The Quick Read: Yes, often, because two asset-based paths exist for a borrower with large balances and no current paycheck, subject to underwriting and the lender’s guidelines. Across Lendmire’s wholesale network, one path lets eligible assets cover the entire loan, and the other converts assets into a qualifying monthly income.
- Asset qualifier path: assets must equal or exceed the whole loan, and no employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income that runs through a debt-to-income test.
- Leverage: qualifier path up to 75% on a refinance; depletion path up to 80% on a rate-and-term refinance of a primary home and 60% on a cash-out.
- Documentation: no traditional personal-income documentation, pay stubs or employment verification, but every asset is documented with statements.
- Availability: the consumer program covers Montana, one of 16 states where Lendmire’s consumer lending is licensed.
Picture a retired rancher outside Missoula, or a couple who just sold a business in the Flathead Valley. Paper income is thin, but balances are large. A traditional lender sees a gap. Asset-based underwriting sees a borrower who can repay.
What Does “No Income” Mean to a Lender?
It means the lender doesn’t ask for a paycheck. It does not mean the lender asks for nothing. Every file is fully underwritten, and assets are proven with account statements, not stated on faith.
The distinction matters. Lendmire’s asset-based mortgage program skips traditional personal-income documentation, pay stubs and employment verification. It never skips statements, credit review, an appraisal or title work. A borrower who expects a loan with no paperwork will be disappointed. A borrower who expects to swap a W-2 file for a statement file will be fine.
The rules allow this design. The CFPB’s compliance guide for the ability-to-repay and qualified mortgage rules notes that a creditor may consider assets other than the home that secures the loan. So losing a paycheck is not a legal barrier. The practical barrier is each lender’s own guidelines and the documented assets behind the file.
Two Paths, Side by Side
The paths are separate, and a borrower is reviewed on one at a time. Never mix their numbers. All figures below are typical ranges through select programs, subject to underwriting.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Core test | Assets cover the whole loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Leverage, refinance | Up to 75% | Up to 80% rate-and-term, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Seasoning | 60 days, two months of statements | Statements 120 days old plus one within 45 days |
| Credit | 600 minimum | The lender’s matrix |
The depletion leverage above applies to a principal residence or second home. On an investment property, the depletion path tops out at 65% on a rate-and-term refinance and 60% on a cash-out.
On the qualifier path, whether cash-out is allowed, and at what leverage, is set by the lender. Treat this path as a rate-and-term tool unless a lender confirms otherwise.
How the Qualifier Path Works
The qualifier path asks one question: do eligible assets equal or exceed the entire loan amount? If yes, the file is reviewed on assets alone, and the ability-to-repay review rests on those assets.
Credit for each asset type differs. Brokerage accounts, certificates of deposit, money market and savings count at 100%. A 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. Accounts combine.
Run a modeled example. A borrower seeks an $800,000 refinance. Brokerage accounts of $330,000 count at 100%, or $330,000. A 401(k) of $300,000, with the owner under 59½, counts at 90%, or $270,000. Savings of $200,000 count at 100%. Usable assets total $800,000, which equals the loan, so the file is reviewed on assets alone. The lender’s own calculation governs.
Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them.
How the Depletion Path Works
The depletion path turns a portfolio into income. The lender applies a haircut to each asset, adds the usable total, and divides by 60 months. That figure is the qualifying income, and it must carry the new housing payment and other debts through the debt-to-income test.
Haircuts are heavier here. Cash accounts and certificates of deposit count at 100%. Securities count at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%.
Take another modeled example. A borrower holds $1,500,000 in securities, counted at 80%, or $1,200,000. Add $300,000 in cash at 100%. Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test.
Two guardrails apply. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When assets are the only income source, liquid assets must never fall below $250,000. Asset income can also supplement documented income, up to a 45% debt-to-income ratio, and then the minimum-assets rule is waived.
Other market programs often divide over longer terms, but those are other programs’ rules. In this network, the depletion divisor is 60 months.
Which Path Fits Your Situation?
The right path depends on the ratio of assets to the loan. A simple rule: if your usable assets, after credit percentages, cover the whole loan, the qualifier path is cleaner. If they don’t, depletion may work, because it needs income rather than full coverage.
| Borrower | Likely fit | Watch for |
|---|---|---|
| Retiree, large brokerage and savings, small loan | Qualifier | Statements, 60-day seasoning |
| Business seller, large cash, larger loan | Depletion | Minimum-assets test |
| Mostly retirement accounts | Depletion, or qualifier if over 59½ | 70% haircut on depletion |
| Pension plus portfolio | Depletion as supplement | 45% debt-to-income limit |
| Wants cash out | Depletion, 60% leverage | Proceeds never count as assets |
Here’s the honest tradeoff. Qualifier leverage (75%) sits between depletion’s limits of 80% on a rate-and-term refinance and 60% on a cash-out, and it demands a much bigger asset base relative to the loan. Depletion asks for less coverage but applies the debt-to-income test and heavier haircuts. For a borrower with a modest loan on a long-held Montana home, qualifier often wins. For a borrower pulling cash from a high-value property, depletion is the realistic route.
Income Stopped for Reasons Other Than Retirement
Retirement is the common story, not the only one. Business sales, inheritances, legal settlements, layoffs and early retirement all produce the same profile: strong balances, thin documented income.
Timing helps in some of these cases. On the depletion path, sale-of-business, inheritance and legal-settlement funds are excused from the 120-day statement seasoning. That is a real advantage for someone who just received a lump sum. On the qualifier path, the 60-day seasoning and two-month statement rule apply.
Applying while still earning is easier, if you can. Even so, a stopped paycheck is workable here, because neither path leans on recent pay.
What Doesn’t Count
Several asset types fall outside both tables. Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share are not published as eligible. The documented route is converting them to a seasoned cash balance in a regulated account, with the lender reviewing the source.
The depletion path also excludes 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.
Your down payment or closing funds also can’t be counted twice. The CFPB’s examiners have said a down payment cannot serve as an asset for repayment ability, as CFS Review reported. Likewise, cash-out proceeds never count as qualifying assets here.
Credit and Property Considerations
Credit still matters. The qualifier path has 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, and a housing event needs four years of seasoning on the depletion path.
Property type matters too. This consumer program fits a principal residence or second home on either path. An investment property is available only on the depletion path, as a business-purpose loan. A Montana owner who lives in the home and a Montana owner renting out a cabin are on different footing, and a rental owner may find that rent-based financing fits better than personal asset income.
In Montana, many long-held homes carry heavy equity and modest income, which is exactly the profile these programs target. State facts like local values are context only. The program figures do not change by state.
Practitioner note: across wholesale files like these, the most common surprise isn’t the asset total. It’s a large recent deposit with no paper trail. Lenders want to see where funds came from. Gathering two clean months of statements, and explaining any big transfer in writing before applying, prevents most of the friction.
Why Files Get Declined (and the Fix)
Most declines trace to a short list.
- Assets fall short after haircuts. The fix: recount using the credit percentages, or consider the other path.
- Statements are too new. The fix: let the account season, unless funds are excused as a business sale, inheritance or settlement on the depletion path.
- Retirement-heavy portfolio. The fix: compare the 90% qualifier credit at under 59½, or 100% after, against the flat 70% on depletion.
- Debt-to-income too high on depletion. The fix: pay down debts or reduce the loan.
- Credit below the floor. The fix: address the score before applying.
This is a consumer mortgage, so standard consumer-loan disclosures apply. Programs change, and every file is underwritten individually.
When Not to Refinance
A refinance has to earn its keep. If the new loan doesn’t lower your carrying cost or fund something worth more than the cost of borrowing, skip it. If your goal is staying put with a stable portfolio, the existing mortgage may serve you better.
Also weigh the portfolio. Depletion is a formula, not a withdrawal, so your investments stay invested. But a big cash-out that drains reserves on a fixed income carries real risk.
Tax treatment varies; consult a qualified professional.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, equal or exceed the whole loan and no income is documented.
Asset depletion: a path that divides usable assets by 60 months to create qualifying monthly income.
Haircut: the share of an asset’s balance a lender won’t count.
Seasoning: the length of time funds must sit in an account before they count.
Debt-to-income: monthly debts divided by monthly income, used on the depletion path.
Frequently Asked Questions
Can I refinance with no job at all?
Yes, through select programs, subject to underwriting. The qualifier path needs no income documentation, and the depletion path derives income from your assets. Credit, equity and verified statements still matter.
Do retirement accounts count?
Yes, with limits. On the qualifier path a 401(k) or IRA counts at 90% under 59½ and 100% at 59½ or older. On the depletion path retirement accounts count at 70% at any age.
Can I take cash out?
On the depletion path, cash-out on a principal residence or second home goes up to 60% leverage, and proceeds never count as assets. The qualifier path’s cash-out terms are set by the lender and not published. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Is this the same as a no-doc loan?
No. Every file is fully underwritten. You skip traditional personal-income documentation, pay stubs and employment verification, but you provide statements for every qualifying account.
What if the home is a rental?
An investment property is available only on the depletion path, at up to 65% on a rate-and-term refinance and 60% on a cash-out, subject to underwriting. If rent is your strongest feature, a rent-based investor loan may fit better than personal asset 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.
Lendmire’s asset-based mortgage in Montana page presents the program for Montana 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.
Investors who want the broader program framework can review how DSCR loans work.
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References
1. CFPB ATR/QM Small Entity Compliance Guide
2. CFS Review, CFPB Prohibits Considering Down Payments for Non-QMs
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 Montana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- 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.