The Quick Read: A Florida heir with no paycheck can qualify by letting the inherited assets do the work. Through select asset-based programs, the documented balances either cover the entire loan outright or are converted into monthly qualifying income, with no traditional personal-income documentation, pay stubs or employment verification, subject to underwriting and credit review. Every file is still fully underwritten, and the assets are proven with statements. A borrower is reviewed on one path at a time.
- Path one, asset qualifier: eligible assets must equal or exceed the whole loan. No income is documented.
- Path two, asset depletion: usable assets divided by 60 months become qualifying income, which must carry the housing payment and other debts.
- Inheritance is an asset, not income. It supports the down payment, closing costs and qualifying balances.
- Scenario matters. Inherited cash is straightforward. An inherited house must clear Florida probate before it can be financed or sold.
- Credit still counts. The qualifier path publishes a 600 minimum score. The depletion path follows the lender’s matrix.
What Does a Mortgage on an Inheritance Mean?
Two different situations hide behind the phrase. Most searchers mean the first one.
Scenario A: the heir uses inherited money to buy. The cash, brokerage account or retirement balance becomes the down payment and the qualifying assets for a new loan. This is where asset-based programs fit best.
Scenario B: the heir inherits a house and wants to finance it. The heir may want to refinance it, pull equity or buy out co-heirs. This depends on legal title first and on the heir’s assets second.
Asset-based mortgages are built for cash-heavy, income-light households. Retirees, business sellers, early-retired professionals and heirs all fit that profile. Their balances are large and their documented income is small or zero. Lendmire is a broker for these programs and places files with select lenders in its network. Consumer mortgage lending is licensed in 16 states, including Florida.
Does an Inheritance Count as Income?
No. An inheritance is a one-time transfer of assets. Underwriters treat it like any other liquid funds once it sits in your name. That is why “no job” is not the barrier it looks like. The program asks whether the assets can carry the loan, not whether an employer pays you.
Two things the reader should hold onto. First, income-light is not documentation-light. Statements, identification, credit and the property are all reviewed. Second, the file runs on one path. Your assets either cover the loan or become income. They never do both on the same file.
Path One: Assets Cover the Whole Loan
On 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. This path covers a principal residence or second home.
- Leverage: up to 80% loan-to-value on a purchase and 75% on a refinance. Loans reach $4,000,000.
- Asset credit: brokerage accounts, certificates of deposit, money market and savings count at 100%. A 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. Accounts combine.
- Seasoning: 60 days, with two months of statements for each qualifying account.
- Credit: a 600 minimum score. Housing history is 0x30x12, with one 30-day late in the last twelve months considered case by case.
- Reserves: none required at or below 75% loan-to-value. Above that, the lender sets them.
Here is an illustrative example, and the lender’s own calculation governs. An $800,000 loan is supported by $330,000 in brokerage accounts (100%, or $330,000), $300,000 in a 401(k) held under age 59½ (90%, or $270,000) and $200,000 in savings (100%, or $200,000). That counts $800,000 of usable assets and is reviewed on assets alone, subject to underwriting.
Path Two: Assets Become Income
On the asset depletion path, eligible assets, after the haircuts below, are divided by 60 months. The result is monthly qualifying income. It then runs through the debt-to-income test with the full housing payment and other debts.
- Leverage on a principal residence or second home: up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance.
- Leverage on an investment property: up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out.
- Loan amounts: $125,000 to $3,500,000.
- Haircuts: cash accounts and certificates of deposit 100%, securities 80%, private stock 75%, retirement accounts 70% at any age, real-estate equity 60%.
- Minimums: 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 assets are the only income source.
- Credit: the lender’s score and loan-amount matrix applies. A first-time investor needs 700.
Inheritance is helpful here. Statements normally need to be at least 120 days old at application, plus the most recent one within 45 days. Inheritance funds are excused from that seasoning.
An illustrative example follows. An heir holds $1,500,000 in securities (80%, or $1,200,000) and $300,000 in cash (100%, or $300,000). That is $1,500,000 usable, divided by 60 months, or $25,000 of monthly qualifying income. That income must carry the housing payment and other debts through the debt-to-income test.
Cash-out proceeds never count as qualifying assets on this path.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Cover the whole loan | Divided by 60 months |
| Income documented | None | Derived from assets |
| Property types | Primary or second home | Primary, second, investment |
| Purchase leverage | Up to 80% | Up to 80% (65% investment) |
| Loan amount | Up to $4,000,000 | $125,000 to $3,500,000 |
How Each Type of Inheritance Is Treated
The asset type changes how much of the balance counts. The table shows the pattern, and each file is underwritten individually.
| Inherited asset | Qualifier path | Depletion path |
|---|---|---|
| Cash, savings, money market | 100% | 100% |
| Brokerage securities | 100% | 80% |
| Inherited or own retirement account | 90% or 100% by age | 70% |
| Unsold house (equity) | Not listed | 60% |
| Cryptocurrency, metals, collectibles | Not published | Not published |
Two cautions apply. Inherited retirement accounts carry their own distribution rules, so the lender reviews one case by case.
Other asset classes are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender. Pledged or borrowed funds do not count.
Florida Probate: Where Inheritance Files Stall
Cash that has already reached your account is simple. A house is not. Under Florida’s probate process, a property titled only in the decedent’s name generally must pass through the court before a clean deed can be delivered. Calibertrust explains that this runs through Chapter 733, where the court appoints a personal representative and issues Letters of Administration. Title companies will ask to see those letters.
Practitioner guidance in a Florida inherited-home guide adds that you generally cannot sell or refinance until the letters issue. It also notes that some property passes outside probate. Examples include a living trust, a Lady Bird deed, tenancy by the entirety or joint tenancy with survivorship. A Florida probate attorney decides which applies.
Plan the sequence around that. A typical order is probate or trust administration, then distribution to your account, then statements that show the funds, and then the application and contract. Timelines vary widely, and an attorney or title company can tell you which track your estate is on. Keep the distribution letter or receipt and the estate paperwork with your statements, since a lender will want a clear paper trail for the funds.
Where the General Rule Breaks
Multiple heirs. All heirs must generally agree to sell. The same guide notes any heir can file a partition suit to force a sale. One heir can also buy out the others at fair market value. A buyout loan needs clear title and a signed agreement.
Homestead. Settled Estate explains that constitutional homestead passing to a surviving spouse or lineal descendants does not go through the probate estate. Title may require a court order confirming homestead status first.
Inherited house as an asset. An unsold house is not cash. On the depletion path its equity counts at 60%, subject to underwriting. Selling it and seasoning the cash in your own account is often the cleaner route.
Rental use. An heir who plans to rent the property rather than live in it can use only the depletion path. Because that loan is business-purpose, it is reviewed differently from an owner-occupied mortgage. The federal ability-to-repay rule treats investment-purpose loans as business purpose. A Hunton law-firm analysis cautions that business purpose does not mean exempt from all compliance. Cash-out proceeds taken for personal spending can undercut that status. Loans that qualify on rent coverage alone are a different product, and this program is not one of them.
Why Inheritance Files Get Declined
- Funds still in the estate. Money that has not been distributed cannot be counted.
- Thin seasoning on the qualifier path. Deposits need 60 days and two months of statements.
- Assets that do not count. Custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options and unvested restricted stock units are not eligible on the depletion path.
- Assets too small for the loan. The depletion path needs the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid.
- Credit issues. A recent housing event needs 4 years of seasoning on the depletion path. Multiple bankruptcies are not eligible.
Each has a fix. Wait for distribution, move assets into a regulated account, borrow less, or add documented income. Asset-derived income can supplement documented income up to a 45% debt-to-income ratio. In that case the minimum-assets rule is waived.
Which Path Fits Which Heir?
If your inheritance exceeds the loan you want and you want to avoid income math, the qualifier path fits. That usually means a purchase at 80% or a refinance at 75% on a primary residence or second home. If your assets are large but the loan is also large, or you want to buy an investment property, the depletion path fits. Expect lower leverage there. Heirs who still have an open estate should wait. Programs generally cannot count what a court has not yet released.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, equal or exceed the entire loan.
Asset depletion: a path where usable assets are divided by 60 months to create qualifying income.
Seasoning: the length of time funds must have been documented in your account.
Letters of Administration: the court document naming the personal representative of a Florida estate.
Haircut: the share of an asset’s balance that does not count toward qualifying.
Next Steps
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 programs based on your statements, the property, credit profile, leverage, and your goals. Programs change, every file is underwritten individually. This is not a commitment to lend.
Frequently Asked Questions
Can I use an inheritance I have not received yet?
Generally not. Funds still held by an estate are not yours until distributed. Once they reach your account, they can be documented. On the depletion path, inheritance funds are excused from the 120-day statement age requirement, subject to underwriting.
Does an inherited IRA count the same as cash?
No. On the qualifier path, retirement balances count at 90% under age 59½ and 100% at 59½ or older. On the depletion path they count at 70% at any age. How a lender reviews an inherited account is set case by case.
Can I finance an inherited house in Florida before probate ends?
Usually not. A property titled in the decedent’s name generally cannot be sold or refinanced until the court issues Letters of Administration. Property that passed outside probate may move sooner. A Florida probate attorney can tell you which applies.
Do I need a job or traditional personal-income documentation?
No. These programs do not require traditional personal-income documentation, pay stubs or employment verification. Assets are documented with statements, and credit and the property are still reviewed. The depletion path converts assets into income. The qualifier path documents no income at all.
Can I buy a rental with this approach?
Only on the asset depletion path, at up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. The qualifier path covers a principal residence or second home. Short-term rental rules can vary by city, county, HOA, and property type, so investors should confirm local rules before relying on projected rental income.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida 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. Calibertrust – Selling an Inherited House in Florida
2. Property Exemption – Inherited Home in Florida
3. Settled Estate – Selling Inherited Property in Florida
4. Federal Register – Ability-to-Repay and Qualified Mortgage Standards
5. Hunton – Beware of “Business Purpose”
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 an Inheritance Qualify You for a California Mortgage Before It Is Seasoned? · How Florida Retirees Qualify for a Mortgage Without a Paycheck · How to Qualify for a Tennessee Mortgage on an Inheritance Without a Job
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.