The Quick Read: You can qualify with no paycheck when a lender counts your inherited assets instead of employment income: either the assets cover the whole loan outright, or they are divided by 60 months into qualifying income, and either way you document the money with statements rather than traditional personal-income documentation, pay stubs or employment verification.
- The inheritance is not monthly income. It becomes a loan qualifier only through the asset qualifier path or the asset depletion path.
- On the asset qualifier path, eligible assets must equal or exceed the entire loan, subject to underwriting.
- On the asset depletion path, usable assets divided by 60 months must carry the housing payment and your other debts.
- Every file is fully underwritten: credit, the property, and the source of every dollar are all reviewed.
- Program figures are ceilings and floors through select programs, not offers.
Why an Inheritance and No Job Is a Workable Profile
A large inheritance with no paycheck is a classic asset-based borrower. Your balances are big, your documented income is small, and a standard bank loan has nothing to measure.
Across the wholesale network where Lendmire places files, the question is rarely whether you have money. The question is how a lender is allowed to count it. A standard mortgage wants two years of pay history and traditional personal-income documentation. If you are living on a portfolio or just inherited one, that test fails even when your net worth is strong.
Asset-based programs flip the test. Instead of asking what you earn, they ask what you hold, how long it has been in your name, and where it came from. Lendmire is a broker, so it arranges these loans through select lenders in its network. The lenders underwrite and decide.
Lendmire’s consumer lending is licensed in 16 states, Ohio among them. The program figures below do not change by state. This guide is written for an Ohio borrower buying or refinancing a primary home or second home, plus one investment-property exception covered later.
The Three Routes, Side by Side
There are three ways an inheritance can interact with a mortgage. Only two of them work without employment income. Most borrowers blur them together, so keep them separate.
| Route | What the inheritance does | Works with no job? |
|---|---|---|
| Down payment and reserves | Funds cash to close | No. Income still required |
| Asset qualifier path | Covers the entire loan | Yes |
| Asset depletion path | Converts to monthly income | Yes |
The first route is what most online advice describes. The money pays for the purchase, but a lender still wants a paycheck or other documented income to carry the payment. That is fine if you have a job. It is the wrong route if you do not.
The other two are where this article lives. A borrower is qualified on one path at a time, never a blend of both. Each has its own percentages, leverage and paperwork. Lendmire’s asset-based mortgage programs cover both.
Route Two: The Asset Qualifier Path
The asset qualifier path asks one question: do your eligible assets, after the program’s credit percentages, equal or exceed the entire loan amount? If yes, no employment or income is documented at all.
Leverage and size. Through select programs, you can borrow up to 80% of value on a purchase and up to 75% on a refinance, on a primary residence or second home. Loan amounts run up to $4,000,000, subject to underwriting. Cash-out terms on this path are set by the lender and are not published, so do not plan around them.
What counts. Brokerage accounts, certificates of deposit, money market accounts and savings count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and 100% once you are 59½ or older. Accounts combine.
Run the one example this path supports. Say the loan is $800,000. You hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under 59½ (90% counts, so $270,000), and $200,000 in savings (100%, so $200,000). That is $800,000 of usable assets, which equals the loan, so the file is reviewed on assets alone. The lender’s own calculation governs.
Seasoning and credit. Seasoning means the waiting period that shows money has been yours for a while. Here it is 60 days, with two months of statements for each qualifying account. The minimum credit score is 600. Housing history should be clean, meaning 0x30 over the last twelve months. One 30-day late in that window gets considered case by case. Reserves are not required at or below 75% loan-to-value (LTV, the loan as a share of the property’s value). Above that, the lender sets them.
Route Three: The Asset Depletion Path
Asset depletion treats your assets as if you would spend them down evenly over 60 months. The usable total, divided by 60, becomes a monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income test (DTI, your monthly debts as a share of income).
This path does not need the assets to cover the whole loan. It needs the derived income to be big enough. It also stretches further for larger borrowers.
Haircuts. A haircut is the share of a balance the lender will not count. On this path, cash and certificates of deposit count at 100%. Securities count at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%.
Worked example. Say you hold $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100%, so $300,000). Usable assets total $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That figure then carries the housing payment and your other debts. It is an illustration, and the lender’s calculation governs.
Leverage and size. On a primary residence or second home, the loan can reach 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Loans run from $125,000 to $3,500,000. Cash-out proceeds never count as qualifying assets.
Minimums. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income, you also need at least $250,000 in liquid assets. That floor is the honest limit of this route, and it is covered below.
Seasoning, with a break for heirs. Statements must be at least 120 days old at application, plus the most recent statement dated within 45 days. Inheritance funds are excused from that seasoning. For a recent heir, that is the single most useful feature of this path.
Credit. The depletion path follows the lender’s matrix for score and loan amount. A first-time investor on this path needs a 700 score. A housing event such as a foreclosure needs four years of seasoning, and multiple bankruptcies are not eligible. For a deeper look at this method, see Lendmire’s piece How to Qualify for an Asset Depletion Mortgage Without Selling Investments.
How Each Type of Inheritance Gets Counted
Inheritances arrive in different forms, and each form counts differently. This table shows the percentages for each path. Both are subject to underwriting and the lender’s review of the source.
| Inherited asset | Qualifier path | Depletion path |
|---|---|---|
| Cash and savings | 100% | 100% |
| Certificates of deposit | 100% | 100% |
| Brokerage or securities | 100% | 80% |
| Retirement account | 90% under 59½, 100% after | 70% any age |
| Real-estate equity | Not listed | 60% |
| Cryptocurrency, metals, collectibles | Not published | Not published |
Some assets are ineligible on the depletion path outright. These include 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.
Heirs often hold crypto, gold or a business account. None of these is published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account, with the lender reviewing the source. Never assume they count at a percentage.
An inherited house is a different case. If you keep it, its equity may count at 60% on the depletion path. If you sell it, the proceeds become cash and follow the cash rules once they land in an account in your name.
Documenting the Inheritance
Lenders trace money. That is true on every path, so build the paper trail before you apply.
Estate paperwork is what connects a deposit to the person who died. The usual proof is a distribution record from the estate, trust or probate process, plus statements showing the funds landing in an account titled to you. Exact documents are set by the lender and the underwriter.
- Keep money where it arrived. Moving funds between accounts creates extra statements to explain.
- Do not commingle. A single account holding inherited money and a messy mix of other deposits is harder to trace.
- Do not deposit unexplained cash. A large deposit with no paper trail can stall a file.
- Get statements in your own name. Funds still held by the estate, or in someone else’s account, generally cannot count until they are yours.
- Skip borrowed or pledged funds. They are not published as eligible on either path.
The timing matters most. If the estate has not distributed yet, you cannot count what you do not control. Talk to a loan officer before you make an offer on a house, not after. Your estate attorney knows when funds will be released, and that date drives the plan.
Where the Rule Breaks: Named Edge Cases
You are buying an investment property. The asset qualifier path is for a principal residence or second home. An investment property is available only on the asset depletion path, where the loan is business-purpose. 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, under a rule the CFPB lays out.
That treatment depends on not living in the property. The same rule says the business-purpose exemption fails if you expect to occupy it more than 14 days in the coming year. Loans to an entity are handled under a separate exemption in the federal rule text. Whether a program allows an LLC to hold title is subject to lender program eligibility.
On an investment property, depletion-path leverage is lower: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. A pure rental purchase that is reviewed on property-level rental income covering the payment is a different program, subject to lender guidelines. It is worth comparing against assets if your inheritance is smaller or the rent is strong.
Your inheritance is too small. The depletion path has hard floors. If your qualified assets do not reach the lesser of $1,000,000 or 1.25 times the loan, or you lack $250,000 in liquid assets as your only income source, this route does not fit. The qualifier path needs assets equal to the whole loan. That works for a smaller home but is demanding.
You have a little income. Asset-derived income can supplement documented income up to a 45% DTI. When it supplements, the minimum-assets rule is waived. A part-time job or pension can open doors that the pure-asset route keeps shut.
Your credit is thin or damaged. Credit still matters. The qualifier path floors at 600, and the depletion path follows the lender’s matrix. No program here skips the credit review.
Spend It, Keep It or Pay Down Debt?
Assets that count as qualifying assets cannot also be spent on the purchase. This is the tension heirs miss. If you put your whole inheritance into the down payment, you may have nothing left to qualify with.
On the qualifier path, usable assets must still cover the entire loan after you close. On the depletion path, spending down drops your derived income. Leave enough behind to meet the thresholds, or the loan stops working.
A few practical points:
- Pay off high-balance debts before applying if it improves your DTI, but run the asset math first.
- Keep tax-advantaged retirement accounts intact when you can. They count at 70% to 100% depending on the path and your age, and liquidating one can create a separate cost. Tax treatment varies; consult a qualified professional.
- Compare financing against buying with cash. A cash purchase avoids the loan but uses the same assets you may want to keep as income and reserves.
Picture an heir with a brokerage account and a seasoned savings balance. Spending the savings on closing costs may feel safe. It could drop them below the depletion minimum. The better move is usually to count everything first, then decide what to spend.
Key Terms Defined
Asset qualifier path: A program path where eligible assets, after credit percentages, must equal or exceed the entire loan. No employment or income is documented.
Asset depletion path: A program path that divides usable assets by 60 months to produce monthly qualifying income, which then runs through the debt-to-income test.
Haircut: The share of an account balance a lender does not count, such as 20% of a securities balance on the depletion path.
Seasoning: The period that shows funds have been in your account, proven by statements.
Debt-to-income (DTI): Your monthly debts divided by your monthly income, including derived income.
Loan-to-value (LTV): The loan amount as a share of the property’s value.
Business-purpose loan: A loan made to buy, improve or maintain a rental property, not a home you will live in.
Mistakes That Sink the Application
1. Treating the inheritance as income. It is not. It becomes income only through the depletion calculation.
2. Mixing the two paths. A file is qualified on one path at a time. Do not blend the tables.
3. Counting what the program does not. Crypto, collectibles, foreign funds and cash on hand do not count at a percentage.
4. Moving money before applying. Extra transfers force extra explanations.
5. Shopping before the funds are yours. Estate-held funds do not count.
6. Assuming no documentation means no review. The loan is fully underwritten, and the assets are documented with statements.
7. Ignoring the occupancy line. Plan to live in an investment property for more than 14 days, and the investor treatment goes away.
If You Do Not Qualify
Start by checking which path misses. If assets fall short of the whole loan, a lower price or a larger down payment from other funds can bring the loan inside the qualifier path. If assets fall below the depletion minimums, ask whether a smaller loan or a partial income source helps. A co-borrower with documented income may change which program fits, subject to lender guidelines.
Be careful about products that look similar. Probate advances and inheritance advances give you cash against money you are expected to receive. They are not mortgages. If a search for an inheritance mortgage landed you on one, you are looking at a different product.
If you are buying a rental rather than a home, a separate route exists, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Some programs in the network will also review coverage below 1.00, though loan-to-value and terms adjust. A cash-heavy heir with a strong rental can compare both.
Frequently Asked Questions
Can I get an Ohio mortgage if I have no job and only an inheritance?
Yes, through select programs that qualify you on assets. The asset qualifier path needs eligible assets equal to or above the full loan. The asset depletion path turns assets into income over 60 months. Both are subject to underwriting, credit and property review.
Does an inheritance count as income?
Not directly. An inheritance is a one-time asset, not a monthly paycheck. A lender can convert usable assets into monthly qualifying income on the depletion path, or count them against the loan on the qualifier path. The first route, using the money only for a down payment, still needs income.
How long must inherited money sit in my account?
On the qualifier path, 60 days with two months of statements per account. On the depletion path, inheritance funds are excused from the 120-day seasoning, though a recent statement dated within 45 days is still required. Lenders also review the source of the funds.
Can I use inherited retirement accounts or crypto?
Retirement accounts count on both paths, at 90% to 100% on the qualifier path and 70% on the depletion path, subject to the lender’s review. Crypto is not published as eligible on either path. The documented route is converting it to cash in a regulated account first.
Can I buy a rental with my inheritance this way?
Only on the asset depletion path, where an investment property is eligible at lower leverage. You must not plan to occupy it more than 14 days in the coming year. Otherwise it is treated as a home.
Lendmire’s asset-based mortgage in Ohio page presents the program for Ohio 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 – Regulation Z § 1026.3
2. Cornell LII – 12 CFR 1026.3
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 Georgia Buyer Qualify for a Mortgage on IRA Assets Without Withdrawals? · How to Refinance an Ohio Mortgage After Retiring With No W-2 Income · How Much Does a Startup Founder Need in Assets to Qualify for a Mortgage?
Guides: Asset-Based Mortgage in Ohio
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.