The Quick Read: You document this loan with account statements, not an employer. Eligible assets, after the program’s credit percentages, must equal or exceed the entire loan amount, and no employment or income is documented. Through select programs in Lendmire’s wholesale network, the file turns on these points:
- Two months of statements for each qualifying account, with 60 days of seasoning.
- Brokerage, CDs, money market and savings count at 100%. A 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older.
- Leverage reaches 80% on a purchase and 75% on a refinance, subject to underwriting.
- A 600 minimum credit score applies on this path, and loans reach $4,000,000.
- Lendmire is a broker. It arranges these loans through select lenders. It does not lend.
Retirees, business sellers and households living off a portfolio often hold large balances and little paycheck income. For a Pennsylvania borrower in that spot, the mortgage file is built from statements and credit. An employer letter plays no part. The figures below are ceilings and floors, not offers, and every file is underwritten individually.
Do You Need an Employer or an Employment Letter?
No. The asset qualifier path does not verify employment or income. There are no W-2s, pay stubs or verification of employment calls.
“No employment documentation” does not mean “no documentation.” The assets are documented in full. Credit, the property, title and the appraisal are still reviewed. Lenders must still make a good-faith determination that the borrower can repay. The CFPB’s ability-to-repay compliance guide lists “current or reasonably expected income or assets” as one of the factors, so assets are a recognized basis. Employment status matters only when the lender relies on employment income.
Pennsylvania doesn’t change any of this. The program figures are the same in every state where the consumer lending is licensed, and Pennsylvania is one of the 16.
Key Terms Defined
Asset qualifier: A path where eligible assets, after credit percentages, must cover the whole loan. No income is documented.
Asset depletion: A different path. Usable assets divided by 60 months become monthly qualifying income, which then runs through a debt-to-income test.
Usable assets: The balance that counts after the program’s percentages are applied to each account type.
Seasoning: How long funds have sat in an account. Seasoned funds are easier to verify than recent deposits.
Sourcing: Proof of where a deposit came from. Seasoning and sourcing are separate questions.
Which Path Fits Your Situation?
A borrower is qualified on one path at a time. Never blend the two tables.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Must cover entire loan | Become monthly income |
| Income or employment | Not documented | Derived income, DTI test |
| Purchase leverage | Up to 80% | 80% primary or second home; 65% investment |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | Lender’s matrix |
| Statements | Two months, 60-day seasoning | 120-day-old plus one within 45 days |
If you have more assets than loan, the qualifier path is usually cleaner. If your assets are large but the loan is larger, depletion may fit better, because it only needs enough monthly income to carry the payment and debts.
Step-by-Step: Building the File
1. Pick the path. Decide whether assets cover the loan outright or become income. This choice sets every document that follows.
2. Inventory every account. List each one by type and owner. Statements must show your name, and the lender counts only what it can verify.
3. Apply the credit percentages. On the qualifier path, brokerage, CDs, money market and savings count at 100%. A 401(k) or IRA counts 90% under age 59½ and 100% at 59½ or older. Accounts combine.
4. Pull two months of statements per account. Include every page. Blank pages and cut-off pages are among the most common reasons a reviewer asks for more.
5. Check seasoning. Funds should have sat in the account for 60 days. A new deposit inside that window gets a closer look.
6. Stop moving money. Transfers between your own accounts create deposits that need explaining. Keep activity quiet during review.
7. Add credit and property items. The lender reviews credit, the appraisal and title as with any mortgage.
8. Reconcile the totals. Compare usable assets to the loan amount. If they fall short, the path may not work.
The Document Checklist
| Document | What it proves | Common mistake |
|---|---|---|
| Two months of statements | Balance and ownership | Skipping pages |
| Retirement statement | Account type and balance | Wrong age assumption |
| Large-deposit source proof | Where funds came from | No paper trail |
| Credit authorization | Credit profile | Old addresses |
| Purchase contract | Loan amount and price | Unsigned pages |
Experienced brokers see the same pattern across many lenders. Files stall on missing pages and unexplained transfers far more than on the asset math itself. Fix those before submitting.
What Counts, and What Doesn’t
On the qualifier path, the percentages are simple. On the depletion path, they are lower: cash and CDs at 100%, securities at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%.
Cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share and borrowed or pledged funds 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 reviews the source.
On the depletion path, these are not eligible: 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.
Retirement accounts also carry a practical note. Some programs discount them because withdrawals can carry costs. Whatever the percentage, you do not have to sell or liquidate anything to qualify. Assets are counted, not spent.
A Worked Example
Take a borrower seeking an $800,000 loan on the qualifier path. They hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under age 59½ (90% counts, so $270,000) and $200,000 in savings (100% counts, so $200,000). Usable assets total $800,000. That equals the loan, so the file is reviewed on assets alone, subject to underwriting.
Now the depletion path. Say a borrower holds $1,500,000 in securities and $300,000 in cash. Securities count at 80%, which is $1,200,000. Cash counts at 100%, which is $300,000. Usable assets are $1,500,000, divided by 60 months, for $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test. The lender’s own calculation governs in both cases.
Seasoning Versus Sourcing
These are two questions, not one.
Seasoning asks how long the money has been there. On the qualifier path, it is 60 days. On the depletion path, statements must be at least 120 days old at application, plus the most recent one within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning on the depletion path.
Sourcing asks where the money came from. Typical proof includes a settlement statement for a home sale, a sale agreement for a business, an estate letter for an inheritance and a transfer record for a rollover. Good proof matches the deposit by date and amount.
Where the General Rule Breaks
Several edge cases change the file.
Investment property. The qualifier path covers principal residences and second homes. On the depletion path, investment property is allowed at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. First-time investors on the depletion path need a 700 score. A rental that covers its own payment often fits a DSCR loan better, which is a business-purpose rental loan reviewed on the property’s income. The complete DSCR loans guide covers that route.
Cash-out. Cash-out on the qualifier path is set by the lender and is not published. On the depletion path, cash-out proceeds never count as qualifying assets.
Reserves. On the qualifier path, none are required at or below 75% loan-to-value. Above that, the lender sets them. For more on how reserves behave, see Lendmire’s piece How Many Months of Reserves Does an Asset Qualifier Mortgage Require?.
Depletion minimums. Qualified assets must reach the lesser of $1,000,000 or 1.25 times the loan balance. They must never fall below $250,000 liquid when depletion is the only income source. Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is then waived.
Credit events. Multiple bankruptcies are not eligible. A housing event needs 4 years of seasoning on the depletion path. Housing history of 0x30x12 is standard, and one 30-day late in the last twelve months is considered case by case.
Self-Audit Before You Submit
- Every statement page is present and shows your name.
- No unexplained deposits sit inside the seasoning window.
- No account is counted twice.
- Retirement balances use the right percentage for your age.
- Ineligible assets are removed from the total.
- Usable assets meet or exceed the loan amount on the qualifier path.
For a deeper walk through paperwork, Lendmire’s asset qualifier document checklist goes account by account.
What Happens After You Submit
The lender reviews the file and may ask for conditions. Typical requests are a missing page, a source letter or an updated statement. Respond with clean copies that match the original account. The loan is a consumer mortgage, so consumer mortgage disclosures apply. Approval is never promised, and the lender’s review decides the outcome.
The rules also sit inside a legal frame. Under the CFPB’s final rule announcement, lenders must verify income or assets other than the dwelling’s value, plus debts. Assets are a named basis, which is why a file without an employer can be underwritten at all.
Frequently Asked Questions
Can I qualify if I recently left a job?
Yes, on the asset qualifier path, because it does not document employment or income. The program reviews your assets, credit and the property instead. A gap in work history does not need an employer letter. Qualification remains subject to underwriting.
Do retirement accounts count?
Yes. On the qualifier path, a 401(k) or IRA counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. You do not have to withdraw the money.
What about cryptocurrency or cash I keep at home?
Neither is published as eligible. The documented route is converting crypto to a seasoned cash balance in a regulated account, with the source reviewed by the lender. Cash on hand is ineligible on the depletion path.
Do large deposits need explanations?
Usually, yes, particularly inside the seasoning window. Keep the paper trail: a settlement statement, sale agreement, estate letter or transfer record that matches the deposit. Sale-of-business, inheritance and legal-settlement funds are excused from seasoning on the depletion path, though the source is still reviewed.
Is this the same as a DSCR loan?
No. This product is reviewed on your personal assets. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, and it is built for investment property.
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’s asset-based mortgage in Pennsylvania page presents the program for Pennsylvania borrowers.
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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References
1. CFPB ATR/QM Small Entity Compliance Guide
2. CFPB final rules announcement
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: What Counts as an Asset Statement for a Mortgage? · Asset Qualifier vs Asset Depletion for a Tech Employee · Joint vs Individual Accounts on an Asset Depletion Mortgage
Guides: Asset-Based Mortgage in Pennsylvania
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.