The Quick Read: Retirees in Florida qualify without a paycheck by letting savings and investments carry the loan. Either the assets cover the whole loan outright, or they are converted into a monthly qualifying income. In both cases the lender documents your accounts with statements, not traditional personal-income documentation, pay stubs or employment verification. Every file is still fully underwritten, and all figures below are typical ceilings and floors through select programs, subject to underwriting.
Key takeaways
- Two paths exist, and you are qualified on one at a time: the asset qualifier path and the asset depletion path.
- On the asset qualifier path, your eligible assets must equal or exceed the entire loan. No income is documented.
- On the asset depletion path, usable assets divided by 60 months become qualifying income that runs through a debt-to-income test.
- Your portfolio is counted, not sold. The balances stay invested.
- Credit, seasoned statements and leverage limits still apply, and approval is never promised.
What Does “Without a Paycheck” Mean to a Lender?
It means the lender looks at what you own instead of what you earn this year. A working borrower proves income with pay stubs and traditional personal-income documentation. A retiree with a large portfolio often shows little taxable income, even though the balances are large. Across Lendmire’s wholesale network, asset-based programs exist for exactly that profile.
The same programs fit other income-light, cash-heavy borrowers. Think of someone who sold a business, received an inheritance or settlement, or retired early and lives off a portfolio.
Here is the part that trips people up. Without a paycheck does not mean without documentation. The assets are documented, line by line, with account statements. What disappears is the employment and income paperwork. Credit is still reviewed, the property is still appraised, and an underwriter still signs off.
Lendmire is a broker. It arranges these loans through select lenders in its network, and consumer mortgage lending is licensed in 16 states, Florida among them. Program terms change, and each lender’s own calculation governs.
Key Terms Defined
Asset qualifier path: A program path where your eligible assets, after credit percentages, must equal or exceed the entire loan amount, with no income documented.
Asset depletion path: A program path that turns usable assets into a monthly qualifying income by dividing them over 60 months.
Haircut: The share of an account’s balance that is not counted, because some assets are less liquid or more volatile than cash.
Seasoning: How long money has sat in an account, shown by statements, before it can count.
Debt-to-income ratio (DTI): Your monthly debts, including the new housing payment, divided by your monthly qualifying income.
Loan-to-value (LTV): The loan amount as a percentage of the property’s value or price.
Path One: Your Assets Cover the Whole Loan
On the asset qualifier path, your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. The lender does not document your employment or income. The review rests on the assets, your credit and the property.
Leverage on this path runs up to 80% LTV on a purchase and up to 75% on a refinance, both for a principal residence or second home. Loan amounts go up to $4,000,000. Whether cash-out proceeds are allowed, and at what leverage, is set by the lender and not published. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
The minimum credit score is 600, subject to underwriting. Accounts combine, so you can stack several to reach the loan amount.
| Asset type | Share of balance counted |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) and IRA, under age 59½ | 90% |
| 401(k) and IRA, age 59½ or older | 100% |
Notice the retirement-account line. Most retirees are past 59½, so their 401(k) and IRA balances count in full on this path.
A worked example, for illustration only. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, $300,000 in a 401(k) and you are under 59½, and $200,000 in savings.
- Brokerage at 100% counts $330,000.
- The 401(k) at 90% counts $270,000.
- Savings at 100% counts $200,000.
That totals $800,000 of usable assets, which equals the loan, so the file is reviewed on assets alone, subject to underwriting.
Statements matter here. The program asks for 60 days of seasoning and two months of statements for each qualifying account. Reserves are not required at or below 75% LTV. Above that, the lender sets them. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Path Two: Your Assets Become Income
The asset depletion path counts your assets as income without spending them. Eligible assets, after haircuts, are divided by 60 months. That monthly figure must carry the full housing payment and your other debts through the debt-to-income test.
This path stretches further on property type. It covers a principal residence, a second home and an investment property, where the loan is business-purpose. It is the right fit when your assets are large but not quite large enough to cover the loan outright, or when you want to keep the portfolio fully intact.
| Asset type | Share of balance counted |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts, any age | 70% |
| Real-estate equity | 60% |
Leverage differs from the first path. On a principal residence or second home, the ceiling is 80% LTV on a purchase or rate-and-term refinance, and 60% on a cash-out refinance. On an investment property, it is 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. Cash-out proceeds never count as qualifying assets. Loan amounts run from $125,000 to $3,500,000. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Suppose you hold $1,500,000 in securities and $300,000 in cash.
- Securities at 80% count $1,200,000.
- Cash at 100% counts $300,000.
- Usable assets total $1,500,000.
- Divided by 60 months, that is $25,000 of monthly qualifying income.
That income then carries the housing payment and your other debts through the debt-to-income test. The lender’s own calculation governs the result.
Two minimums apply. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you also need at least $250,000 in liquid assets.
Timing rules are different here too. Statements must be at least 120 days old at application, plus the most recent statement within 45 days. Funds from a business sale, an inheritance or a legal settlement are excused from that seasoning.
You can also mix documented income with asset income. Social Security, a pension or annuity payments can sit alongside the asset-derived income, which may supplement up to a 45% debt-to-income ratio. When assets only supplement, the minimum-assets rule is waived.
For a retired couple, that matters. One spouse’s pension plus asset income can do the job without forcing a large portfolio threshold. Lendmire’s asset-based mortgage programs page lays out both paths side by side.
Which Path Fits You?
Start with the size of your portfolio compared with the loan. Then look at the property.
| Your situation | Likely fit |
|---|---|
| Liquid assets equal or exceed the whole loan | Asset qualifier path |
| Assets are large, but below the loan amount | Asset depletion path |
| Assets plus Social Security or a pension | Depletion path, with supplemental income |
| Buying an investment property | Depletion path only |
| Mostly retirement accounts, age 59½ or older | Qualifier path often counts them more fully |
| Cash-out on a principal residence | Depletion path, where the leverage is published |
This is a first read, not a verdict. A lender in the network decides which path your file fits after reviewing statements, credit and the property. One practitioner habit is worth copying: run both paths on paper before you apply. The same portfolio can look very different on each.
Where the Rules Bend or Break
Retirement accounts and age. On the qualifier path, 401(k) and IRA balances count at 90% under 59½ and 100% after. On the depletion path they count at 70% at any age. Pulling money out only to improve a statement can backfire. Tax treatment can depend on how the funds are used and how the property is held; borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
Assets that do not appear on the published lists. Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender. Not eligible at all 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.
Credit. The qualifier path publishes a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix. A first-time investor on the depletion path needs 700. Housing history is expected to run 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path.
Investment property. Only the depletion path covers it, and at lower leverage. For larger loans, Lendmire’s walkthrough of super jumbo DSCR loans for asset-rich retirees covers a rental-income alternative. Business-purpose rental financing is DSCR, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
Cash-out proceeds. They never count as qualifying assets on the depletion path. You cannot borrow against a house and then use that cash to prove you can afford the house.
Does a Lender Still Test Your Ability to Repay?
Yes. A loan on a home you live in is consumer credit, and federal rules require a reasonable, good-faith finding that you can repay it. The CFPB’s ability-to-repay rule tells lenders to consider current or expected income or assets, other than the value of the home itself. That is why assets alone can support a retiree’s file.
The same rule requires verification. The text of the rule in the Code of Federal Regulations says the lender must verify the income or assets it relies on using third-party records. Statements from your bank or brokerage are those records. A law-firm summary of the rule makes the same point about third-party verification of income or assets.
If you are close to retiring, tell your loan officer early.
Because this is a consumer mortgage, standard consumer disclosures apply to your file.
What Changes When You Buy in Florida
The program figures above do not change by state, but Florida properties bring their own questions. Many retirees buy condominiums, and condo and HOA review can shape which buildings a lender will accept. Insurance is the other one. It feeds directly into the monthly payment, and on the depletion path it presses on the debt-to-income math, so get a quote early. Taxes and insurance vary by county.
If you are relocating from out of state, your assets can sit anywhere in the country, as long as the accounts are eligible and properly documented. Foreign funds, however, are not eligible on the depletion path.
A second home is reviewed on either path, subject to underwriting. A Florida rental property qualifies only on the depletion path, at lower leverage. Short-term rental rules can vary by city, county, HOA, and property type, so investors should confirm local rules before relying on projected rental income.
Your Documentation Checklist
1. Statements for every account you plan to use. Gather two months for the qualifier path. 2. For the depletion path, a statement at least 120 days old and your most recent one within 45 days. 3. Proof of ownership, meaning your name on each account. Joint and spouse accounts need to be clear. 4. Any documented income you want to add, such as a pension or Social Security award letter, if you are supplementing. 5. Documentation of where large deposits came from, such as a sale, inheritance or settlement. 6. A credit review and a record of your housing payment history.
Why Retiree Files Stall, and the Fixes
The statements are too new. A large recent deposit with no history can create a snag. Money needs seasoning, so move funds well before you apply.
The wrong path was chosen. A borrower with a 401(k) past 59½ may look thin on the depletion path and strong on the qualifier path. Run both.
Pledged or borrowed funds. A margin loan or borrowed balance cannot be counted. Pay down or replace the source first.
Unlisted asset types. Crypto and metals need conversion to cash in a regulated account. Plan the timing around seasoning.
Credit surprises. A late payment or a recent housing event can cap the file. Check your history before you apply.
Frequently Asked Questions
Do I have to sell my investments to qualify?
No. On both paths, assets are counted, not liquidated. The balances stay invested, and only money you use for the down payment and closing costs leaves the accounts. Keep enough in the qualifying accounts afterward to still meet the program’s tests.
Can I qualify if my only income is Social Security or a small pension?
Often yes. On the asset depletion path, asset-derived income can supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does. If your assets are large enough to cover the loan, the qualifier path needs no income at all. Both are subject to underwriting.
Does being retired count against me?
Not in itself. The programs look at assets, credit and the property. Age matters only through the 59½ line, which affects how much of a retirement account counts on the qualifier path.
Can cryptocurrency or gold count as assets?
Not directly. Neither is published as eligible on either path.
Can I use this for a Florida investment property?
Yes, but only on the asset depletion path, where the loan is business-purpose. Leverage is lower, at up to 65% LTV on a purchase or rate-and-term refinance and up to 60% on a cash-out refinance. Credit and asset minimums still apply, and a first-time investor needs a 700 score. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
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. It is not a commitment to lend, and programs change.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages for self-employed and high-net-worth borrowers are arranged through wholesale lenders on primary residences, second homes and investment properties; every file is underwritten by the lender under its program guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
2. Cornell LII – 12 CFR 1026.43
3. Consumer Finance Monitor – CFPB Finalizes Ability-to-Repay and Qualified Mortgage Rules
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 Northern Retirees Buy in Florida on Assets Before Selling Up North · How to Refinance a Florida Mortgage After Retiring With No W-2 Income · How Much Does a Startup Founder Need in Assets to Qualify for a Mortgage?
Guides: Asset-Based Mortgage in Florida
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.