The Quick Read: Yes, when the home is one you will live in, a borrower can qualify on assets instead of a local paycheck, through select asset-based programs placed by a broker, subject to underwriting and lender guidelines. The assets are fully documented with statements, and the file is fully underwritten. No Ohio job is needed. The path you choose depends on how much you hold and whether you want the assets to cover the loan or become qualifying income.
- Two paths exist. One path counts assets against the whole loan. The other turns assets into monthly income.
- Documents: no traditional personal-income documentation, pay stubs or employment verification. Statements are required.
- Leverage goes up to 80% on a purchase on the asset qualifier path, subject to underwriting.
- Seasoning matters. Large recent deposits need a paper trail.
- Occupancy decides the product. A rental you will not live in is a different loan.
Moving to Ohio before you have a job there is a common situation for retirees, people who just sold a business, and households living off a portfolio. Their balances are large and their documented income is thin. A standard mortgage reads that profile badly. An asset-based mortgage reads it well.
Which Path Fits You?
Start with one question: should your assets cover the whole loan, or should they become monthly income? You qualify on one path at a time. Never mix the two.
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. On the asset depletion path, usable assets are divided by 60 months. The result is a monthly qualifying income. That income must carry the housing payment and your other debts through the debt-to-income test.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| Role of assets | Cover the entire loan | Become monthly income |
| Income documented | None | Derived from assets |
| Debt-to-income test | Not applied to income | Yes |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Best fit | Very large balances, smaller loan | Large portfolio, steady draw |
The qualifier path suits a mover whose balances comfortably exceed the loan. The depletion path suits someone who wants to keep more wealth on the sidelines. It needs a larger asset base relative to the loan, as the minimums below show. All figures are ceilings and floors through select programs, never offers, and every file is underwritten individually. Lendmire’s asset-based mortgage programs are placed through select lenders in its network, and Lendmire is the broker, not the lender.
Key Terms Defined
Seasoning is the time money has sat in your account. Lenders use it to confirm funds are really yours.
Haircut is the share of an asset’s balance the lender will not count. A 70% credit means a 30% haircut.
Debt-to-income (DTI) compares your monthly debts, including the new housing payment, to your monthly income.
Loan-to-value (LTV) is the loan amount as a percentage of the home’s value or price.
Usable assets are the balances left after the credit percentages are applied.
Why Moving Complicates a Normal Mortgage
A standard mortgage leans on an employer. The lender calls, reads a pay stub and asks for traditional personal-income documentation. A relocator with no Ohio employer has nobody to call. Pre-approvals built on a former job can also lose their footing once you resign.
An asset-based file removes that dependency. The lender looks at your statements instead of an employer. Where you earned the money, and where you live now, matters less than whether the money is documented and seasoned. Across our wholesale network, this is why the move itself is rarely the obstacle. Paper trail problems are.
Which Assets Count, and How Much?
The credit percentage differs by path, so each gets its own table. Never read one table against the other.
Asset qualifier path (share of balance that counts):
| Asset | Counted |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) or IRA, under age 59½ | 90% |
| 401(k) or IRA, 59½ or older | 100% |
Accounts combine. Asset depletion path:
| Asset | Counted |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts, any age | 70% |
| Real-estate equity | 60% |
Several items are not eligible on the depletion path. These include 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.
Cryptocurrency, precious metals, collectibles, borrowed or pledged funds, and business accounts beyond your ownership share are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account. The lender reviews the source. Never count on them at a percentage.
A Worked Example
These shapes show the arithmetic. The lender’s own calculation governs.
Qualifier path. Take an $800,000 loan. The borrower holds $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under 59½ (90% counts, so $270,000) and $200,000 in savings (100%, so $200,000). Usable assets total $800,000. That equals the loan, so the borrower is reviewed on assets alone, subject to underwriting.
Depletion path. Take $1,500,000 in securities (80% counts, so $1,200,000) plus $300,000 in cash (100%, so $300,000). 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.
Note what the qualifier example does not do. It does not leave the borrower rich in unspent assets once the loan is covered on paper. It simply shows what the lender counts. Your actual cash position after closing still matters for your life.
Leverage, Credit and Seasoning
On the qualifier path, leverage reaches 80% on a purchase and 75% on a refinance of a principal residence or second home. Whether cash-out proceeds are allowed on that path is set by the lender and is not published. On the depletion path, a principal residence or second home reaches 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Cash-out proceeds never count as qualifying assets.
On credit, the qualifier path publishes a 600 minimum score. The depletion path follows the lender’s matrix. A first-time investor on the depletion path needs 700. Housing history of 0x30x12 is the target, and 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. Approval is never promised.
Seasoning rules are where movers get tripped up:
- 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. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning.
The depletion path also has minimums. Qualified assets must reach at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is the only income source, liquid assets can never be below $250,000. Asset-derived income may also supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
On reserves, the qualifier path requires none at or below 75% LTV. Above that, the lender sets them. The depletion path has no published reserve months. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
What Does an Ohio Mover Actually Do? A Sequence
1. Decide occupancy. Will you live in the home? That is the first fork, covered below.
2. Gather statements before you move money. Every account needs its statement history. Moving funds mid-process resets the clock.
3. Pick a path based on how your balances compare to the target loan.
4. Convert unusual assets early. Crypto or metals should become cash in a regulated account well ahead of time, with the source documented.
5. Source every large deposit. A recent business sale, inheritance or settlement should have its paper ready. Unsourced large deposits are typically excluded.
6. Make an offer and order the appraisal. The loan is a consumer mortgage, so consumer disclosure rules apply.
7. Plan for after closing. Down payment and closing costs leave your account. Keep enough cash for the move itself.
Ohio is one of the 16 states where Lendmire’s consumer mortgage lending is licensed. The program figures above do not change by state. State facts like taxes and local prices are context for your budget, not program parameters, and property taxes and insurance still enter the housing payment the lender reviews.
Home You Live In vs. a Rental: The Occupancy Fork
The same assets can lead to two different loans. The question is whether you will occupy the property.
For a home you will live in, this article’s asset-based programs apply. The loan is a consumer mortgage, and federal ability-to-repay rules apply. The CFPB’s ability-to-repay compliance guide says a lender must consider and verify income or assets, along with debts. Employment status matters only if the lender relies on employment income. That is why a documented asset base can carry a file.
For a rental you will not occupy, the loan is business-purpose. Regulation Z, § 1026.3, treats credit for a non-owner-occupied rental as business-purpose. The same commentary draws the line at 14 days: if you expect to use the property more than 14 days in the coming year, it cannot be treated as non-owner-occupied. A DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, is the usual product there. It is not available for a home you will occupy.
Some edge cases deserve a straight answer:
- “I’ll live in it for a while.” Planned occupancy past that 14-day line makes it a residence for loan purposes. Occupancy is represented in writing on the file.
- Multi-unit with you in one unit. That is owner-occupied, so it is not a DSCR scenario.
- Renter relocating with no current primary residence. Many programs expect the borrower to already own a primary residence. A narrower renter path exists through select lenders with tighter terms. Confirm specifics against current guidelines.
- Family living in the property. Generally not allowed on a rental loan.
- Investment property on assets. The depletion path can fund an investment property, treated as business-purpose, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Lendmire’s piece Bank Statement Loan for a Home vs DSCR for an Investment Property is a useful next read for sorting products by occupancy, but this article covers qualifying on assets.
When Renting First Is the Smarter Move
An asset-based mortgage is not for everyone. Be honest about these cases:
- Your assets barely cover the loan. Little cushion after closing leaves you exposed.
- Most of your wealth is in assets the program does not count. Crypto, collectibles and borrowed funds do not count directly.
- You are unsure about Ohio. Renting for a season costs less than selling a house you bought too fast.
- Recent deposits lack a paper trail. Unsourced money delays or sinks the file.
- You expect to start a job soon. A standard mortgage may serve you well once income exists, and you can compare then.
A cosigner, waiting for an offer letter, or a second-home purchase are all alternatives. Each has tradeoffs a broker can lay out against your statements.
After Closing: Does the Loan Lock You In?
No. The asset-based loan is a mortgage like any other. If you later take an Ohio job and your documented income grows, you can look at refinancing into another program. Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio, which may help a later file. Keep your statements organized either way.
Tax treatment varies; consult a qualified professional.
Frequently Asked Questions
Do I need traditional personal-income documentation or pay stubs to buy on assets?
No. Asset-based programs do not use traditional income documentation, pay stubs or employment verification. The file is still fully underwritten. Your assets are documented with statements, and the lender reviews credit, the property and the source of funds.
Is this only for expensive or jumbo homes?
No. The depletion path starts at a $125,000 loan and runs to $3,500,000, and the qualifier path reaches $4,000,000. The depletion path’s minimum-asset rule means it fits larger balances. Subject to underwriting and the specific program.
Does it matter that I have no Ohio history?
Not much. The lender weighs your credit, documented and seasoned assets, the property and leverage. Where you earned the money matters less than whether it is documented. Ohio is within Lendmire’s consumer lending footprint of 16 states.
Do my assets get liquidated?
Not by the loan itself. The program counts balances toward qualifying, but you keep owning them. Down payment and closing funds do leave your accounts, and cash-out proceeds never count as qualifying assets on the depletion path.
Can I buy a rental on assets instead?
Yes, on the depletion path at 65% on a purchase, subject to underwriting. Another route is a DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
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 Ohio page presents the program for Ohio 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.
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References
1. CFPB ATR/QM Small Entity Compliance Guide
2. CFPB Regulation Z, § 1026.3
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 Refinance a Georgia Home on Assets When Your Income Stops? · Can You Relocate to Georgia and Buy a Home on Assets Before You Have Local Income?
Guides: Asset-Based Mortgage in Ohio
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.