The Quick Read: It depends on the path, because no single asset minimum applies to every retiree, but through select programs the assets must either cover the entire loan amount or convert into a monthly qualifying income through the asset depletion formula. Both paths require no traditional personal-income documentation, pay stubs or employment verification, and both still require fully documented statements.
- On the asset qualifier path, usable assets must equal or exceed the whole loan, with leverage up to 80% on a purchase.
- On the asset depletion path, usable assets divided by 60 months become qualifying income, with at least the lesser of $1,000,000 or 1.25 times the loan, and never less than $250,000 liquid when assets are the only income.
- Cash and certificates of deposit count in full, while retirement and securities balances are discounted on the depletion path.
- A borrower is reviewed on one path at a time. The two tables never blend. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
All figures here are ceilings and floors from select programs, subject to underwriting. They are not offers, and every file is reviewed individually.
Can a Retiree With No Paycheck Buy a Home?
Yes, a retiree can buy a home without a paycheck when the file is built on assets. The lender then asks a different question. Instead of “what do you earn?” it asks “what can your balance sheet carry?”
Most conventional underwriting starts with income. Retirees often have plenty of wealth and little documented income, especially when they live off a portfolio and take only small withdrawals. Social Security and a pension may cover living costs, but they rarely look large enough to carry a big mortgage on paper.
Asset-based programs close that gap. Lendmire, a mortgage broker, places these loans through select lenders. Its asset-based mortgage program is built for cash-heavy, income-light borrowers: retirees, people who sold a business, recipients of an inheritance or settlement, and early-retired professionals. Consumer lending for the program is licensed in 16 states, and Washington is one of them.
One clarification matters for the reader. Searching for a Washington answer does not change the program figures. They stay the same from state to state. Local taxes, insurance and home prices affect how much house makes sense, but they do not move the asset math.
The Two Ways Assets Can Qualify You
The two paths use different logic, and picking the right one is the first decision. The asset qualifier path covers the whole loan with eligible assets. The asset depletion path turns assets into monthly income and tests that income against the payment and other debts.
| Factor | Asset Qualifier Path | Asset Depletion Path |
|---|---|---|
| Core test | Usable assets ≥ entire loan | Assets ÷ 60 months = income |
| Income documented | None | Derived income, run through DTI |
| Purchase leverage | Up to 80% | Up to 80% (65% investment) |
| Refinance leverage | Up to 75% | 80% rate-and-term; 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | Lender’s matrix |
| Best fit | Very large balances | Balances plus a debt-to-income test |
The depletion path’s investment-property figures are 65% on a purchase or rate-and-term refinance and 60% on a cash-out. The depletion path’s 60% cash-out figure also applies to a principal residence or second home. The qualifier path covers a principal residence or second home only. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Which fits you? If your eligible assets are at least as large as the loan you want, the qualifier path is usually simpler. If your assets are large but smaller than the loan, the depletion path may work, provided the derived income carries the payment.
A retiree who also receives Social Security or a pension has a third option. On the depletion path, asset-derived income can supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
How Much Does a Retiree Need in Assets to Buy a Home?
The amount scales with the loan, and each path sets its own bar. Think of it as a sizing exercise, not a flat threshold. The two worked examples below are illustrative only, and the lender’s own calculation governs.
Sizing on the asset qualifier path
Usable assets, after the credit percentages, must equal or exceed the entire loan amount. That is the whole test. No employment or income is documented.
Take an $800,000 loan. A retiree holds $330,000 in brokerage accounts, which count at 100%, or $330,000. The retiree also holds $300,000 in a 401(k) while under 59½, which counts at 90%, or $270,000. Savings of $200,000 count at 100%, or $200,000. Together that is $800,000 of usable assets, so the file is reviewed on assets alone.
Notice what the percentages did. Waiting until age 59½ would move that 401(k) from 90% to 100%. A retiree past that age gets full credit.
Sizing on the asset depletion path
Here the question is whether the monthly income the assets produce can carry the payment. Eligible assets, after haircuts, are divided by 60 months.
Take a retiree with $1,500,000 in securities, which count at 80%, or $1,200,000. The same retiree holds $300,000 in cash at 100%. That is $1,500,000 of usable assets. Divided by 60 months, the result is $25,000 of monthly qualifying income. That income must then carry the housing payment and other debts through the debt-to-income test.
The depletion path also has a floor. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When assets are the only income source, liquid assets can never fall below $250,000. These are program minimums, and the lender applies them to the actual file.
Neither example is a promise. Credit, the property and the lender’s review all matter. But the arithmetic shows the shape of the answer: for most loan sizes, the qualifier path needs assets close to the loan, while the depletion path trades a bigger pool for the monthly-income test.
Which Assets Count, and How Much of Each
A dollar in an account is not always a dollar of qualifying value. Each path discounts balances by asset type, and the discounts differ. Use the table that matches your path.
| Asset | Qualifier Path | Depletion Path |
|---|---|---|
| Brokerage accounts | 100% | Securities 80% |
| Certificates of deposit | 100% | 100% |
| Money market | 100% | Cash accounts 100% |
| Savings | 100% | Cash accounts 100% |
| 401(k) and IRA | 90% under 59½; 100% at 59½+ | 70% at any age |
| Private stock | Not eligible | Not eligible |
| Real-estate equity | Not listed | 60% |
On the qualifier path, accounts combine, so several statements can add up to the loan amount.
Several assets are not eligible on the depletion path. These include custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, privately held stock, stock options, non-vested restricted stock units and 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 a seasoned cash balance in a regulated account. The lender then reviews the source of the funds.
Tax treatment varies by account and withdrawal; consult a qualified professional before moving money.
The Double-Counting Trap
The same dollars cannot do two jobs, so plan for the down payment and closing costs to come out of the pool first. A retiree who counts a full portfolio toward qualifying, then spends part of it on the purchase, may fall below the line.
On the depletion path, this is the most common surprise. The down payment, closing costs and any lender-required cushion reduce what remains to be divided by 60. A smaller pool means a smaller income and a smaller loan.
On the qualifier path, no reserves are required at or below 75% loan-to-value. Above that, the lender sets them. Even so, funds for the down payment and closing must be documented, and the lender decides whether the same balance may be counted twice. Plan as if it cannot.
One more point protects the retiree. Qualifying on assets is a convention, not a sale. The balances stay in the account, and nothing forces you to drain them. Cash-out proceeds from a later refinance never count as qualifying assets.
Statements, Seasoning and Credit
Assets must be documented with statements, and the money must sit long enough to count as yours. Lendmire does not describe these programs as documentation-free. The assets are verified in full. What drops away is the income paperwork.
- Qualifier path: 60 days of seasoning, and 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. Funds from a business sale, an inheritance or a legal settlement are excused from that seasoning.
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 score.
Housing history is typically 0x30x12. One 30-day late payment in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs 4 years of seasoning on the depletion path.
Most borrowers underestimate seasoning. Moving a large sum into a new account one month before applying can disqualify those funds for the file. The better plan is to leave balances where they are and gather statements early.
Why Assets Can Legally Stand In for Income
Federal ability-to-repay rules allow a lender to decide on income, on assets, or on both. The CFPB’s rule text says a creditor may rely on assets other than the home securing the loan. That is the legal basis for asset-based lending.
The same rule requires proof. As Cornell’s copy of the regulation explains, the lender must verify the income or assets it relies on using third-party records. That is why statements, not stated figures, carry the file.
The old 43% debt-to-income figure is a common source of confusion. It belonged to an earlier definition of a qualified mortgage. The Consumer Finance Monitor reports that the later revision moved to a price-based test. The asset depletion path still runs its own debt-to-income test, and a 45% limit applies when asset income supplements documented income.
These loans are consumer mortgages when the home is a residence, so consumer disclosure rules apply to them.
Practitioner View: What the Network Sees
Across a wholesale network, the asset files that go smoothly share a pattern. The borrower has most of the money in one or two regulated accounts, with clean statements. The files that stall usually involve recent transfers, mixed ownership, or a balance sheet heavy in assets the lender will not count.
Strong files also choose the path early. Retirees with mostly cash and CDs tend to land on the qualifier path, where credit is 100%. Retirees whose wealth sits in a 401(k) or a stock portfolio often find that the depletion path’s haircuts shrink the pool more than expected.
Programs differ on the details, including the strictest seasoning overlays, which assets they will review, and how they treat supplemental income. That is the reason to compare options before applying, and it is where a broker who sees many lenders’ guidelines can steer a file toward the program that fits the balance sheet.
The Investor Decision: Residence or Rental?
The answer changes when the property is a rental. A retiree buying an investment property has two routes. One is the asset depletion path, where investment property leverage is 65% on a purchase and 60% on a cash-out.
The other is a DSCR loan, which is a different program. 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 property’s rent carries the file, subject to lender guidelines.
Those two tests measure different things. Asset depletion tests your balance sheet. DSCR tests the property. A retiree with large assets and a rental that earns well may find the property-based test more natural. A retiree who wants a residence, or a rental that does not cover its own costs, may find asset depletion the better fit.
Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust. Whichever route you choose, liquidity still matters for the down payment and cushion.
Alternatives, Compared
Asset qualifying is one option among several. Each alternative has its own rules, described here only as that program’s rules.
| Option | Basic idea | Trade-off |
|---|---|---|
| Asset-based mortgage | Qualify on statements | Credit percentages apply |
| Conventional with retirement income | Qualify on documented income | Income must carry the payment |
| Paying cash | No loan | Ties up liquidity |
| HELOC on current home | Borrow against equity | Secured by the existing home |
| Downsizing | Sell and buy smaller | Depends on the sale |
Paying cash is simple, but it removes liquidity at the moment a retiree may need it most. A market drop after a cash purchase leaves the retiree with a house and a smaller portfolio. Financing against assets keeps the portfolio working, though it adds a monthly obligation. Neither is right for everyone.
This route also suits some borrowers poorly. If your documented retirement income already supports the loan, conventional underwriting may be simpler. If most of your wealth sits in assets the programs will not count, the pool shrinks fast. And if you cannot tolerate a market decline between application and purchase, a conservative plan makes more sense.
Couples and Joint Accounts
Joint accounts generally help, because both spouses’ balances can sit in the same file. The key is that the accounts are documented and owned by the borrowers on the loan. A balance held only by a non-borrowing spouse may not count.
Estate-planning details can complicate this. Raise these early so the lender can tell you which statements to gather.
Key Terms Defined
Asset qualifier path: A qualifying method in which eligible assets, after credit percentages, must equal or exceed the entire loan.
Asset depletion path: A qualifying method that divides usable assets by 60 months to create a monthly income for the debt-to-income test.
Haircut: The share of an asset’s balance that does not count toward qualifying.
Seasoning: The length of time funds must sit in an account before they count.
Debt-to-income (DTI): Monthly debts, including the new housing payment, compared with monthly qualifying income.
Reserves: Extra liquid funds a lender may require after closing.
Before You Apply: A Checklist
1. List every account, its owner, its type and its current balance. 2. Decide whether the house is a residence, a second home or a rental. 3. Gather the statements the path requires: two months on the qualifier path, or one within 45 days and one at least 120 days old on the depletion path. 4. Leave balances where they are, and do not shuffle money between accounts. 5. Set aside the down payment and closing costs before counting what remains. 6. Check your credit and housing history.
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. You can reach the team at 828-256-2183.
Frequently Asked Questions
Can I buy a home in Washington if I have no job and no pension?
Yes, in many cases, through select asset-based programs. The lender reviews your statements instead of pay records. Eligibility review depends on the path, your credit, the property and underwriting.
Do my retirement accounts count the same as cash?
No. On the asset qualifier path, a 401(k) or IRA counts at 90% under 59½ and 100% at 59½ or older. On the asset depletion path, retirement accounts count at 70% at any age. Cash and certificates of deposit count in full on both.
Is a minimum asset figure the same for everyone?
No. On the qualifier path, usable assets must cover the whole loan. On the depletion path, the minimum is the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid when assets are the only income. A smaller loan can need a smaller pool.
Do I have to drain my accounts?
No. Depletion is a qualifying convention, and the balances stay in your accounts. You still need cash for the down payment and closing costs, so plan those first.
Does this mean no documentation?
No. These loans are fully underwritten, with assets documented by statements. What drops away is the income paperwork: no traditional personal-income documentation, pay stubs or employment verification.
Lendmire’s asset-based mortgage in Washington page presents the program for Washington 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. CFPB – 12 CFR 1026.43, Ability-to-Repay
2. Cornell LII – 12 CFR 1026.43
3. Consumer Finance Monitor – CFPB Finalizes Ability-to-Repay and Qualified Mortgage Rules
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 Washington Buyer Get a Mortgage After Paying Cash for a House With No Income? · Can You Buy a Second Home in Tennessee on Assets Instead of Income? · Can You Relocate to Texas and Buy a Home on Assets Before You Have Local Income?
Guides: Asset-Based Mortgage in Washington
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.