The Quick Read: Yes, you can usually buy a home with no paycheck, because lenders can review your assets in place of employment income, either by counting them against the whole loan or by converting them into a monthly qualifying income, subject to underwriting and program rules, with the path set by whether the home is your residence or a rental. Your statements still get documented, and only the assets a program accepts count. Which path fits depends on how large your balances are, what kind of accounts hold them, and what you plan to do with the property.
- The asset qualifier path covers the entire loan with eligible assets and documents no employment or income.
- The asset depletion path divides usable assets by 60 months to create a qualifying income, which then runs through a debt-to-income test.
- Brokerage balances count in full on the qualifier path and at 80% as securities on the depletion path, through select programs.
- Margin balances and other borrowed funds do not count as assets.
- A rental purchase usually moves to a DSCR loan, where the property’s rent drives lender review and the brokerage account supplies cash to close and reserves.
Two Paths: Assets Cover the Loan, or Assets Become Income
The first path asks one question: do your eligible assets equal or exceed the entire loan? The second asks a different one: if your assets were turned into income, could that income carry the payment? A borrower is qualified on one path at a time, and the two use different percentages, so the figures below never blend.
Across the wholesale network Lendmire works with, these are the two ways a portfolio-funded buyer gets a consumer mortgage with no paycheck behind it. Lendmire is the broker. It arranges these loans through select lenders, and the lender’s own underwriting decides each file.
The asset qualifier path. Eligible assets, after the credit percentages in the next section, must equal or exceed the whole loan amount. No employment or income is documented. Leverage runs up to 80% loan-to-value on a purchase and up to 75% on a refinance, on a principal residence or second home. Loans go up to $4,000,000. The credit score floor is 600.
The asset depletion path. Usable assets, after haircuts, are divided by 60 months. The result is a monthly qualifying income that must carry the full housing payment and your other debts. Loan amounts run from $125,000 to $3,500,000. On a principal residence or second home, leverage reaches 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. On an investment property the ceilings are 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets.
That investment-property detail matters. The qualifier path is for principal residences and second homes. If you want a consumer asset-based loan on a rental, the depletion path is the one that allows it, and a first-time investor there needs a 700 score. All of these figures are ceilings and floors, never offers, and each is subject to underwriting.
What Counts on Each Path
A brokerage account is one of the strongest asset types on both paths, but it is not counted the same way on each. The qualifier path credits most liquid accounts in full. The depletion path haircuts anything exposed to market swings.
Asset qualifier path: share of the balance that counts.
| Asset | Credit |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market and savings | 100% |
| 401(k) and IRA, under 59½ | 90% |
| 401(k) and IRA, 59½ or older | 100% |
Accounts combine, so a brokerage account, a savings account, and a retirement account can all contribute to one total.
Asset depletion path: share of the balance that counts.
| Asset | Credit |
|---|---|
| Cash accounts and CDs | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Several holdings do not qualify on the depletion path at all: 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.
Cryptocurrency, precious metals, collectibles, and pledged or borrowed funds are not published as eligible on either path. The documented route is to convert them into a seasoned cash balance in a regulated account, with the source reviewed by the lender.
This is where an investor living off a portfolio gets surprised. A single-stock position or an option grant that looks like wealth on paper may count for little or nothing. A plain brokerage account holding diversified securities is the cleanest case.
The Math, Worked Through
Both examples below are illustrative. The lender’s own calculation governs every file.
Qualifier path. Say the loan is $800,000. The borrower holds $330,000 in brokerage accounts, which counts at 100%, or $330,000. A 401(k) of $300,000 sits under age 59½, so it counts at 90%, or $270,000. Savings of $200,000 count at 100%. The total is $800,000 of usable assets, which matches the loan, so the file is reviewed on assets alone.
Depletion path. Say the borrower holds $1,500,000 in securities, which counts at 80%, or $1,200,000. Add $300,000 in cash at 100%. Usable assets come to $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the program’s debt-to-income test.
The depletion figure is notional. Nothing forces you to withdraw that amount. It only shows the lender that the assets could support the payment.
On the depletion path, qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income source, you also need at least $250,000 in liquid assets. If you do have other documented income, asset-derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Your Down Payment Comes Out of the Same Account
Here is the part most buyers miss. The money you pull out for the down payment leaves the pool the lender counts. A portfolio that qualified comfortably before the withdrawal may look thinner after it.
On the depletion path, every dollar sent to the seller reduces the usable assets that get divided by 60. On the qualifier path, the assets must still cover the loan. Ask the lender how it treats down payment and closing funds before you move any money. The answer varies by program, and moving funds first can cost you.
Moving funds also creates a paper trail. Recent deposits, transfers between accounts, and large one-time movements need a documented source. Seasoning rules exist for exactly this reason. The qualifier path asks for 60 days of seasoning and two months of statements for each qualifying account. The depletion path asks for 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 depletion seasoning.
Many investors ask whether they should sell shares, borrow against the portfolio, or take a mortgage. This table summarizes the tradeoffs.
| Option | Effect on your portfolio | Effect on qualifying |
|---|---|---|
| Sell shares for the purchase | Shrinks the pool, ends market exposure | Fewer usable assets afterward |
| Borrow against the account (margin) | Keeps shares, adds a debt against them | Borrowed funds do not count as assets |
| Mortgage on the home | Keeps the portfolio invested | Assets qualify the loan, so the pool must stay intact |
Selling shares can trigger a capital gain or loss, and IRS Topic 409 explains that holding an asset more than one year makes the result long-term; tax treatment varies, so consult a qualified professional before choosing which lots to sell.
The margin row deserves emphasis. Borrowed funds, including a margin balance, are typically excluded from the asset pool. A margin loan to fund the down payment may not just fail to help. It can interfere with the file. Across the lenders in the network, borrowing the down payment is rarely welcome.
Buying a Rental? That Is a Different Loan
If the property will be a rental, the question shifts. 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.
A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your brokerage account does not need to produce income. It supplies the down payment, closing costs, and reserves. For a household with a large portfolio and little documented income, that can be the cleaner structure, because the rent is the test rather than your personal debt-to-income ratio.
The brokerage statements still matter. The lender wants recent, complete statements in your name and a sourced explanation for large recent deposits. Reserves are a separate test from the down payment, so a portfolio that clears cash to close can still fall short on reserves, especially when you buy more than one property. Reserve requirements vary by lender, leverage, and loan size.
Programs below a 1.00 coverage ratio are available through select lenders in the network, though leverage and terms adjust. The details sit in Lendmire’s complete DSCR loans guide.
There is a middle route for owners who already hold a paid-off home. Lendmire’s piece How to Buy a Second Home With a Cash-Out Refinance on a Paid-Off Home covers when that equity makes more sense than selling shares.
Can the Portfolio Sustain the Purchase?
Qualifying and affording are different things. A lender asks whether your assets can support the loan on paper. You have to ask whether your withdrawals can support your life after closing.
A buyer who lives off a brokerage account is already drawing down the balance. A down payment, closing costs, and a new housing payment all add to that draw. Run this checklist before you apply.
- Withdrawal rate after closing. Recalculate how much you take from the account each year once the down payment has left and the new payment begins.
- Market stress test. Imagine the portfolio down meaningfully for a stretch. Would you have to sell at a loss to cover the mortgage?
- Cash buffer. Hold enough in cash or CDs that a down market does not force sales of equities.
- Concentration. If one stock is most of the account, a drop in that stock affects both your living expenses and your qualifying assets.
- Age. An early retiree under 59½ who lives off taxable accounts is leaning on the account that lenders value most. Retirement accounts are counted at a haircut or at 90% on the qualifier path, so a taxable account carries more weight.
If the stress test makes you uneasy, the loan size is probably too large, no matter what the lender will approve.
What the Lender Still Checks
A no-paycheck mortgage is not an unverified mortgage. The federal ability-to-repay rule lets a lender base its decision on income, on assets other than the home being financed, or on both. It also requires the lender to verify what it relies on. Assets alone can support a loan, but the statements must be real, complete, and in your name. The home being purchased cannot count as one of the assets.
This is why the programs above describe the borrower as qualifying on assets rather than on no documentation. “No income documentation” never becomes “no documentation.”
Documents to Gather
Gather these before the first lender conversation.
1. Statements for every account you plan to count, with all pages included, in your name or with documented access. 2. A longer statement history if you plan to use the depletion path, since statements must be at least 120 days old at application, plus the most recent statement within 45 days. 3. Two months of statements per account on the qualifier path, with 60 days of seasoning. 4. A sourced explanation for any deposit or transfer that looks large against your usual pattern. 5. Identification and a credit profile. The qualifier path starts at a 600 score, and the depletion path follows the lender’s score and loan-amount matrix. 6. Housing history. Programs look for 0x30x12, and one 30-day late in the last twelve months is considered case by case. A housing event needs four years of seasoning on the depletion path.
Key Terms Defined
Asset qualifier path: a program in which eligible assets must equal or exceed the entire loan, with no income documented.
Asset depletion path: a program that divides usable assets by 60 months to produce a monthly qualifying income.
Haircut: the share of an asset’s value a lender discounts because the asset can lose value or be hard to access.
Seasoning: the length of time funds must sit in an account, shown on statements, before a lender counts them.
Reserves: liquid funds left after closing, usually measured in months of housing payments.
Margin balance: money borrowed against a brokerage account, which lenders typically exclude from qualifying assets.
Mistakes and Myths
Myth: you need a job to get a mortgage. That isn’t the case. The paths above exist because a lender may qualify you on assets alone, subject to underwriting.
Myth: the lender counts the portfolio at face value. Only on the qualifier path, and only for the assets listed. On the depletion path, securities count at 80%.
Myth: asset depletion means you must withdraw that income. The figure is notional.
Myth: non-QM means unregulated. The ability-to-repay review still applies to consumer loans like these.
Common mistakes are just as practical. Moving money into the account right before applying. Taking a margin loan for the down payment. Assuming a concentrated stock position counts in full. Selling shares before asking how the lender will treat the withdrawal. Each one is avoidable if you talk to a broker first.
Who This Fits (and Who Should Look Elsewhere)
These paths suit retirees, sellers of a business, recipients of an inheritance or settlement, early-retired professionals, and households living on a portfolio whose balances are large and whose documented income is not.
They fit less well if your balances are modest. The depletion path needs at least $250,000 in liquid assets when assets are the only income source. They also fit less well if most of your wealth is in assets programs do not publish as eligible, like crypto or stock options, or if you have recent bankruptcies. If you do have steady documented income, a standard mortgage may be simpler. If you are buying a rental, DSCR may be the better fit than either asset-based path.
Consumer asset-based lending is available in 16 states, so confirm that your state is covered before you plan around it. Programs change, and each file is underwritten individually.
Frequently Asked Questions
Can I buy a home with no job if my brokerage account is large enough?
Usually, yes. On the asset qualifier path, eligible assets must equal or exceed the entire loan, and no employment or income is documented. The credit score floor is 600, and the path covers principal residences and second homes, subject to underwriting.
Does the lender count my whole brokerage balance?
It depends on the path. Brokerage balances count at 100% on the qualifier path and securities count at 80% on the depletion path. Cash and CDs count in full on both. A margin balance does not count on either path.
Can I use a brokerage account to buy a rental property?
Yes, but through a different structure. A DSCR loan is reviewed for the property on its rental income, and the portfolio funds the down payment, closing costs, and reserves. The depletion path also allows investment property, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out.
Does buying a home reduce what the lender counts afterward?
Yes, it can. The down payment leaves the account, so the usable pool shrinks. On the depletion path, that lowers the monthly qualifying income, so ask how your lender treats the funds before moving them.
What if my money is in crypto or stock options?
Neither path publishes those as eligible. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender. Non-vested restricted stock units and stock options are specifically ineligible on the depletion path.
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 or request a quote.
For a household living on its portfolio, the best purchase is often the one that leaves the account intact enough to keep paying for everything else.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. IRS Topic 409, Capital Gains and Losses
2. CFPB, Regulation Z ability-to-repay rule, section 1026.43
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Open a HELOC on Assets Alone When Self-Employed · How Asset Depletion Income Differs on a Primary Home vs Rental · Can You Do a Cash-Out Refinance on an Asset Depletion Loan?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.