The Quick Read: Yes, through select asset-based programs, you can be reviewed for a cash-out refinance using assets instead of tax returns, pay stubs or employment verification, but the file is fully underwritten, and cash-out leverage tops out at 60% on the asset depletion path, subject to underwriting.
- Your assets are documented with statements. Only the income paperwork goes away.
- The asset qualifier path covers the whole loan with eligible assets and documents no income at all.
- The asset depletion path turns usable assets into monthly qualifying income, divided over 60 months.
- Cash-out proceeds never count as qualifying assets.
- Privately held company stock is not an eligible asset on either path.
What Does “No Income Verification” Actually Mean Here?
It means the lender does not ask for pay stubs, tax returns or employment verification. It does not mean the lender skips underwriting. Every file is fully underwritten, and your assets, credit, property and loan size get a hard look instead.
Here is the split in plain terms:
| Skipped | Still required |
|---|---|
| Tax returns | Asset statements for every qualifying account |
| Pay stubs | Credit report and housing payment history |
| Employment verification | Appraisal of the property |
| Income calculations (qualifier path) | Full underwriting review |
That is why no income verification is a shorthand to treat carefully. Think of it as a different way to prove you can repay, not a way to avoid proving it. Across Lendmire’s wholesale network, the files that go smoothly are the ones where statements are clean, balances are seasoned and the borrower’s story matches the paperwork.
The borrowers who use this route are usually cash-heavy and income-light. Think of retirees living off a portfolio, people who sold a business, recipients of an inheritance or settlement, and early-retired professionals. Their balances are large, but their documented income is small.
The Two Ways Assets Can Qualify You
You are qualified on one path at a time, and the two work very differently. Pick the right one first, because every other number depends on it.
| Item | Asset qualifier path | Asset depletion path |
|---|---|---|
| How it works | Eligible assets must equal or exceed the entire loan | Usable assets ÷ 60 months = monthly income |
| Income test | None documented | Runs through the debt-to-income test |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Purchase leverage | Up to 80% | Up to 80% (65% on investment property) |
| Refinance leverage | Up to 75% | 60% on cash-out |
| Credit | 600 minimum score | The lender’s matrix |
All figures are ceilings and floors from select programs, subject to underwriting. They are not offers.
On the qualifier path, you add up your eligible balances after the credit percentages below. If the total meets or beats the loan amount, you qualify on assets alone. There is no income to calculate. The lender’s ability-to-repay review rests on those assets.
The depletion path is different. The lender divides your usable assets by 60 months and treats the result as monthly income. That income then has to carry your housing payment and other debts through the debt-to-income test. Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio.
Cash-out is where the paths split most. On the depletion path, cash-out refinances top out at 60% leverage on a principal residence, a second home or an investment property. On the qualifier path, cash-out terms are set by the lender and are not published, so any figure you see for it deserves a direct question. Lendmire’s asset-based mortgage programs page lays out both tracks side by side. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
What Counts as an Asset, and How Much of It?
Each account counts at a percentage of its balance. The part that does not count is the haircut. The percentages differ by path, so never blend the two tables.
| Asset | Counts at |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) and IRA, under age 59½ | 90% |
| 401(k) and IRA, 59½ or older | 100% |
Accounts combine. You can stack brokerage, savings and retirement balances to reach the loan amount.
| Asset | Counts at |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
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.
Privately held stock
It does not count at a reduced percentage. It does not count at all.
If your wealth sits in a closely held company, the route is documentation. A sale or buyout converted to a seasoned cash balance works. So do public securities and retirement accounts at their percentages. Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. Converting them to cash in a regulated account is the documented route, and the lender reviews the source of the money.
Statements and seasoning
On the qualifier path, funds need 60 days of seasoning and two months of statements for each qualifying account. On the depletion path, statements must be at least 120 days old at application, plus one statement within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning, though the lender still reviews where they came from.
Run the Numbers on Both Paths
These examples are illustrative. The lender’s own calculation governs.
Qualifier path. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts (100% counts, so $330,000). You hold $300,000 in a 401(k) and you are under 59½ (90% counts, so $270,000). You hold $200,000 in savings (100% counts, so $200,000). Your usable assets total $800,000, which matches the loan. You qualify on assets alone, subject to underwriting. Reserves are not required at or below 75% loan-to-value.
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). Your usable assets are $1,500,000. 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 what is missing from both examples. The balances in question stay in the accounts and keep being documented. Nothing here uses the cash you pull out in the refinance.
Can the Cash You Pull Out Help You Qualify?
No. Cash-out proceeds never count as qualifying assets. Using borrowed money to prove you can borrow would be circular, and lenders do not allow it.
Plan the file around the assets you already own. If your usable assets only work when you count the new cash, the loan does not work on this path. Pledged or borrowed funds are not published as eligible either.
How Property Type Changes the Answer
The depletion path covers all three property uses, but the leverage differs:
- Principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Investment property: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
Investment property is available only on the depletion path. Those loans are business-purpose, meaning the money is used primarily for a business or investment reason. Credit used primarily for business purposes is treated differently from a standard owner-occupied mortgage, as the CFPB’s exemption rule explains. Loans on a principal residence or second home are consumer mortgages, and consumer disclosures apply to them.
Investors weighing a rental should know one more thing. Programs that qualify on the property’s rent are a separate product, and the debt service coverage ratio (DSCR) loan is the usual route for rentals. Asset-based qualification suits a rental owner whose balances are strong and whose documented income is thin. HousingWire’s non-QM guide sorts these alternative-documentation products if you want to see the wider menu. One difference is worth knowing. Bank statement programs are for borrowers who document income through deposits, while asset-based programs set income aside entirely.
What If You Have Some Income?
Mixed profiles are common. A pension plus a portfolio is a typical one. On the depletion path, asset-derived income can supplement your documented income, up to a 45% debt-to-income ratio. When assets supplement income this way, the minimum-assets rule is waived.
This matters because a modest pension, a spouse’s paycheck or Social Security often leaves a gap. Assets can fill the gap without forcing you onto the qualifier path’s all-or-nothing test.
Minimums and Credit: What the File Needs
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.
Credit still matters on both paths. The qualifier path sets a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor on that path needs a 700. Housing history is expected to be clean at 0x30x12. One 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event such as a foreclosure needs 4 years of seasoning on the depletion path.
Nothing here promises approval, and nothing here means no credit review. Every file is underwritten on its own facts.
Who Should Skip This
Skip it if your balances are modest. A loan that needs usable assets covering the whole amount, or $250,000 or more in liquid funds, is a high bar. If your wealth is mostly one illiquid asset, the usable total may come up short.
Skip it if your income is easy to document and strong. A conventional cash-out refinance, which reviews full income and debt ratios, may serve you with fewer asset requirements. Skip it if you only want to tap a rental’s cash flow, since rent-qualified loans fit that goal better.
The honest tradeoff is simple. Qualifying on assets means documenting large balances and accepting lower cash-out leverage. In return, your tax returns and pay history do not decide the outcome. Lendmire’s piece Asset-Based Cash-Out Refinance Requirements With No Income Verification goes deeper on each line item.
Get Ready Before You Apply
A short preparation list saves rework later:
1. Pull statements for every account you plan to use. Check their ages against the seasoning rules above.
2. Convert anything ineligible, such as private company shares or crypto, into a seasoned cash balance, and gather the paperwork showing the source.
3. Decide your path. If your usable assets can match the whole loan, the qualifier path fits. If not, run the 60-month math for the depletion path.
4. Check your credit and housing history against the floors above.
5. Choose a realistic cash-out amount against the 60% depletion-path ceiling. Remember that proceeds never count toward qualifying.
Key Terms Defined
Asset qualifier path: the route where eligible assets must equal or exceed the entire loan, and no income is documented.
Asset depletion path: the route where usable assets divided by 60 months become monthly qualifying income, which then runs through the debt-to-income test.
Seasoning: the length of time funds have sat in your account before the lender counts them.
Debt-to-income (DTI): your monthly debts, including the new housing payment, compared with your monthly income.
Cash-out refinance: a new, larger loan that pays off the old one and gives you the difference in cash.
Business-purpose loan: a loan used primarily for a business or investment reason, such as a rental property.
Frequently Asked Questions
Is this a no-doc loan?
No. Every file is fully underwritten, and your assets are documented with statements. What goes away is the income paperwork: tax returns, pay stubs and employment verification. Credit, appraisal and asset sourcing all stay in the file.
Can I use my 401(k) or IRA?
Yes, at a percentage of its balance. On the qualifier path, retirement accounts count at 90% under age 59½ and 100% at 59½ or older. On the depletion path they count at 70% at any age. Terms are subject to underwriting.
I own a company. Can my shares count?
Privately held company stock is not an eligible asset on either path. The route is a sale or buyout converted to a seasoned cash balance. Public securities, cash and retirement accounts count at their listed percentages.
Can I still do a cash-out on an investment property?
Yes, on the asset depletion path only, at up to 60% leverage, subject to underwriting. A first-time investor on that path needs a 700 credit score. Programs that qualify on the property’s rent are a separate product and may fit a rental better. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Does this work in every state?
Lendmire’s consumer mortgage lending covers 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington. Program availability and terms depend on the lender and the file.
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 broker that arranges these loans through select lenders in its network. This is not a commitment to lend.
For how equity extraction works on an investment property, see Lendmire’s guide to cash-out refinance on an investment property.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of tax returns, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Get Started
Ready to find the right loan for you?
See your offer in seconds. No credit pull, no obligation.
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. CFPB, Regulation Z § 1026.3, Exempt Transactions
2. HousingWire, Non-QM Loans Guide
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Asset-Based Cash-Out Refinance Options Without Traditional Income Verification · Can You Get Approved for an Asset-Based Cash-Out Refinance Using Retirement Accounts? · Best Asset-Based Cash-Out Refinance Program Without Income Verification Using Home Equity
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.