The Quick Read: No fixed dollar minimum applies to every buyer; the number depends on which of two asset-based paths you use. On the asset qualifier path, your usable assets must equal or exceed the entire loan. On the asset depletion path, usable assets divided by 60 months become your monthly qualifying income. Both are subject to underwriting, and the lender’s own calculation governs.
- Qualifier path: usable assets must cover the whole loan, and no employment or income is documented.
- Depletion path: usable assets become monthly income, and that income must carry the housing payment and your other debts.
- Not every dollar counts: accounts are credited at set percentages, and retirement money is treated differently by age and by path.
- It is not no documentation: you skip traditional personal-income documentation, pay stubs and employment verification, but your statements are reviewed in full.
- Virginia changes nothing in the program figures. The same percentages apply to a Virginia buyer.
Which Path Fits a Virginia Retiree?
Pick the qualifier path if your balances are big enough to cover the loan outright. Pick the depletion path if you want your portfolio to behave like a paycheck. A borrower is qualified on one path at a time, so the choice shapes everything else.
Across Lendmire’s wholesale network, the two paths work like this:
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| Core test | Usable assets cover the whole loan | Assets ÷ 60 months = income |
| Income documented | None | Derived income, run through DTI |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit floor | 600 minimum | The lender’s score matrix |
| Statements | Two months per account | 120-day-old plus a recent one |
The qualifier path suits a retiree who sold a business or a long-held home and is sitting on cash and brokerage balances. The depletion path suits someone with a large portfolio who wants a mortgage sized to the income that portfolio can support. Both are arranged through the asset-based mortgage program, placed with select lenders.
How Much Do You Need on the Qualifier Path?
You need eligible assets, after the credit percentages, that equal or exceed the entire loan amount. The program reaches up to 80% loan-to-value (LTV) on a purchase and 75% on a refinance, for a principal residence or second home. Loan amounts run up to $4,000,000, subject to underwriting.
LTV is the loan divided by the home’s value. At 80% on a purchase, you are borrowing 80% of the price and putting 20% down. The assets that cover the loan are separate from the cash you need for the down payment and closing costs. Ask the lender how it counts those funds, because they come out of your accounts before anything else. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Here is the illustrative arithmetic. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, which count at 100%. You hold $300,000 in a 401(k) and you are under 59½, so it counts at 90%, or $270,000. You hold $200,000 in savings, which counts at 100%. That is $800,000 of usable assets, so the file is reviewed on assets alone.
The same borrower at 59½ or older would see the 401(k) credited at 100%. Age matters on this path. Brokerage, certificates of deposit, money market and savings all count at 100%, and accounts combine.
Reserves are not required at or below 75% LTV. Above that, the lender sets them. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
How Much Do You Need on the Depletion Path?
Here the math runs on income. Eligible assets are haircut, added up, and divided by 60 months. The result is a monthly qualifying income that has to carry the full housing payment and your other debts through the debt-to-income (DTI) test.
DTI compares your monthly debts to your monthly income. A retiree with no other income relies entirely on the derived figure.
Run the numbers this way. Suppose you hold $1,500,000 in securities, which count at 80%, or $1,200,000. You also hold $300,000 in cash, which counts at 100%. That is $1,500,000 of usable assets. Divided by 60 months, you get $25,000 of monthly qualifying income. That income then carries the housing payment and other debts. The lender’s calculation governs, and this is illustration only.
The depletion path sets a floor on how much you must hold. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you also need at least $250,000 liquid, no matter what. If you have a pension or Social Security, the derived income can supplement it up to a 45% DTI, and in that case the minimum-assets rule is waived.
Leverage on the depletion path is tighter in some cases:
- Principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Investment property: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
Cash-out proceeds never count as qualifying assets. Reserves have no published month count on this path.
What Counts as an Asset, and What Does Not?
Lenders credit a share of each balance, not the full amount. The share depends on the account type and the path. Never blend the two columns below, because each path has its own table.
| Asset | Qualifier Path | Depletion Path |
|---|---|---|
| Brokerage / securities | 100% | 80% |
| Cash, savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| 401(k) / IRA | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not published | 75% |
| Real-estate equity | Not published | 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.
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 cash in a regulated account and let the lender review the source. Never plan around them counting at some percentage.
Real-estate equity is the other trap. Equity in the home you are buying cannot serve as the asset. On the depletion path, equity in other property counts at 60% only.
Seasoning, Statements and Credit
Your money has to sit in the account for a while before it counts. On the qualifier path, that means 60 days of seasoning and 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 the sale of a business, an inheritance or a legal settlement are excused from that seasoning.
Moving money around right before you apply creates questions. Large deposits need a clear source, and fresh transfers between accounts can reset the clock. Keep the paper trail clean.
Credit still matters. 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 700. Housing history is typically 0x30x12, meaning no late payments in a year, though one 30-day late is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path. Approval is never promised, and every file is fully underwritten.
Does Age 59½ Really Change the Answer?
Yes, but only on the qualifier path. A retiree under 59½ gets 90% credit on a 401(k) or IRA there, and 100% from 59½ on. On the depletion path, retirement accounts count at 70% regardless of age.
This is the quirk that surprises early retirees. A 58-year-old with most of their wealth in an IRA will see a smaller usable total than a 60-year-old with the same balance. The fix is not always to withdraw. Pulling money out of a retirement account can trigger consequences of its own, so weigh that before restructuring anything. Tax treatment can depend on how the funds are used and how the property is held; borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
Couples add one more question. Whose assets count?
Why a Mortgage Without Income Is Allowed at All
Federal rules let a lender judge repayment ability from assets instead of paychecks. The CFPB’s ability-to-repay rule says a creditor may base its determination on income, on assets other than the home securing the loan, or on both. Eligible assets include savings, checking, vested retirement balances, stocks, bonds and certificates of deposit.
The same rule requires proof. The eCFR text calls for verification using reasonably reliable third-party records. That is why your statements get reviewed so closely.
Note what the rule does not do. It sets no dollar minimum. The figures here come from the program parameters, not from a legal threshold.
What About Buying a Rental Instead?
If the property is a rental, the decision changes. You have two realistic routes, and they test different things.
The first is the asset depletion path on an investment property, capped at 65% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Your assets still produce the qualifying income. The rent does not enter the math.
The second is a DSCR loan. DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, so your own income matters far less. Your assets mostly serve as down payment and reserves, and credit still drives leverage and pricing.
Here is the trade-off. A retiree with a high-yield rental and a modest portfolio may find DSCR the better fit. A retiree with a large portfolio and a rental that barely covers its costs may prefer the depletion path, since the property’s income is not tested. If you plan to buy several rentals, DSCR is also the usual route when conventional financing stops being practical.
Virginia buyers should think about price tier here. A modest home in a lower-cost part of the state keeps the loan well inside the program ranges. A high-priced market pushes you toward the top of the loan-amount limits, where the minimum assets and the credit matrix both get stricter. Insurance, local taxes and any flood exposure affect the carrying cost, so budget for them separately by county.
When This Approach Is a Poor Fit
This route fails more often than the marketing suggests, and the reasons are predictable.
- Your wealth is mostly home equity. The home you are buying cannot count, and equity in other property counts at only 60% on the depletion path.
- Your liquid base is thin. The depletion path never goes below $250,000 liquid when it is your only income source.
- Your portfolio is concentrated or volatile. Securities are counted at only 80% for a reason, and a market drop after closing does not change your payment.
- Your assets are in crypto, metals or collectibles. These are not published as eligible, so you would need to convert them to seasoned cash first.
- You would drain your cushion. Qualifying is not the same as being comfortable. Keep liquidity for repairs, insurance and a market downturn.
Paying cash is the third option. It removes the loan and the underwriting, but it ties up capital in one asset. Many retirees prefer to keep the portfolio invested and let the loan run. That is a personal call, not a lender’s.
The numbers do not change by state.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, must equal or exceed the whole loan, with no income documented.
Asset depletion: a path where usable assets divided by 60 months become monthly qualifying income.
Haircut: the share of a balance a lender does not count, because the account can lose value or is hard to access.
Seasoning: the time funds must sit in an account before they count toward qualifying.
Debt-to-income (DTI): your monthly debts divided by your monthly income, used to test whether you can carry the payment.
Loan-to-value (LTV): the loan amount divided by the home’s value.
Frequently Asked Questions
Do I need any income at all?
No. On the qualifier path, no employment or income is documented, and the file rests on your assets. On the depletion path, your assets are converted into income, so you still qualify without a paycheck. If you have a pension or Social Security, it can supplement the derived income, subject to underwriting.
Does this mean no documentation?
No. You skip traditional personal-income documentation, pay stubs and employment verification, but every file is fully underwritten. Your account statements are reviewed, large deposits need a source, and credit and the appraisal still apply.
Can my spouse’s assets count?
They can when your spouse is a borrower on the loan, since accounts combine on the qualifier path. The lender confirms ownership from the statements.
Will I have to sell my investments?
Not necessarily. The depletion path divides your usable assets by 60 months to create income, and the portfolio stays invested. The qualifier path counts balances at the credit percentages, so nothing has to be sold to qualify. Check how the lender treats funds you use for the down payment.
Is the minimum different for a Virginia buyer?
No. The leverage, credit percentages, seasoning and minimums are the same in every state. Virginia matters for local prices, taxes and insurance, which affect the loan size you choose and the carrying cost, not the program rules.
What to Do Next
Start by listing every account with its type, owner, and balance. Sort them by the two credit tables above, and note which ones are under 59½ restrictions. Then decide whether the loan could be covered outright or needs to be carried by derived income.
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. A Virginia retiree who knows which path fits before applying avoids most of the surprises, and that starts with the statements, not the price tag.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of traditional personal-income documentation, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB Regulation Z, §1026.43 Ability-to-Repay
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 Refinance a Colorado Home on Assets When Your Income Stops? · Can You Relocate to Virginia and Buy a Home on Assets Before You Have Local Income? · Can You Buy a Second Home in California on Assets Instead of Income?
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.