The Quick Read: Getting pre-approved in Ohio on assets means a lender reviews your account statements instead of pay stubs, and your assets either cover the whole loan outright or convert into monthly qualifying income, with each path carrying its own leverage, seasoning and documentation rules, all subject to underwriting and lender guidelines. The file is fully underwritten. The difference is that it needs no traditional personal-income documentation, pay stubs or employment verification.
- Asset qualifier path: eligible assets must equal or exceed the entire loan amount, and no 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 and 75% on a refinance on the qualifier path, through select programs.
- Paperwork: two months of statements per account on the qualifier path, with 60 days of seasoning.
- Fit: retirees, business sellers, inheritance and settlement recipients, and households living off a portfolio.
What Does “Pre-Approved on Assets” Actually Mean?
It means the lender sizes your approval from what you own instead of what you earn. A pre-approval letter in this setting follows a review of your credit and your statements. A pre-qualification is only a conversation based on what you tell the broker.
Most Ohio pre-approval pages assume a buyer with a W-2. They treat assets as backup evidence. On an asset-based file the statements are the main evidence. The brokerage places these files with select lenders in its wholesale network, and Lendmire is licensed for consumer lending in 16 states, Ohio among them.
One point gets misread constantly. This is not a no-documentation product. Every file is underwritten. Credit is pulled, the property is appraised, and every qualifying account is documented with statements. Only the income paperwork goes away.
Who fits? The usual borrower has large balances and little documented income. That includes a retiree living on a portfolio, someone who just sold a business, an heir, a settlement recipient, or an early-retired professional. If you have steady W-2 pay and a normal down payment, a conventional loan may cost you less. More on that near the end.
The Two Paths: Assets Cover the Loan, or Assets Become Income
Across the wholesale network, asset-based files split into two paths. A borrower is reviewed on one path at a time. The two tables never blend.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Must cover the whole loan | Divided by 60 months into income |
| Income documented | None | Derived from assets |
| Debt-to-income test | Not used | Yes, on derived income |
| Purchase leverage | Up to 80% | Up to 80% (65% investment) |
| Refinance leverage | 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 |
The depletion row for leverage applies to a principal residence or second home. On an investment property, the depletion path caps out at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. All of this is subject to underwriting and the lender’s own calculation.
Lendmire’s asset-based mortgage program page lays out the product family. The sections below show how each path reads inside a file.
How the Asset Qualifier Path Works
The qualifier path is the simpler one. Add up your eligible assets after the credit percentages. If the total meets or beats the entire loan amount, the loan is reviewed on assets alone. No employment or income gets documented.
Take an illustrative file. Suppose the loan is $800,000. The borrower holds $330,000 in brokerage accounts, $300,000 in a 401(k) and $200,000 in savings, and is under age 59½. Brokerage and savings count at 100%. The 401(k) counts at 90% under age 59½, which is $270,000. Usable assets come to $800,000, which matches the loan. The file is reviewed on assets alone, subject to underwriting.
Notice how little room that leaves. A borrower one account short has to bring another asset or lower the loan. That is why the inventory step comes first.
Credit still matters. The published floor on this path is a 600 score, and the lender reviews the rest of the credit file. Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them. The lender’s ability-to-repay review rests on the assets.
How the Asset Depletion Path Works
Depletion turns a pile of assets into a monthly income figure. The lender applies a haircut to each account, adds the usable total, and divides by 60 months. That figure carries the full housing payment plus other debts through the debt-to-income test.
An illustrative file again. Say a borrower holds $1,500,000 in securities and $300,000 in cash. Securities count at 80%, which is $1,200,000. Cash counts at 100%, which is $300,000. Usable assets total $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts, and the lender’s own calculation governs.
Three minimums apply on this path:
- Qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance.
- Never less than $250,000 liquid when depletion is the only income source.
- A 700 score for a first-time investor. Otherwise credit follows the lender’s score and loan-amount matrix.
Depletion can also supplement documented income, up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived. A retiree with a modest pension and a large IRA is the typical example.
Which Assets Count, and How Much of Each
Assets are not always counted at face value, and the two paths do not treat them the same way. Here is the treatment on each, through select programs.
| Asset type | Qualifier path | Depletion path |
|---|---|---|
| Brokerage / securities | 100% | 80% |
| Savings, money market | 100% | Cash accounts 100% |
| Certificates of deposit | 100% | 100% |
| 401(k) / IRA | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not listed | 75% |
| Real-estate equity | Not listed | 60% |
The depletion path does not accept custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, non-vested restricted stock units, or funds from non-regulated financial companies.
Crypto, precious metals, collectibles, borrowed or pledged funds, and business accounts beyond your ownership share are not published as eligible on either path. Say so plainly to yourself before you apply. The documented route is to convert them to cash in a regulated account. The balance then needs seasoning, and the lender reviews its source.
Cash-out proceeds never count as qualifying assets on the depletion path. You cannot refinance and then use the proceeds to qualify.
Step by Step: Getting an Asset-Based Pre-Approval in Ohio
The steps are the same wherever the property sits. Program figures do not change by state.
1. Inventory every account. List each balance, the account type, the owner and your age. Retirement balances behave differently by age on the qualifier path.
2. Pick the path before the property. If your assets exceed the loan amount after credit percentages, the qualifier path fits. If they do not, depletion may fit, but the income math has to carry the payment.
3. Check seasoning dates. The qualifier path wants 60 days of seasoning and two months of statements for each account. The depletion path wants statements at least 120 days old at application, plus one within 45 days.
4. Trace large deposits. If money moved between accounts or came from a sale, gather the paper trail. The program reviews the source.
5. Pull credit and fix surprises. The housing history should show 0x30x12. One 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible.
6. Request the pre-approval. The broker packages statements and credit and places the file with a select lender. The letter reflects the path, the loan amount and the leverage.
7. Shop with the letter. When an offer goes in, the letter is only as good as the statements behind it. Do not move money after that point without telling your broker.
Seasoning, Sourcing and the Double-Counting Trap
The most common assets-file mistake is counting the same dollars twice. Money that funds your down payment generally comes out of the qualifying balance. On the qualifier path, the leftover assets still have to meet the loan amount. Run the inventory after the down payment, not before. The lender’s own calculation decides how it handles this.
Moving money is the other trap. A transfer between your own accounts can break the statement trail. Keep the same accounts through the review when you can, and explain any move in writing.
Some funds are excused from the depletion path’s 120-day statement age. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning. That helps the recent heir or the business seller, who often has new money and no history with it.
Primary Residence, Second Home or Investment Property
The same two paths exist for a principal residence or second home. Investment property is available only on the depletion path. That loan is business-purpose, and the leverage is lower.
On the legal side, the business-purpose line has real edges. The CFPB’s ability-to-repay rulemaking treats investment-purpose credit as business-purpose, which sits outside the consumer ability-to-repay provisions. A practitioner guide from Doss Law adds that if an owner expects to occupy the property more than 14 days in the coming year, the loan may be treated as a consumer loan unless the property has more than two units. So the story you tell about how you will use the home matters. Match the occupancy to the program.
One clarification. Loans that qualify on a rental property’s own income are a different product. They are separate from asset-based files. An investor who wants the property’s rent to carry the payment is on a rental-income program, not either of these paths.
Ohio Considerations
The program figures are the same in Ohio as anywhere else. What changes is the property side. Columbus, Cleveland and Cincinnati each have different price points and different property-tax patterns by county. Taxes and insurance feed the housing payment, and on the depletion path that payment has to fit inside the derived income. Ask your broker to price the payment with the county in mind before you choose a path.
How do Ohio sellers read an asset-based letter? Listing agents mostly want to see a named lender, a clear loan amount and a statement that the borrower has been reviewed. A letter that shows the path, the loan size and the leverage reads like any other pre-approval. Keep the statements ready in case the seller’s agent asks for more.
Every borrower still gets the usual consumer-mortgage review of the property. The appraisal, title and insurance steps look the same as on any other Ohio purchase.
Where Asset-Based Files Stall
Files stall in a few predictable places.
- Unseasoned balances. A fresh deposit shows up on one statement. The qualifier path needs 60 days of seasoning. Fix it by waiting or by documenting the source.
- Ineligible assets in the total. Stock options, unvested RSUs and cash on hand sit on the depletion path’s excluded list. Strip them out before you do the math.
- Retirement haircuts ignored. A borrower under 59½ gets 90% credit on the qualifier path. On depletion it is 70% at any age. Rerun the total with the right figure.
- Asset class mismatch. Crypto and collectibles are not published as eligible. Convert them to a seasoned cash balance in a regulated account early.
- Thin credit. The 600 floor is a floor, not a promise. The lender’s matrix and the full credit file decide.
- Shifting the story. An occupancy change after the application can move the file to a different program or kill it.
How Other Paths Compare
Other programs solve a different problem. Each set of rules below belongs to that program only.
| Path | Best for | How income is shown |
|---|---|---|
| Asset qualifier | Assets exceed the loan | No income documented |
| Asset depletion | Large portfolio, low income | Derived from assets |
| Bank statement | Self-employed with deposits | Income shown by deposits |
| Rental-income loan | Investor buying a rental | The property’s rent |
| Conventional | Steady W-2 or tax-return income | Pay stubs and returns |
Agency programs from Fannie Mae and Freddie Mac have their own, narrower rules for counting assets as income. They do not apply to these files.
When Not to Use This
Skip the asset route if you have strong documented income and a normal down payment. A conventional loan may cost less, and the paperwork is routine. Also skip it if your wealth is mostly in assets the program does not list, such as crypto or collectibles, and you do not want to sell them. Converting them takes time and may have other consequences. Tax treatment varies; consult a qualified professional before choosing how to hold or sell assets.
Asset files also tie up your liquid balance. After closing, the qualifying assets are still your money, but spending them before the file finishes can unravel the approval.
Key Terms Defined
Seasoning: the length of time money has sat in your account before the lender counts it.
Haircut: the share of an asset’s balance the lender does not count, shown above as the credit percentage.
Usable assets: the total of your balances after each haircut is applied.
Asset depletion: a method that divides usable assets by 60 months to produce monthly qualifying income.
Housing event: a foreclosure, short sale or similar event, which needs 4 years of seasoning on the depletion path.
Frequently Asked Questions
Does an asset-based loan mean no documentation?
No. Every file is fully underwritten, with credit, an appraisal and statements for every qualifying account. What disappears is the income paperwork, so you need no traditional personal-income documentation, pay stubs or employment verification on the qualifier path.
Can I use my retirement accounts?
Yes, with a haircut. On the qualifier path a 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path retirement accounts count at 70% at any age. Both are subject to underwriting.
How much do I need in assets?
On the qualifier path, eligible assets after credit percentages must equal or exceed the entire loan amount. On the depletion path, you need at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid if assets are your only income. Those are program floors, not offers.
Can I get cash out on an asset-based refinance?
It depends on the path. The depletion path allows cash-out up to 60% on a principal residence, second home or investment property, but the proceeds never count as qualifying assets. Whether the qualifier path allows cash-out is set by the lender and is not published. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
What if my wealth is in crypto?
Neither path publishes crypto as an eligible asset. The documented route is to convert it to cash in a regulated account and let the balance season. The lender then reviews the source of the funds.
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. Program terms change, each file is underwritten on its own, and nothing here is a commitment to lend.
Ohio buyers who start with a clean inventory and a chosen path tend to find that the property search is the easy part.
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.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. Federal Register: Ability-to-Repay and Qualified Mortgage Standards
2. Doss Law: Business Purpose Exemption Simplified
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Get Pre-Approved in Michigan on Assets Instead of Income · Can You Refinance a Georgia Home on Assets When Your Income Stops? · Can You Relocate to Michigan 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
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.