The Quick Read: Yes, usually, if your balances are large and well documented. Through select asset-based programs, a lender can qualify you on eligible assets alone, or turn those assets into monthly income. A Virginia paycheck is not required, but every file is fully underwritten and your assets are documented with statements.
- Asset qualifier path: eligible assets must cover the entire loan, and no employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which then runs through the debt-to-income test.
- Leverage: up to 80% on a purchase on the qualifier path, and up to 80% on a purchase of a principal residence on the depletion path, subject to underwriting.
- Paperwork: the program asks for no traditional personal-income documentation, pay stubs or employment verification, but it does ask for seasoned account statements and a credit review.
- Wrong tool: if the Virginia home will be a rental you never occupy, a different loan type fits better.
Why Having No Local Income Is Not the Obstacle
A lender’s real question is whether you can repay the loan, not whether you have a Virginia employer. Income is one way to answer it. Verified assets are another. When your wealth sits in brokerage accounts, savings, or retirement funds instead of a salary, an asset-based mortgage lets the balances do the talking.
That describes a lot of relocating buyers. Think of a retiree moving closer to family, someone who sold a business, an early-retired professional living off a portfolio, or a remote worker between contracts. Their balances are large and their documented income is small or oddly timed. A conventional file built on pay stubs and two years of employment history reads that profile as weak.
Lendmire is a mortgage broker, and it arranges these loans through select lenders in its network. Virginia is one of the states where the program is offered. Lenders review each file individually, so nothing here is a commitment to lend. What follows is how the mechanics work and where the edges are.
Two Paths, and You Use One at a Time
The program has two paths, and each file is qualified on exactly one. Mixing the two is a common source of confusion, so keep them separate in your head. The asset qualifier path asks whether your eligible assets cover the whole loan. The asset depletion path asks whether your assets, converted into monthly income, can carry the housing payment and your other debts.
LTV, short for loan-to-value, is the loan amount as a percentage of the home’s value. Here is how the two paths compare, through select programs and subject to underwriting.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| How you qualify | Assets cover the entire loan | Assets become monthly income |
| Income documented | None | Derived from assets, tested via DTI |
| Purchase LTV, primary or second home | Up to 80% | Up to 80% |
| Refinance LTV, primary or second home | Up to 75% | 80% rate-and-term, 60% cash-out |
| Investment property LTV | Not offered | 65% purchase, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Statements | Two months per account | 120 days old, plus one within 45 days |
| Credit | 600 minimum score | The lender’s matrix |
Two notes on that table. On the depletion path, investment property is also limited to 65% on a rate-and-term refinance, and cash-out proceeds never count as qualifying assets. On the qualifier path, the lender sets any cash-out terms, and they are not published.
You will see agency-style asset-based loans described elsewhere. Statements Ready notes that conforming and non-QM versions share the basic formula and little else. The divisors and rules differ, so figures quoted for one do not apply to the other.
How the Qualifier Path Works
The qualifier path is the simpler of the two. Add up your eligible balances, apply each account type’s credit percentage, and compare the total to the loan amount. If the total equals or exceeds the entire loan, you qualify on assets alone. No employment or income is documented.
Run through this illustrative example. It is not an offer, and the lender’s own calculation governs. Say the loan is $800,000. You hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under age 59½ (90% counts, so $270,000), and $200,000 in savings (100% counts, so $200,000). Your usable assets total $800,000, which matches the loan. You qualify on assets alone, subject to underwriting.
Credit still matters on this path. The published floor is a 600 score, and the lender reviews your credit and housing history. A single 30-day late payment in the last twelve months is considered case by case.
Reserves are simple. None are required at or below 75% LTV, and above that the lender sets them. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
How the Depletion Path Works
The depletion path suits you when your assets are large but not large enough to cover the whole loan. The lender totals your eligible assets after haircuts, divides by 60 months, and treats the result as monthly income. That income then carries the housing payment and your other debts through the debt-to-income test. You sell nothing. The assets stay where they are.
Here is the illustrative shape. You hold $1,500,000 in securities (80% counts, so $1,200,000) plus $300,000 in cash (100% counts, so $300,000). That is $1,500,000 usable. Divide by 60 months and you get $25,000 of monthly qualifying income. That figure then has to carry the housing payment and other debts under the program’s debt-to-income test. Again, the lender’s own calculation governs.
This path has asset minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income source, you also need at least $250,000 in liquid assets. A first-time investor buying an investment property on this path needs a 700 score. A housing event such as a foreclosure needs 4 years of seasoning on this path.
One more feature matters for relocators. Asset-derived income can supplement documented income, up to a 45% debt-to-income ratio. If you land a Virginia job before you apply, that income and your assets can work together. When assets supplement income this way, the minimum-assets rule is waived.
Which Assets Count, and at What Percentage
Not every dollar counts the same. The program gives each account type a credit percentage, and the two paths use different tables. Read the column for the path you are on.
| Asset | Qualifier path credit | Depletion path credit |
|---|---|---|
| Savings and money market | 100% | Cash accounts 100% |
| Certificates of deposit | 100% | 100% |
| Brokerage accounts | 100% | Securities 80% |
| 401(k) and IRA | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not published | 75% |
| Real-estate equity | Not published | 60% |
Accounts combine, so you can add savings, brokerage and retirement balances toward one total.
Some assets are not eligible on the depletion path at all. 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. If your money is overseas, raise it with your loan officer at the start, because foreign funds are on that list.
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 to convert them to a seasoned cash balance in a regulated account. The lender then reviews the source of those funds. Tax treatment varies; consult a qualified professional before selling assets or withdrawing retirement funds.
What Seasoning Means for Your Move
Seasoning is the time money has to sit in an account before a lender counts it. It is the detail that trips up relocators most often, because moving money is part of moving house.
On the qualifier path, funds need 60 days of seasoning, and you provide 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 dated within 45 days. Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning on the depletion path.
In practice, that points to a clear sequence:
1. Gather statements first. Collect every account you plan to use before you start house hunting.
2. Pick your path. Compare your usable assets with the loan you want, using the credit percentages above.
3. Leave the money where it is. Shuffling balances between institutions right before applying can break your statement history and invite questions about the source of the funds.
4. Get a pre-approval review. The loan officer checks credit, statements and the property type before you make offers.
5. Shop, offer and contract. A local agent and title company handle the Virginia-specific paperwork.
6. Close, then move. Many buyers use remote signing options or a short trip. Ask your title company what it supports.
The program figures stay the same. State facts such as taxes and local prices change the budget, not the program.
What Underwriters Still Check
Skipping pay stubs does not mean skipping scrutiny. Expect the lender to review your credit report, your housing payment history, the appraisal, title, and the source and seasoning of every account you use. The assets are documented line by line. The program asks for no traditional personal-income documentation, pay stubs or employment verification, but it never asks the lender to look away.
The federal rules behind ability-to-repay explain why this works. Under 12 CFR 1026.43, a lender may base repayment ability on income, on assets other than the home itself, or on both. Employment status only has to be considered when the lender relies on employment income. Whatever the lender does rely on must be verified with reasonably reliable third-party records. That is why bank and brokerage statements carry so much weight here.
When This Is the Wrong Tool
If the Virginia home will be a rental you never live in, asset-based qualification is usually not the best fit. Rental financing built for non-owner-occupied investment properties is designed for that job. Because those are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. The test there is whether the property’s rent covers its payment, which is a separate product with separate guidelines.
Occupancy has to be truthful. Federal rules deem credit for a non-owner-occupied rental to be business purpose, but that deemed status stops applying if you expect to occupy the property more than 14 days in the coming year. Buying a home you will live in and calling it a rental is a misrepresentation, not a strategy.
The depletion path does allow investment property, at the lower leverage shown in the table. That is a business-purpose loan, and it is a narrower lane.
Asset-based financing can also be the wrong answer in these cases:
- Your usable assets fall short of the loan on the qualifier path, and below the minimums on the depletion path.
- Your balances are mostly in categories the program does not count.
- You plan to start a salaried job soon, and a conventional file would be cleaner and cheaper.
- You have a large cash balance and would rather buy outright.
Paying cash is a legitimate choice. Financing keeps your balances invested and liquid, which can matter if you want a cushion after the move. It also adds a loan, a payment and underwriting. Neither choice is wrong, and the right one depends on how you want your portfolio to look after closing.
Three Buyers Who Fit
A retiree moving near grandchildren has a seven-figure portfolio and a pension that looks small on paper. The depletion path turns those balances into qualifying income without selling anything, subject to underwriting.
A business seller has just received a large payout. With cash sitting in a regulated account, the qualifier path may cover the loan outright. The depletion path also excuses sale-of-business funds from its statement-age rule.
A between-jobs remote worker has strong savings and a retirement account but no current pay stub. If the balances are large enough, assets can carry the file now. If a new Virginia job starts later, that income and asset-derived income can work together, up to the 45% debt-to-income limit.
Mistakes That Stall These Files
- Moving funds between institutions days before applying, which breaks the statement trail.
- Counting assets the program does not recognize, such as crypto, without converting them first.
- Applying on the wrong path, for example assuming retirement accounts count at 100% on the depletion path.
- Assuming one account’s balance counts fully before the lender applies the credit percentage.
- Forgetting that the loan amount ceilings and minimums differ by path.
- Describing the property’s intended use inaccurately.
For program details, see Lendmire’s page on the asset-based mortgage program.
Key Terms Defined
Asset qualifier path: the route where eligible assets, after credit percentages, must equal or exceed the whole loan amount.
Asset depletion path: the route where usable assets divided by 60 months become monthly qualifying income.
Seasoning: the time funds must sit in an account, shown through statements, before a lender counts them.
Credit percentage (haircut): the share of an account’s balance that counts toward qualifying.
Debt-to-income (DTI): your monthly debts, including the new housing payment, as a share of monthly income.
Frequently Asked Questions
Do I need a Virginia job before I apply?
No. Neither path asks for a Virginia employer or local work history. The qualifier path documents no employment or income, and the depletion path derives income from your assets. Lenders still review credit, statements and the property, subject to underwriting.
Do I have to sell my investments to qualify?
No. The lender counts balances, and you keep your investments in place. Depletion is a formula, not a sale. You will still need statements showing the balances, and funds used for the down payment and closing costs have to be sourced.
Can I use this to buy a rental in Virginia?
Only on the depletion path, where investment property is allowed at 65% on a purchase and 60% on a cash-out. The qualifier path is for a principal residence or second home. If you want rental-income-based qualification, that is a separate business-purpose loan type.
Does cryptocurrency count as an asset?
Not directly. Crypto is not published as eligible on either path. The documented route is converting it to cash in a regulated account and letting it season, with the lender reviewing the source of the funds.
Is this better than paying cash?
It depends on how you want your portfolio to look after closing. A cash purchase avoids a loan and underwriting. An asset-based mortgage keeps your balances invested and liquid, at the cost of a loan and a documented file.
Next Step
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. Programs change, and every file is underwritten individually by the lender.
Lendmire’s asset-based mortgage in Virginia page presents the program for Virginia 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.
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References
1. Statements Ready, asset depletion loan explainer
2. 12 CFR 1026.43, Minimum standards for transactions secured by a dwelling (eCFR)
3. CFPB, Regulation Z 1026.3, Exempt transactions
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 Montana Snowbird Buy a Winter Home on Savings Alone? · Can You Buy a Second Home in Tennessee on Assets Instead of Income? · Can an Ohio Snowbird Buy a Winter Home on Savings Alone?
Guides: Asset-Based Mortgage in Virginia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.