The Quick Read: The right program at this size is the path that fits how you hold your wealth: assets that cover the loan outright, or assets converted into monthly qualifying income. Both exist above $1 million through select lenders in Lendmire’s network, subject to underwriting. Your property, credit, and balances decide which path fits.
- Asset qualifier path: eligible assets, after credit percentages, must equal or exceed the entire loan. No employment or income is documented. Loans go up to $4,000,000.
- Asset depletion path: usable assets divided by 60 months become qualifying income for the debt-to-income test. Loans run $125,000 to $3,500,000.
- Cash-out is tighter on the depletion path: up to 60% on a cash-out refinance, for a principal residence, second home, or investment property.
- You are on one path at a time. The two sets of rules never blend.
- Privately held company stock is not an eligible asset on either path.
What “Best” Means Above $1 Million
No single program wins for every borrower. A broker sees many lenders’ guidelines side by side, and the winner changes with the file. Property type, credit profile, leverage need, and how your assets are held all move the answer.
This page is for borrowers who are asset-rich and income-light. Think of retirees, people who sold a business, inheritance or settlement recipients, early-retired professionals, and households living off a portfolio. Your balances are large, but your documented income is small or irregular.
Lendmire’s asset-based mortgage programs are placed through select lenders. Lendmire is the broker, not the lender. The figures below are ceilings and floors, never offers, and each lender’s own calculation governs.
“No income documentation” does not mean “no documentation.” Every file is fully underwritten. The assets are documented with statements. You skip traditional personal-income documentation, pay stubs, and employment verification.
What Counts as “Above $1 Million”
Loans above the conforming limit are called jumbo. The Federal Housing Finance Agency sets that limit each year. Per Orrick’s summary of the announcement, the one-unit baseline is $832,750 and the high-cost ceiling is $1,249,125. A loan over $1 million is jumbo in most counties.
Agency rules from Fannie Mae and Freddie Mac apply to agency loans only. They do not set the rules for the programs described here.
The Two Paths Side by Side
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Must cover whole loan | Divided by 60 months into income |
| Maximum loan | $4,000,000 | $3,500,000 |
| Minimum loan | Not published | $125,000 |
| Property types | Principal residence, second home | Also investment property |
| Credit | 600 minimum | Lender’s matrix |
Leverage differs by path, and each figure names its transaction.
- Asset qualifier path: up to 80% on a purchase and 75% on a refinance of a principal residence or second home. The qualifier path’s cash-out rules are set by the lender and are not published, so ask for them file by file.
- Asset depletion path, principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Asset depletion path, investment property: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
Cash-out proceeds never count as qualifying assets. You cannot pull cash out and then use it to prove the loan. All of this is subject to underwriting.
How Underwriting Treats Your Assets, Step by Step
Step 1: Pick the path. Do your eligible assets equal the whole loan? If so, the qualifier path is available. If your assets are large but fall short of the loan, or you want to count real-estate equity, the depletion path is the likelier fit.
Step 2: Apply the credit percentages. Underwriters count only a share of each balance.
On the qualifier path:
- Brokerage accounts, certificates of deposit, money market, and savings count at 100%.
- 401(k) and IRA balances count at 90% under age 59½ and 100% at 59½ or older.
- Accounts combine.
On the depletion path:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Step 3: Check seasoning and statements. Seasoning is how long the money has sat in your account.
- Qualifier path: 60 days of seasoning and two months of statements per qualifying account.
- Depletion path: statements at least 120 days old at application, plus the most recent statement within 45 days. Sale-of-business, inheritance, and legal-settlement funds are excused from that seasoning.
Step 4: Run the test. On the qualifier path, usable assets must equal or exceed the loan. On the depletion path, usable assets divided by 60 months become qualifying income. That income must carry the housing payment and other debts through the debt-to-income test.
Step 5: Review credit and housing history. The qualifier path has a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix. Housing history is 0x30x12, and one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. A housing event needs 4 years of seasoning on the depletion path. Nothing here promises approval, and credit is always reviewed.
Two Worked Examples
These shapes show the logic. The lender’s own calculation governs.
Qualifier path. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, which count at 100%, or $330,000. You hold $300,000 in a 401(k) and are under 59½, so 90% counts, or $270,000. You hold $200,000 in savings, which count at 100%, or $200,000. Usable assets total $800,000. That equals the loan, so the file is reviewed on assets alone, subject to underwriting.
Depletion path. Say you hold $1,500,000 in securities and $300,000 in cash. Securities count at 80%, or $1,200,000. Cash counts at 100%, or $300,000. Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income must then carry the housing payment and your other debts through the debt-to-income test.
Where the Rules Tighten on Large Cash-Out Loans
Cash-out is where leverage drops the most. On the depletion path, 60% is the ceiling on a cash-out refinance for all three occupancy types. The loan amount, not the property value, sets the band you land in. A larger balance on the same home means less room to take cash out.
Depletion-path minimums also matter at this size. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. You also need at least $250,000 liquid when asset depletion is your only income source. 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.
On the qualifier path, no reserves are required at or below 75% loan-to-value on a refinance. Above that, the lender sets them. The depletion path has no published reserve months.
Does Privately Held Company Stock Count?
The route that works is documentation. Sell or convert the shares, then season the proceeds as cash in a regulated account. Sale-of-business funds are excused from the depletion path’s seasoning rule. Public securities and retirement accounts count at their normal percentages.
Where the General Rules Break
- Investment property. It is eligible only on the depletion path. The loan is business-purpose, so the lender documents how the proceeds will be used. Business-purpose credit is treated differently from a standard owner-occupied mortgage under Regulation Z’s business-purpose exemption. That is why use-of-proceeds paperwork matters.
- First-time investors. On the depletion path, a first-time investor needs a 700 score.
- Ineligible asset types 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 do not count. Cryptocurrency, precious metals, collectibles, and pledged or borrowed funds are also not published as eligible on either path.
- Business accounts. Business accounts count only for your ownership share, and only if documented. The lender will review the source of those funds.
- Combining paths. You cannot qualify on both at once. Choose one path per file.
Which Path Fits You
The decision usually comes down to one question. Are your liquid assets larger than the loan?
- Assets at or above the loan amount: the qualifier path is cleaner. It documents no income at all.
- Assets large, but below the loan, or mostly securities and equity: the depletion path turns them into income, at lower leverage on cash-out.
- Investment property or a cash-out need: only the depletion path applies, and 60% is the ceiling.
- Some documented income plus a big portfolio: the supplement option may help.
Next, gather two months of statements for each account and your sale or settlement paperwork. Then compare options before you commit. Tax treatment varies, so consult a qualified professional.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, equal or exceed the whole loan.
Asset depletion: a path that divides usable assets by 60 months to create qualifying income.
Seasoning: the time money must sit in your account before a lender counts it.
Jumbo loan: a loan above the conforming limit set by the Federal Housing Finance Agency.
Cash-out refinance: a new loan that pays off the old one and gives you extra cash from your equity.
Debt-to-income ratio: your monthly debts divided by your monthly income.
Frequently Asked Questions
Can I take cash out above $1 million using only assets?
Yes, on the depletion path, up to 60% on a cash-out refinance, subject to underwriting. The qualifier path’s cash-out rules are set by the lender and not published. Cash-out proceeds never count toward your qualifying assets.
What is the largest loan available?
The qualifier path goes up to $4,000,000. The depletion path runs from $125,000 to $3,500,000. Both are ceilings, not offers, and each file is underwritten individually.
Do I have to show tax returns or pay stubs?
No traditional personal-income documentation, pay stubs, or employment verification are needed on the qualifier path. You still document your assets with statements, and the lender fully underwrites the file. On the depletion path, derived income runs through the debt-to-income test.
Can I count my retirement accounts?
Yes, at a haircut. On the qualifier path, 401(k) and IRA balances count at 90% under age 59½ and 100% at 59½ or older. On the depletion path, they count at 70% at any age.
Can I use this on a rental property?
Yes, on the depletion path only, at up to 60% on a cash-out refinance. A first-time investor needs a 700 score. The loan is business-purpose, so expect use-of-proceeds documentation.
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. Lendmire is a mortgage broker. It arranges these loans through select lenders, with consumer mortgage lending licensed in Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia, and Washington. This is not a commitment to lend.
For the mechanics of pulling equity out of a rental property, see Lendmire’s guide to cash-out refinance on an investment property.
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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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. FHFA conforming loan limit values
2. Orrick InfoBytes, FHFA conforming loan limit increases
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 Get a Pennsylvania Asset-Based Mortgage With No Job? · Asset-Based Cash-Out Refinance Requirements for a Founder Before a Liquidity Event · Can You Take Cash Out of a Texas Homestead on an Asset Depletion Loan?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.