriting and the 75% refinance leverage cap on the home.
Depletion path. Consider a household living on a portfolio, with $1,500,000 in securities and $300,000 in cash. Securities count at 80%, or $1,200,000, and cash at 100%, or $300,000. Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income must then carry the housing payment and other debts through the debt-to-income test.
The paths reward different people. Large, fully liquid balances favor the qualifier path. A portfolio-heavy household with ongoing debts may fit depletion better, because the income figure can be tested against each obligation.
Which Income-Stop Event Fits Which Path?
The event that ended your paycheck shapes the asset picture. Match yours below.
| Situation | Likely fit | Watch for |
|---|---|---|
| Layoff with severance | Depletion, if assets are large | Statement age requirements |
| Retiree with a large portfolio | Qualifier, if assets cover the loan | Retirement-account percentages |
| Business sold or closed | Either path | Funds excused from seasoning |
| Pension plus portfolio | Depletion as a supplement | 45% debt-to-income cap |
| Cash-out seeker | Depletion | 60% leverage cap |
Funds from the sale of a business, an inheritance, or a legal settlement are excused from the depletion path’s statement-age rule. That helps a borrower whose money only recently arrived. Documented pension or Social Security income can also be supplemented with asset-derived income, up to a 45% debt-to-income ratio. When assets supplement income this way, the minimum-assets rule is waived.
Seasoning, Credit, and Minimums
Statements are where most files stumble. They must be old enough, and the money must have a clear history.
On the qualifier path, expect 60 days of seasoning and two months of statements for each qualifying account. Reserves aren’t required at or below 75% loan-to-value. Above that, the lender sets them.
On the depletion path, statements must be at least 120 days old at application, plus a most-recent statement within 45 days. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is the only income source, liquid assets must be at least $250,000.
Credit starts at a 600 minimum on the qualifier path. The depletion path follows the lender’s matrix, and a first-time investor on that path needs 700. Housing history is 0x30x12. A single 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path.
Across a wholesale network, the pattern is consistent. Files stall less on the asset total than on paper: a statement that is a week too old, a transfer between accounts with no explanation, or retirement money counted at the wrong percentage. Gathering clean statements before the layoff, or before the retirement date, makes the file easier to read.
When Should You Apply?
Apply while the assets are fully in place and documented, ideally before the income stops. The program does not rely on your employment, so the timing question is really about the asset pool. Moving money, paying down debt, or funding a large purchase while a file is open can shrink what counts.
A few practical rules help:
1. Keep qualifying balances in the same accounts the statements show.
2. Avoid large unexplained transfers between accounts.
3. Don’t spend into the usable-asset margin. A file that clears by a thin amount is fragile.
4. Disclose the income change plainly. The program is built around it.
Pennsylvania borrowers get the same program figures as anyone else in the program’s footprint. Consumer lending for this product is licensed in Pennsylvania and 15 other states. State facts like local prices are context, never program parameters, so the numbers above don’t change at the state line.
Risks and Trade-Offs
The cost of leaning on assets is the assets themselves. A refinance that qualifies you today still has to be carried over time.
Asset-pool shrinkage. Under the depletion method, qualifying income is a paper figure. The assets stay invested. If they fall in value or you draw them down, the payment doesn’t shrink with them.
Leverage limits. Cash-out on the depletion path tops out at 60%, which leaves less equity to pull than many owners expect. Real-estate equity counts at 60% on that path, but cash-out proceeds never count toward qualifying.
Fewer lenders. Not every lender offers asset-based underwriting. This is a non-QM niche. A broker that sees many lenders’ guidelines can compare overlays, which is the main advantage of going through one.
Retirement accounts. Counting a retirement balance for qualifying is different from withdrawing it. Early withdrawals can carry consequences. Tax treatment varies; consult a qualified professional.
What About a Rental?
If the Pennsylvania property is a non-owner-occupied rental, a different tool exists. Because credit to acquire or maintain a non-owner-occupied rental is business-purpose, the consumer ability-to-repay rule does not apply, per the exemption text in 12 CFR 1026.3 on eCFR. A DSCR refinance qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
That is a genuine option for an investor whose paycheck stopped. It isn’t a loophole. Rent must carry the full payment, and a credit review still applies. The trade-off is simple. A rental refinance leans on the property, while an asset-based mortgage on a residence leans on you. If you own both, they are separate loans with separate tests.
If an Asset-Based Refinance Isn’t Right
Sometimes the numbers don’t clear, and that is useful to learn early. A few alternatives are worth weighing.
- Wait and rebuild documentation. If a new job or business income is coming, a standard program may fit later.
- Hold the current loan. A refinance only helps if it improves your position.
- Use the supplement route. If you have some documented income, assets can support it up to the 45% debt-to-income limit.
- Sell or downsize. Freed equity can fund a smaller purchase on the qualifier path.
- Be careful with a HELOC. A home equity line usually asks for income, so it is a poor substitute when income is gone. Treat it as that product’s own rules, not this program’s.
Key Terms Defined
Asset qualifier: A path where eligible assets must equal or exceed the whole loan, with no income documented.
Asset depletion: A path that divides usable assets by 60 months to create monthly qualifying income.
Haircut: The share of an asset’s balance a lender will not count.
Seasoning: The length of time funds have sat in your account with a documented history.
Debt-to-income: Monthly debts divided by monthly income, used to test whether a payment is affordable.
Business-purpose loan: Credit extended mainly for a commercial reason, such as a non-owner-occupied rental.
Frequently Asked Questions
Can I refinance a Pennsylvania home with no job at all?
Yes, through select asset-based programs, subject to underwriting. On the qualifier path no employment or income is documented, and eligible assets must cover the entire loan. On the depletion path, your assets are converted into qualifying income. Credit, leverage and statement rules still apply.
Is this a no-doc loan?
No. Every file is fully underwritten and the assets are documented with statements. What you skip is traditional personal-income documentation, pay stubs and employment verification. The lender still reviews credit, the property and your asset history.
Does my home equity count as an asset?
Only on the depletion path, where real-estate equity counts at 60%. It does not count on the qualifier path. On either path, cash-out proceeds from the refinance itself never count as qualifying assets.
Do retirement accounts count?
Yes, at a discount. On the qualifier path, 401(k) and IRA balances count at 90% under age 59½ and 100% at 59½ or older. On the depletion path they count at 70% at any age. Counting a balance for qualifying doesn’t require you to withdraw it.
What if my assets fall during the process?
A drop can reduce the usable total, and the lender reviews statements as they stand. A file that clears by a thin margin is the most exposed. Leaving a cushion above the required total makes the file sturdier. Statements must also meet the program’s age rules.
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.
Pennsylvania borrowers with strong balance sheets and no pay stub tend to find the question is less whether a program exists and more which path counts their particular assets at the highest share.
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.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
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 § 1026.3 (Exempt transactions)
2. Federal Register: Ability-to-Repay and Qualified Mortgage Standards
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 Much Does a California Retiree Need in Assets to Buy a Home Without Income? · Can You Refinance a Michigan Home on Assets When Your Income Stops? · How Much Does a Michigan Retiree Need in Assets to Buy a Home Without Income?
Guides: Asset-Based Mortgage in Pennsylvania
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- 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.