The Quick Read: Yes, in many cases an Ohio buyer who paid cash can still get a mortgage with no paycheck, because the loan can be qualified on assets instead of wages. The catch is that cash spent on the house is gone and cannot count toward qualifying, so the money left over matters most.
- Two paths exist: assets cover the whole loan, or assets are converted into monthly income.
- Both paths document your assets with statements, but neither needs traditional personal-income documentation, pay stubs or employment verification.
- Leverage on a purchase tops out at 80% on both paths, and on a refinance at 75% (qualifier path).
- Retirement funds count, but at reduced percentages on most files.
- Every file is fully underwritten and subject to lender guidelines.
Paying cash feels like the end of the financing question. For a retiree, a business seller or an heir, it is often the start of a different one. The house is paid for, the bank balance dropped, and now a rate-and-term refinance, a cash-out or a second purchase is on the table.
Lendmire is a mortgage broker that places these loans through select lenders in its wholesale network. It does not lend directly. What follows is how those files work in practice for an Ohio borrower, where consumer mortgage lending through Lendmire is licensed.
What Does “No Income” Actually Mean to a Lender?
It means no wages are used to qualify, not that nothing is checked. Across the wholesale network, asset-based programs still pull credit, review the property, and require statements for every account that counts. The lender’s file simply rests on what you own rather than what you earn.
That distinction clears up the most common misunderstanding. A buyer with a large portfolio and no paycheck is not a risky borrower by default. A buyer with a large paycheck and no savings is the harder file. Through the asset-based mortgage program, the question becomes whether your documented balances can carry the loan.
Two Paths, and You Use One at a Time
Asset-based lending runs on two separate tracks. The first is 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.
The second is the asset depletion path. Usable assets are divided by 60 months to create a qualifying monthly income. That income must carry the housing payment and your other debts through a debt-to-income test.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| Core idea | Assets cover the whole loan | Assets become monthly income |
| Purchase leverage | Up to 80% | Up to 80% (primary or second home) |
| Refinance leverage | Up to 75% | 80% rate-and-term; 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Statements | Two months per account | Aged 120 days plus one within 45 days |
Never blend the two tables. A borrower is qualified on one path at a time, and each file is subject to underwriting.
The Liquidity Trap: Spent Cash Doesn’t Count
This is the part most cash buyers miss. Money you used to buy the house is no longer an asset in a statement. If you spent most of your liquid funds at closing, you may have little left to qualify on.
Here is why timing matters. Say you hold a large brokerage account and pay cash from part of it. Only the remaining balance counts afterward. Cash-out proceeds from a later refinance never count as qualifying assets either, so you cannot borrow against the house to prove you can borrow against the house.
If a mortgage might be wanted later, plan the purchase around the leftover balance. Ask first: after closing, will what remains clear the bar on either path?
How Different Assets Count
The percentages differ by path, and they are share-of-balance credits, not offers.
On the asset qualifier path:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- Retirement accounts count at 90% under age 59½ and 100% at 59½ or older.
- Accounts combine.
Run a modeled example on this path. An $800,000 loan with $330,000 in brokerage accounts (100%, so $330,000), $300,000 in a 401(k) under 59½ (90%, so $270,000) and $200,000 in savings (100%, so $200,000) counts $800,000 of usable assets. That is reviewed on assets alone, subject to underwriting.
On the asset depletion path:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80% and private stock at 75%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Take $1,500,000 in securities (80%, so $1,200,000) plus $300,000 in cash (100%) for $1,500,000 usable. Divided by 60 months, that is $25,000 of monthly qualifying income. It then carries the housing payment and other debts through the debt-to-income test. The lender’s own calculation governs.
Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. The usual route is converting them into a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Which Path Fits Your Situation?
The right path depends on how your balances sit and how big the loan is. Here is how the network typically sorts common profiles.
| Situation | Often a fit | Why |
|---|---|---|
| Retiree with large IRA and savings | Qualifier | Retirement credit rises at 59½ |
| Business seller with cash | Either | Sale funds are excused from seasoning on the depletion path |
| Heir with inherited securities | Depletion | Securities convert to income |
| Early retiree on a portfolio | Depletion | Income derived from assets |
The strictest overlays want a lot of liquid cushion. On the depletion path, qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance, and borrowers whose only income source is assets need no less than $250,000 liquid. Asset income can also supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does.
Seasoning, Credit and Reserves
Seasoning is how long money has sat in your account. On the qualifier path it is 60 days, with two months of statements for each qualifying account. On the depletion path, statements must be at least 120 days old at application, plus the most recent statement within 45 days. Funds from a business sale, inheritance or legal settlement are excused from that seasoning on the depletion path.
Credit still matters. The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor there needs 700. Housing history is 0x30x12, though one 30-day late in the last year is considered case by case. Multiple bankruptcies are not eligible. Reserves are not required at or below 75% loan-to-value on the qualifier path; above that, the lender sets them. These are program ceilings and floors, never offers, and all remain subject to underwriting through select programs.
The Delayed-Financing Question
There is a separate idea worth knowing, because cash buyers hear about it constantly. Delayed financing is a timing exception, not a loan type. Fortune explains that Fannie Mae’s version lets cash buyers do a cash-out refinance within the first six months, capped near the documented purchase cost. That is an agency rule, described here only as contrast.
It does not waive income checks. The loan paired with it decides how you qualify. A cash buyer using an asset-based loan is qualifying on statements, not paychecks, whichever timing route applies. FHA and VA loans are also not available for cash-out refinances on investment properties, per the same Fortune piece.
Owner-Occupied vs. Rental: A Short Business-Purpose Note
If you will live in the house or use it as a second home, the loan is a consumer mortgage and the figures above apply, including TRID disclosures. If it is a non-owner-occupied rental, the credit is generally treated as business purpose. Regulation Z deems credit for non-owner-occupied rental property business purpose, but it carves out an owner expected to occupy the home more than 14 days in the coming year.
On the depletion path, investment property leverage is lower: up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out.
Common Mistakes Cash Buyers Make
- Draining liquid accounts at closing. The balance left over is what qualifies you.
- Moving money around right before applying. Fresh deposits fail seasoning. Keep statements clean.
- Counting borrowed money. Pledged or borrowed funds are not published as eligible.
- Assuming “no income” means no paperwork. The statements are the paperwork.
- Expecting full value back. Leverage ceilings cap what a lender will advance.
- Mixing the paths. Pick one and check its own rules.
Key Terms Defined
Asset qualifier path: A program track where eligible assets must equal or exceed the whole loan, with no income documented.
Asset depletion path: A track that divides usable assets by 60 months to create qualifying monthly income.
Seasoning: The length of time funds have been in your account before they can be counted.
Delayed financing: A timing exception that lets a recent cash buyer refinance without the usual ownership wait.
What to Ask Before You Pay Cash
1. After closing, what balance will remain, and what will it count for on each path?
2. Are those funds seasoned and held in a regulated account?
3. Is the house a primary residence, second home or rental?
4. Do I want to supplement documented income, or rely on assets entirely?
The program figures do not change by state.
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.
Frequently Asked Questions
Can an Ohio buyer get a mortgage after paying cash with no income?
Often yes, through an asset-based program. The loan is reviewed on documented assets rather than wages, and no traditional personal-income documentation, pay stubs or employment verification are needed. Credit, the property and statements are still reviewed, and approval is subject to underwriting.
Do I have to wait before getting a mortgage on a house I bought with cash?
Not necessarily. Agency delayed financing is a timing exception for cash-out refinances inside the first six months. On asset-based files, the question is more about seasoning of your funds, which is 60 days on the qualifier path.
Does the money I spent on the house count as an asset?
No. Only the balance remaining in your accounts counts. Cash-out proceeds from a later refinance also never count as qualifying assets.
Can I use a retirement account to qualify?
Yes, at reduced credit. On the qualifier path it counts at 90% under 59½ and 100% after. On the depletion path it counts at 70% at any age.
Is the program available if the house is a rental?
Only on the asset depletion path, where the loan is business-purpose. Investment property leverage is up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out, subject to underwriting.
Lendmire’s asset-based mortgage in Ohio page presents the program for Ohio borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Fortune: Investment Property Cash-Out Refinance
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 New Mexico Buyer Qualify for a Mortgage on IRA Assets Without Withdrawals? · How Long After Selling a House Do the Proceeds Count on an Asset-Based Mortgage? · Can You Get a Mortgage in Texas With No Income but a Lot of Savings?
Guides: Asset-Based Mortgage in Ohio
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.