The Quick Read: Yes, you can often refinance on assets alone, as long as your documented balances either cover the entire loan or convert into enough monthly qualifying income, and the file clears credit, leverage and seasoning checks through select programs, subject to underwriting. Lendmire is a mortgage broker. It arranges these loans, and the lender makes the final decision.
- Path one: your eligible assets equal or exceed the whole loan, and no employment or income is documented.
- Path two: your assets are divided into a monthly income figure that has to carry the payment and your other debts.
- What is still documented: every account, through statements. There is no traditional personal-income documentation, no pay stubs and no employment verification, but the file is fully underwritten.
- What can sink it: assets that are too new, assets the program does not count, and leverage above the ceiling.
Which Path Fits You?
The right path depends on how much you hold relative to the loan. If your balances cover the whole loan, use the asset qualifier path. If your balances are large but smaller than the loan, use asset depletion. The two paths work differently, and a borrower is qualified on one at a time.
Across the wholesale network Lendmire works with, the qualifier path is the simpler test. Eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. Nothing about your job or income is documented. The lender’s ability-to-repay review rests on the assets.
The depletion path is a different animal. Usable assets are divided by 60 months. The result becomes your monthly qualifying income. That income must carry the full housing payment and your other debts through a debt-to-income test, which is the ratio of monthly debts to monthly income.
Both live inside Lendmire’s asset-based mortgage programs, placed through select lenders. The figures below are ceilings and floors, never offers.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| The test | Assets cover the whole loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Refinance leverage | Up to 75% (primary or second home) | See leverage section |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | Lender’s matrix |
Best fit for the qualifier path: a household whose cash and brokerage balances are bigger than the mortgage. Best fit for depletion: a household living off a portfolio that wants the debt-to-income test to see that portfolio as income.
Key Terms Defined
Asset qualifier path: a program route where eligible assets, after the credit percentages, must equal or exceed the whole loan.
Asset depletion path: a program route that divides usable assets by 60 months to create monthly qualifying income.
Usable assets: the share of each account balance a program counts after its percentages or haircuts.
Haircut: the discount a program applies to an asset because it can lose value or be hard to access.
Seasoning: how long funds must sit in your accounts, shown by statements, before they count.
Debt-to-income ratio: your monthly debts divided by your monthly income.
Non-QM: a mortgage that follows lender-set guidelines instead of the standard agency box.
Why Old No-Income Loans Are Gone, and What Replaced Them
The loans that took your word for it are mostly gone. What replaced them is qualification that rests on documented assets. You are not skipping the check. You are changing what the check looks at.
This is where people get confused. Asset-based loans are not no-doc. They are fully underwritten. The lender pulls credit, reviews the home, and reads your account statements line by line. The only things missing are the traditional personal-income documentation, pay stubs and employment verification a paycheck borrower would hand over.
A law-firm summary of how the federal ability-to-repay rule treats non-QM loans explains the logic. A lender may rely on income, assets, or both, and it needs to verify only what it relies on, though it must still consider debt-to-income or residual income. CFS Review lays this out. That is why depletion converts assets into income and runs a ratio, while the qualifier path rests on the assets alone.
Which Assets Count on the Qualifier Path
On the qualifier path, cash-like accounts count in full, and retirement accounts count in full once you reach 59½. Here is how the credit works, subject to underwriting. Accounts combine.
| Asset | Share 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, age 59½ or older | 100% |
Notice what is missing. Cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share, and pledged or borrowed funds are not published as eligible on either path. Say it plainly: they do not count at a percentage.
The documented route is to convert them into a seasoned cash balance in a regulated account, with the lender reviewing the source. Do that before you apply, not during.
Which Assets Count on the Depletion Path
On the depletion path, every asset except cash and CDs is discounted. This is the table most borrowers misread, so read it as its own list. Do not blend it with the one above.
| Asset | Share counted |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Not eligible on this path: 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.
The depletion path also has asset minimums. You need qualified assets of 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. If you still have some documented income, such as a pension, asset-derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
A Worked Example
Run the numbers both ways, and treat them as illustrations. The lender’s own calculation governs.
Qualifier path. Say your loan is $800,000. You hold $330,000 in brokerage accounts (counted at 100%, so $330,000), $300,000 in a 401(k) while under 59½ (counted at 90%, so $270,000), and $200,000 in savings (counted at 100%, so $200,000). That adds up to $800,000 of usable assets. The loan is reviewed on assets alone, subject to underwriting. On a refinance, the loan also has to fit within 75% loan-to-value on this path, so the home’s appraised value matters as much as the balances.
Depletion path. Say you hold $1,500,000 in securities and $300,000 in cash. Securities count at 80%, which gives $1,200,000. Cash counts at 100%, which gives $300,000. Usable assets total $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That figure then has to carry the housing payment and your other debts through the debt-to-income test.
Same balances, different outcome. A 401(k) counts at 90% under 59½ on the qualifier path and at 70% on the depletion path. Pick the path before you decide whether you are “short” on assets.
How Much Can You Borrow Against the Home?
Leverage depends on the path, the loan purpose and how the home is used. Here are the ceilings, each tied to its transaction, subject to underwriting.
Asset qualifier path: up to 80% loan-to-value on a purchase and up to 75% on a refinance, on a principal residence or second home. Whether cash-out proceeds are allowed on this path, and at what leverage, is set by the lender and is not published. Plan on a rate-and-term refinance here.
Asset depletion path:
- Principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and up to 60% on a cash-out refinance.
- Investment property: up to 65% on a purchase or rate-and-term refinance, and up to 60% on a cash-out refinance.
Cash-out proceeds never count as qualifying assets. You cannot pull equity out and then count that cash toward qualifying. (Many borrowers try. It does not work.)
Credit matters on both paths. The qualifier path has a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix. A first-time investor on the depletion path needs a 700. Housing history is typically reviewed at 0x30x12, with one 30-day late in the last twelve months considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path.
What About Indiana Rentals?
If the Indiana home is a rental you do not live in, the depletion path can also finance it as an investment property. That loan is a business-purpose loan. The business-purpose rule is straightforward: credit extended primarily for a business or commercial purpose falls outside the consumer-credit rules in Regulation Z, and the CFPB’s Truth in Lending summary lists loans to acquire or improve non-owner-occupied rental property as business-purpose credit.
The practical takeaway is occupancy and use. If you move in, or the proceeds go to personal spending, the business-purpose label can fall apart. Keep the use of funds clean.
There is a second route for rentals. A DSCR loan is the rental-property loan. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, and it does not look at your personal income at all. If the Indiana property is a rental and you are comfortable with the property carrying the loan, compare both routes. If it is your primary home or a second home, DSCR is off the table, and assets are your path.
Timing: Before or After the Paycheck Stops?
Apply before the paycheck stops if you can, but it is not required. On the asset paths, your balances matter more than your work history. Still, a borrower who applies while documented income exists has more options, including the supplement route on the depletion path.
Seasoning is the real clock. Here are the rules, subject to underwriting.
- Qualifier path: 60 days of seasoning, with 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 funds, inheritances and legal settlements are excused from the depletion seasoning rule. That is a real advantage if the income stopped because you sold a company.
Fresh money from elsewhere is where files stall. A large deposit from a brokerage transfer, an old CD or a rollover has to be traceable. Move money early and keep clean records.
One more point on selling. You do not have to sell investments to qualify. The assets stay in your accounts and are used to measure repayment capacity. If you do decide to sell, tax treatment varies; consult a qualified professional.
Documents to Gather
Gather these before you talk to anyone. The list is short compared with a paycheck file.
- Statements for every qualifying account, covering the seasoning window for your path.
- Retirement account statements, including your age-based status.
- Mortgage statement for the existing loan and your housing payment history.
- Homeowner insurance details and ID.
- A paper trail for any large deposit or account transfer.
- For sale-of-business, inheritance or settlement money, the closing statement or settlement paperwork.
Why Files Stall, and How to Fix Them
| Problem | Cause | Fix |
|---|---|---|
| Assets fall short | Haircuts shrink the balance | Switch path, or lower the loan |
| Statements rejected | Too new or incomplete | Wait for seasoning, send all pages |
| Crypto not counted | Not an eligible asset | Convert to cash in a regulated account |
| Cash-out expected | Not published on the qualifier path | Ask about the depletion path |
| Credit below matrix | Score or housing late | Fix credit first |
The most common stall is the assumption that retirement money counts at face value. Run the haircut first, then decide.
Other Routes Worth a Look
Asset-based loans are not the only way to refinance without a paycheck. A bank statement program is for borrowers who document income with deposits, which suits a self-employed borrower, not someone whose income has stopped. If you receive a pension, Social Security or regular distributions, qualifying on documented income under the applicable program, subject to lender guidelines, may fit better. A reverse mortgage, which is a separate consumer product, is another option for older homeowners. A home equity line or a loan from a large retail lender may also work, but each of those follows its own income rules.
Choose assets when your balances are big and your documented income is thin. Choose the others when your income is steady but unconventional.
Indiana Considerations
Indiana is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, so this program is available to Indiana borrowers, subject to underwriting. The program figures are the same you would see anywhere. Local taxes, insurance and prices change your budget, not the program parameters.
Check one thing before you start: how the home is used. A primary residence or second home is a consumer loan. A rental is a business-purpose loan. That distinction decides which paths and leverage ceilings apply.
Frequently Asked Questions
Do I have to sell my investments to qualify?
No. On both paths, the assets stay in your accounts and are used to measure whether you can repay. They are documented with statements, not liquidated. What you cannot do is spend them down below the required balances before closing.
Can cryptocurrency or precious metals count toward my assets?
Not directly. Neither is published as eligible on either path. The documented route is to convert them into a seasoned cash balance in a regulated account, with the lender reviewing the source of the funds.
Does a job loss before I apply hurt my chances?
Not by itself. On the asset paths, your balances, credit and the home carry the file. Your credit and housing history still matter, with a 600 minimum score on the qualifier path and the lender’s matrix on the depletion path.
Can cash-out proceeds count as qualifying assets?
No. On the depletion path, cash-out proceeds never count as qualifying assets. On the qualifier path, whether cash-out is allowed at all is set by the lender and is not published, so plan the loan as a rate-and-term refinance.
Is this a no-doc loan?
No. Every file is fully underwritten. Your assets are documented with statements, and credit and the property are reviewed. What you skip is traditional personal-income documentation, pay stubs and employment verification.
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. This is not a commitment to lend.
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. CFS Review: CFPB addresses non-QMs under the ability-to-repay rule
3. CFPB Truth in Lending Act compliance summary
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 Relocate to Washington and Buy a Home on Assets Before You Have Local Income? · How Retirees Moving to New Mexico Buy a Home on Assets · Can You Refinance a California Home on Assets When Your Income Stops?
Guides: Asset-Based Mortgage in Indiana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.