The Quick Read: Yes, through select programs and subject to underwriting, an asset-based mortgage can fund a jumbo purchase, because jumbo only means the loan sits above the conforming limit, and these programs review your file on what you own instead of what you earn. One path counts your assets against the whole loan. The other turns your assets into monthly income.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no employment or income is documented. Loans run up to $4,000,000.
- Asset depletion path: usable assets divided by 60 months become qualifying income that must carry the housing payment and your other debts. Loans run from $125,000 to $3,500,000.
- Leverage: up to 80% on a purchase on the qualifier path. On the depletion path, up to 80% on a purchase of a principal residence or second home, and 65% on an investment property.
- Documents: income is not documented on the qualifier path, but your assets are, with seasoned statements for every account.
- Not for everyone: the fit is a cash-heavy, income-light borrower. A paycheck earner usually has easier routes.
Which Path Fits Your Situation?
You are qualified on one path at a time, never a blend of both. Across the wholesale network Lendmire works with, that split is the first decision on every asset-based file.
The asset qualifier path asks one question: do your eligible assets cover the entire loan? If yes, the file is reviewed on assets alone. The lender does not document your employment or income. Think of a retiree with a large brokerage account, or someone who just sold a business.
The asset depletion path asks a different question: can your assets produce enough monthly income? The lender takes your usable assets, divides by 60 months, and treats the result as income. That income then runs through the debt-to-income test, which compares your monthly debts to your monthly income. It must carry the full housing payment and everything else you owe.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| Core test | Assets cover the whole loan | Derived income passes DTI |
| Income documented | None | Derived from assets |
| Loan range | Up to $4,000,000 | $125,000 to $3,500,000 |
| Purchase leverage | Up to 80% | Up to 80% (65% investment) |
| Credit | 600 minimum | The lender’s matrix |
Which one wins? A big loan against a big pile of assets favors the qualifier path. Someone whose assets are large but would not cover the full loan balance may only work on the depletion path, because the income math needs less than the full balance. Both are subject to underwriting.
What Makes a Purchase Jumbo?
A loan is jumbo when the loan amount is above the conforming loan limit. Purchase price alone does not decide it. The limit varies by county.
The Federal Housing Finance Agency sets that limit each year. The current baseline for a one-unit home is $832,750. In high-cost counties the ceiling reaches $1,249,125, according to Orrick’s summary of the announcement. Anything above your county’s number is jumbo.
Why does that matter here? Conforming loans follow agency rules built around documented income. Jumbo loans do not have to. A lender funding a jumbo with its own money, or placing it with a private investor, can set its own qualifying method. That freedom is why asset-based programs exist at jumbo size.
Many people use “asset depletion” to mean something else: how much cash drains out of your accounts at closing. Here it means the qualifying method. Your assets become income on paper. You do not have to sell them.
How Much Can You Borrow, and at What Leverage?
Leverage here means loan-to-value, the loan as a share of the property’s value. The figures below are ceilings, not offers, and each file is underwritten individually.
Asset qualifier path. Up to 80% on a purchase and 75% on a refinance, for a principal residence or second home. Whether cash-out is allowed on this path is set by the lender and is not published, so ask before you plan around it.
Asset depletion path. For a principal residence or second home, up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance. For an investment property, up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. Cash-out proceeds never count as qualifying assets.
Picture a buyer eyeing a jumbo home at 80% leverage on the qualifier path. Eligible assets must equal or exceed the whole loan, not just the down payment. A $3,000,000 loan needs $3,000,000 of usable assets. That surprises people who assume a large balance is plenty. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
One question deserves a direct answer from the lender early: how does your file treat money used for the down payment and closing costs? Lenders differ on whether those dollars can also count toward the qualifying pool. Ask before you commit.
Which Assets Count, and for How Much?
Not every dollar counts at full value. Each path applies its own percentages, so keep them separate.
Asset qualifier path (share of balance that counts):
- Brokerage accounts, certificates of deposit, money market and savings: 100%.
- 401(k) and IRA balances: 90% under age 59½, 100% at 59½ or older.
- Accounts combine.
Asset depletion path (share of balance that counts):
- Cash accounts and certificates of deposit: 100%.
- Securities: 80%.
- Private stock: 75%.
- Retirement accounts: 70% at any age.
- Real-estate equity: 60%.
Some assets are not eligible on the depletion path: 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.
What about crypto, precious metals, collectibles, or borrowed funds? They are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account. The lender then reviews the source of those funds. They never count at a percentage on their own.
If you have retirement money, remember that withdrawals can have consequences beyond the loan. Tax treatment varies; consult a qualified professional.
What Does the Math Look Like?
Both examples below are illustrative. The lender’s own calculation governs.
Qualifier path. Take an $800,000 loan. 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% counts, so $200,000). Usable assets total $800,000. That matches the loan, so the file is reviewed on assets alone, subject to underwriting.
Depletion path. Say you hold $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100% counts, so $300,000). That is $1,500,000 usable. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income test.
Notice the 401(k) haircut on the qualifier path. Without it, the first borrower would clear the loan with room to spare. With it, the file lands right on the line. Retirement balances shift the result more than most people expect.
What Will the Lender Verify?
“No income documentation” never means “no documentation.” The assets are documented on both paths.
On the qualifier path, expect 60 days of seasoning and two months of statements for each qualifying account. Seasoning means the money has sat in your accounts for a set period. The credit score floor is 600. Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them.
On the depletion path, statements must be at least 120 days old at application, plus a recent statement within 45 days. Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning. Credit follows the lender’s score and loan-amount matrix, and a first-time investor needs 700. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid when assets are your only income source.
Credit history matters on both paths. A housing history of 0x30x12 is the target, meaning no 30-day lates in twelve months. One late in that window is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path.
Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio. When it does, the minimum-assets rule is waived. This helps a borrower with a modest pension plus a large portfolio.
Trust-held accounts raise their own questions on jumbo files. Lendmire’s article Can a Trust-Held Asset Account Fund a Super Jumbo Bank Statement Loan? takes that up.
Where Asset-Based Differs From Pledged-Asset Loans
Asset-based qualifying uses your assets as proof you can repay. They stay yours and stay in your accounts. A pledged-asset mortgage is a different product: the assets are collateral, and the lender can claim them. Lendmire’s comparison of a pledged-asset mortgage versus a margin loan on a purchase covers that structure in detail.
Do You Want an Investment Property Instead?
Be careful. The asset-based mortgage described here is a consumer loan. It is mainly for principal residences and second homes. Investment property is available only on the asset depletion path, at the lower leverage shown above.
Most investors buying a pure rental use a different tool. 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 CFPB’s Truth in Lending summary treats credit to acquire non-owner-occupied rental property as business-purpose credit.
In plain terms, a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your personal assets matter less. If the property will rent well, that route may fit better. Our complete DSCR loans guide covers it.
Who This Fits (and Who It Doesn’t)
It fits retirees living on a portfolio. It fits someone who just sold a business, received an inheritance, or collected a settlement. It fits an early-retired professional with large balances and little documented income.
It fits poorly if your income is strong and documented. A traditional jumbo, built on pay stubs and traditional personal-income documentation, may be simpler. It also fits poorly if your wealth is mostly in assets the program does not count, such as crypto, collectibles, or closely held business value beyond your ownership share. And it fits poorly if the property you want to buy is a pure rental. That is DSCR territory.
Compare it with a bank statement program. That one is for borrowers who document income through deposits, usually self-employed people with steady business cash flow. An asset-based file suits someone whose deposits are thin but whose balances are deep.
Risks and Trade-Offs
Using a portfolio to qualify does not mean it stays free of risk. Market swings can shrink a securities balance before the file is reviewed. Your liquidity after closing matters too. A loan that technically qualifies can still leave you thin on cash.
Asset-based loans also tend to follow stricter overlays than standard documentation loans. The strictest programs in the network want more seasoning, more statements, and tighter limits on what counts. Lenders differ, which is the reason to compare options before applying. Every file is underwritten individually, and programs change.
Key Terms Defined
Jumbo loan: a mortgage above the county’s conforming loan limit.
Asset qualifier: a method that drives lender review if eligible assets cover the entire loan amount.
Asset depletion: a method that divides usable assets by 60 months to create qualifying income.
Seasoning: the time money has been in your accounts, or the time since a credit event.
Debt-to-income (DTI): your monthly debts divided by your monthly income.
Haircut: the share of an asset’s balance the lender does not count.
Frequently Asked Questions
Can I use this to buy, or only to refinance?
Yes, you can use it for either a purchase or a refinance. The qualifier path allows up to 80% leverage on a purchase and 75% on a refinance for a principal residence or second home. The depletion path allows up to 80% on a purchase of those same properties and 60% on a cash-out. All of it is subject to underwriting through select programs. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Do I have to sell my investments?
No. Your assets are counted in place and stay invested. You do need to show them in seasoned statements. Cash-out proceeds from the loan never count toward the assets you use to qualify.
Can I use retirement accounts?
Yes, with haircuts. On the qualifier path, a 401(k) or IRA counts 90% under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count 70% at any age.
Is the loan non-QM?
Yes. It is a non-agency, non-conventional product placed through select lenders. It is also a consumer mortgage, so it differs from DSCR investor loans, which are business-purpose.
Where is it available?
Lendmire’s consumer mortgage lending is licensed in 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia, and Washington. Lendmire is the broker, not the lender. This is not a commitment to lend.
Next Step
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. Reach the team at 828-256-2183.
A jumbo loan stops being out of reach once you see which of your assets the lender actually counts.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. Federal Housing Finance Agency — conforming loan limit announcement
2. Orrick InfoBytes — summary of conforming loan limit increases
3. CFPB — Truth in Lending Act summary
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Purchase vs Refinance Leverage on an Asset Qualifier Mortgage · Can You Get an Asset-Based Mortgage If Your Assets Are in Your Spouse’s Name? · Can You Get an Asset-Based Mortgage With No Job?
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.