The Quick Read: Your documented assets do the work a paycheck normally does. Either the balances cover the whole loan outright, or they are divided over 60 months into a monthly qualifying income. Either way, the lender reviews statements, credit and title, not traditional personal-income documentation, pay stubs or employment verification. In Georgia, one step comes first: the inheritance has to be legally and visibly yours.
- Two paths exist. The asset qualifier path needs eligible assets that equal or exceed the entire loan. The asset depletion path turns assets into income and runs it through a debt-to-income test.
- You are on one path at a time. The two sets of figures below never blend.
- Inherited money must be in your name. In Georgia, a will alone does not move title or funds to you.
- Statements are the proof. The loan is fully underwritten, and the assets are documented.
- Rentals work differently. A pure rental purchase usually moves to a business-purpose loan that looks at the property’s rent.
Who This Is For (and Who It Isn’t)
This article is for someone who has received, or is about to receive, cash, securities, a retirement account or sale proceeds from an estate. Your balances are large, but your documented income is thin or zero. You might be retired, between careers, or running a household off a portfolio.
It is not about inheriting a house that already has a mortgage on it. That is a title and lien question, and the short version is this: the lien stays on the property, but the debt is not personally inherited. This piece is about the opposite situation, using inherited money to buy or refinance a home of your own.
Lendmire is a mortgage broker. It arranges asset-based mortgages through select lenders in its network, and its consumer mortgage lending footprint covers 16 states, Georgia included. Lenders do the underwriting and the approving. Everything below is subject to underwriting and to each lender’s own calculation.
Is a Job Actually Required?
No. A job is one way to show you can repay a loan. It is not the only way.
The federal ability-to-repay standard asks lenders to make a good-faith judgment that you can repay. According to the CFPB’s compliance guide, the factors include current or reasonably expected income or assets other than the property itself. Employment status matters only when the lender relies on employment income. The guide also says the lender verifies the income or assets it actually uses, and nothing it doesn’t.
The regulation’s own text points the same way. The eCFR version of 12 CFR 1026.43 requires reasonably reliable third-party records for whatever income or assets the lender counts. In plain English: if assets carry your file, the lender documents the assets.
That is exactly how the asset-based mortgage program works. The lender’s review rests on your statements instead of a payroll history.
The Two Paths, Explained
Think of the two paths as two answers to the same question: how do the assets prove you can repay?
The asset qualifier path. Your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. No employment or income is documented. The assets are the repayment story.
The asset depletion path. Your eligible assets, after haircuts, are divided by 60 months. The result is a monthly qualifying income. That income must carry the full housing payment and your other debts through the debt-to-income test.
Here is how the two compare, on a principal residence or second home unless noted:
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Must cover whole loan | Divided by 60 months |
| Purchase leverage | Up to 80% LTV | Up to 80% LTV |
| Refinance leverage | Up to 75% LTV | 80% rate-and-term, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | The lender’s matrix |
Investment property is possible only on the depletion path, where the loan is business-purpose. There, leverage tops out at 65% LTV on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Cash-out proceeds never count as qualifying assets. These figures are ceilings, not offers, and they move with credit, loan size and the property. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
How Each Kind of Inheritance Is Treated
Not all inheritances look the same to an underwriter. Cash is simple. Securities, retirement accounts and real estate each take a different route.
| Inherited asset | Qualifier path | Depletion path |
|---|---|---|
| Cash, savings, money market | 100% | Cash accounts 100% |
| Certificates of deposit | 100% | 100% |
| Brokerage or securities | Brokerage 100% | Securities 80% |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not listed | 75% |
| Real-estate equity | Not listed | 60% |
Some assets are not published as eligible on either path. That includes cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share. The documented route is to convert them into a seasoned cash balance in a regulated account, with the source reviewed by the lender. Never assume they count at some percentage.
The depletion path also excludes 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.
Inherited retirement accounts
This one needs a conversation. Whether an inherited IRA counts, and at what percentage, depends on how it is titled, your age and what the lender’s review allows. 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.
Inherited real estate
If you inherited a house rather than cash, you are not using it as a down payment. You are choosing to keep it, refinance it into your name or sell it. On the depletion path, equity counts at 60%. That is a different conversation from the one here.
Georgia Comes First: Make the Inheritance Yours
Underwriters document assets in your name. That is where Georgia probate matters.
In Georgia, a will alone does not move title to real property. Under OCGA § 53-8-15, title does not pass to beneficiaries until the personal representative gives written assent. A title company will examine the recorded chain of title, so an unrecorded distribution can stall a sale or refinance.
The recording instrument is typically an Assent to Devise or an Executor’s Deed, recorded in the county where the land sits. If probate is never opened, heirs cannot legally sell or refinance.
Money follows the same logic. Funds sitting in an estate account are not yet your assets. Here is what that means at each stage:
| Stage | What you can do | What you can’t |
|---|---|---|
| Probate not yet filed | Plan, gather paperwork | Count estate funds as yours |
| Estate open | Talk to a lender, review options | Document estate balances as assets |
| Distribution done, funds in your name | Provide statements, apply | Skip seasoning rules (qualifier path) |
Some inherited assets skip probate. Joint tenancy with survivorship, transfer-on-death deeds, life estates and trusts can all pass assets outside the court process. A surviving spouse’s or minor child’s Year’s Support claim can override a will, which is one more reason to confirm the distribution is final before you lean on the money.
A practical tip from the broker’s chair: the estate attorney’s paperwork is part of your file. Probate court letters, the recorded deed and distribution records show where the money came from. Lenders review that source. Large deposits that look unexplained slow files down.
Seasoning: How Long the Money Must Sit
Seasoning is the waiting period a lender wants assets to sit in your account before it counts them. The two paths treat it differently.
Asset qualifier path: 60 days of seasoning, plus two months of statements for each qualifying account. If you move inherited funds into a new account, that account’s clock starts when the funds land. Plan the move before you apply, not after.
Asset depletion path: statements at least 120 days old at application, plus the most recent statement within 45 days. Inheritance funds are excused from that seasoning, as are sale-of-business and legal-settlement funds. That is a real advantage for a fresh heir. You still document the funds, and the lender still reviews where they came from.
Skip commingling. Keep inherited money in an account with a clean paper trail, separate from everyday spending, until the file is done. And don’t move money around between accounts without telling your loan officer. Every transfer has to be explained.
Worked Example: Assets Cover the Loan
These numbers are illustrative. The lender’s own calculation governs.
Say you are buying a primary residence on the qualifier path with an $800,000 loan. You hold $330,000 in brokerage accounts (100% = $330,000), $300,000 in a 401(k) while under 59½ (90% = $270,000) and $200,000 in savings (100% = $200,000). That counts as $800,000 of usable assets, which matches the loan. You qualify on assets alone, subject to underwriting.
Reserves work simply on this path. None are required at or below 75% loan-to-value. Above that, the lender sets them.
Worked Example: Assets Become Income
Now picture the depletion path. You hold $1,500,000 in securities (80% = $1,200,000) and $300,000 in cash (100% = $300,000). Usable assets come to $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income.
That income then carries the housing payment and your other debts through the debt-to-income test. Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
When asset depletion is your only income source, the minimums apply: qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid. The credit floor follows the lender’s matrix, and a first-time investor on this path needs a 700 score. Lendmire’s explanation of how to qualify for an asset depletion mortgage without selling investments walks through that structure in more depth.
What Lenders Check Besides the Money
Assets alone don’t make a file. Lenders still review:
- Credit. The qualifier path publishes a 600 minimum score. Housing history of 0x30x12 is the target, and one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. A housing event needs four years of seasoning on the depletion path.
- The property. An appraisal supports value and leverage.
- Title. Clean, recorded title is required. No recorded distribution, no file.
- Sourcing. The lender reviews where the assets came from.
“No tax returns, pay stubs or employment verification” does not mean no documentation. It means the documents are your statements, your credit, your title and your estate paperwork. Never promise yourself an approval before underwriting finishes.
When Should You Use Something Else?
Asset-based qualification is a strong tool, but it is not the only one. Here is the honest comparison.
| Your situation | Likely fit |
|---|---|
| Assets cover the whole loan | Asset qualifier path |
| Large portfolio, no income | Asset depletion path |
| Income shown through deposits | Bank statement program |
| Buying a pure rental | Business-purpose rental loan |
| Assets are crypto or collectibles | Convert to cash first |
If you are buying a pure rental, a business-purpose investor loan usually fits better. Those loans qualify primarily on property-level rental income covering the payment, subject to lender guidelines. The depletion path can also finance an investment property, but at lower leverage, so the right choice depends on the property’s rent and how much of your portfolio you want to keep intact.
A co-borrower with documented income can strengthen a file too. And if your inheritance is large enough, paying cash is a legitimate option. Take the loan only if it serves your goals.
The preservation argument
Many heirs don’t want to liquidate an inherited portfolio. Maybe the securities have embedded gains. Maybe the account is an inherited Roth you’d rather leave alone. Borrowing against assets on paper, without selling them, can be a sensible structure. It also means you carry a mortgage payment out of balances that are not producing paycheck income. Run that honestly. A portfolio that is the only income source and the only reserve leaves little room for a bad year.
Common Mistakes
- Applying before distribution is final. Estate balances aren’t yours yet.
- Moving funds without a trail. Unexplained deposits create questions.
- Assuming the inheritance is ongoing income. It is an asset or a one-time sum. The depletion formula converts it to income for qualifying purposes only.
- Mixing the two paths. A borrower is reviewed on one path at a time.
- Ignoring other programs’ asset tests. If you are also considering a state down payment assistance program, ask its administrator how an inheritance counts before you deposit it.
- Leaning on assets that aren’t eligible. Crypto, collectibles and borrowed funds aren’t published as counting.
Waiting is sometimes the right call. If probate is still open, the cleanest file is the one you submit after distribution.
Key Terms Defined
Asset qualifier path: a way to qualify where eligible assets, after credit percentages, equal or exceed the entire loan amount.
Asset depletion path: a way to qualify where eligible assets are divided by 60 months to create a monthly qualifying income.
Seasoning: the waiting period a lender wants assets to sit in your account before they count.
Assent: the personal representative’s written approval that moves real property title from an estate to a beneficiary in Georgia.
Debt-to-income ratio: your monthly debts, including the new housing payment, compared with your monthly qualifying income.
Haircut: the share of an asset’s balance a lender subtracts before counting it.
Frequently Asked Questions
Can I qualify before probate is finished?
Usually not. Lenders document assets in your name, and estate balances are not yours until the personal representative distributes them. Finish probate or confirm a probate-avoiding transfer first. Then bring the distribution paperwork and your own account statements.
Does the inheritance count as income?
Not directly. It counts as an asset. On the depletion path, usable assets are divided by 60 months to create a qualifying income figure. On the qualifier path, no income is documented at all, and the assets must cover the entire loan.
Do I have to sell the investments I inherited?
No. Both paths count eligible balances on paper, with credit percentages and haircuts applied. You document them with statements. Selling is not part of the qualifying math, subject to lender guidelines.
Can I use cryptocurrency or collectibles I inherited?
Not as published eligible assets on either path. The documented route is converting them to a seasoned cash balance in a regulated account. The lender reviews the source of those funds.
Is this the same as a no-doc loan?
No. Every file is fully underwritten. You skip traditional personal-income documentation, pay stubs and employment verification, but you document assets with statements and provide credit, title and property information.
Next Steps
Start with the paperwork, not the application. Confirm the distribution is complete and recorded. Gather two months of statements for each account you plan to use. Decide whether you need the assets to cover the loan or to create income. Then choose the property type, since that sets the leverage.
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. Qualification is subject to lender guidelines and is not a commitment to lend.
In Georgia, the borrowers with the smoothest files are usually the ones whose estate paperwork was finished long before the loan application began.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages for self-employed and high-net-worth borrowers are arranged through wholesale lenders on primary residences, second homes and investment properties; every file is underwritten by the lender under its program guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Hurban Law, Inheriting Property With a Mortgage in Georgia
2. CFPB Ability-to-Repay and Qualified Mortgage Rule Compliance Guide
4. Miles Hansford, Deed of Distribution in Georgia
5. Coleman Legal Group, Georgia Probate and Real Property
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 Qualify for a Mortgage If Your Income Is in a Foreign Currency? · How Much Does a Retiring Physician Need in Assets to Qualify for a Mortgage? · Can a Business Owner Use Company Cash to Qualify for an Asset-Based Mortgage?
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.