The Quick Read: Yes, through select asset-based programs in Lendmire’s wholesale network, you can qualify with no employment or income documented, as long as your verified savings cover the whole loan or convert into enough monthly income, and your credit, the property, and the loan size pass underwriting. “No income” never means no documentation. Every dollar you count is sourced, seasoned, and reviewed.
- Asset qualifier path: your eligible assets must equal or exceed the entire loan, and no income is documented.
- Asset depletion path: your usable assets are divided by 60 months to create qualifying monthly income.
- Credit still matters: the qualifier path has a 600 minimum score, subject to underwriting.
- Leverage differs by path: the qualifier path reaches 80% on a purchase. The depletion path is lower on cash-out and on investment property.
- Rentals have a third route: a DSCR loan is reviewed for the property’s rent, not your savings.
Which Path Fits a Cash-Rich, Income-Light Borrower?
Pick the path by asking one question: can your assets cover the whole loan, or do you need them to act as a paycheck? Retirees, business sellers, inheritance recipients, and households living off a portfolio often fit one or the other. A borrower is qualified on one path at a time, never a blend of the two.
On the asset qualifier path, the lender adds up your eligible assets after the credit percentages. If the total equals or exceeds the entire loan amount, you qualify on assets alone. No employment or income is documented. The lender’s ability-to-repay review rests on the assets.
On the asset depletion path, your usable assets become imputed monthly income. The lender divides them by 60 months. That income must carry the full housing payment and your other debts through the debt-to-income test.
The qualifier path is simpler but needs more assets relative to the loan. The depletion path asks for less leverage in some cases, but it adds a debt-to-income test. Across the wholesale network, the right choice usually comes down to how large your balances are compared with the price of the home.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How it qualifies | Assets cover the entire loan | Assets ÷ 60 months = income |
| Income documented | None | Derived from assets |
| Purchase leverage | Up to 80% | Up to 80% (residence, second home) |
| Refinance leverage | Up to 75% | 80% rate-and-term, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Property use | Residence, second home | Also investment property |
Every figure here is a ceiling or floor, not an offer. Programs change, and each file is underwritten individually through select programs.
How the Asset Qualifier Path Works
The qualifier path counts a share of each balance, adds them up, and compares the total with the loan. Brokerage accounts, certificates of deposit, money market accounts, and savings count at 100%. Accounts combine.
Retirement accounts count differently. A 401(k) or IRA counts at 90% if you are under age 59½ and at 100% once you reach 59½.
Here is an illustration of the shape. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, $300,000 in a 401(k) while under 59½, and $200,000 in savings. The brokerage counts at 100%, or $330,000. The 401(k) counts at 90%, or $270,000. The savings count at 100%, or $200,000. That is $800,000 of usable assets against an $800,000 loan, so the file is reviewed on assets alone. The lender’s own calculation governs the real result.
Leverage on this path reaches 80% on a purchase and 75% on a refinance, for a principal residence or second home. Whether cash-out proceeds are allowed, and at what leverage, is set by the lender and is not published, so plan around a purchase or standard refinance.
Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them. The minimum credit score is 600, and the housing payment history is typically 0x30x12. One 30-day late in the last twelve months is considered case by case.
How the Asset Depletion Path Works
The depletion path asks a different question: how much monthly income can your portfolio support? The lender applies haircuts, which are discounts for volatile assets. It then divides the usable total by 60 months and runs that income through the debt-to-income test.
Take $1,500,000 in securities and $300,000 in cash. The securities count at 80%, or $1,200,000. The cash counts at 100%, or $300,000. That is $1,500,000 usable, and divided by 60 months it yields $25,000 of monthly qualifying income. That income must then carry the housing payment and your other debts.
The depletion path has minimums of its own. You need qualified assets of 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 no less than $250,000 liquid. If you have some documented income, asset-derived income can supplement it up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Leverage on this path depends on the property:
- 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.
- Cash-out proceeds: never count as qualifying assets.
Credit on this path follows the lender’s matrix for score and loan amount. A first-time investor needs a 700 score. Multiple bankruptcies are not eligible. A housing event such as a foreclosure needs 4 years of seasoning on this path.
What Counts, and What Doesn’t
Cash and near-cash count most, and anything volatile or hard to verify counts less or not at all. The two paths use different percentages, so never mix their tables.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Brokerage accounts | 100% | 80% (securities) |
| 401(k) and IRA | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not published | 75% |
| Real-estate equity | Not published | 60% |
Several assets are not eligible on the depletion path. These include 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, business accounts beyond your ownership share, 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. The lender then reviews the source of that money.
You do not always have to sell investments. On the depletion path, securities count at 80% while staying invested. The trade-off is that a market drop lowers the balance the lender sees.
Seasoning and Statements: What You Actually Document
Both paths verify your assets, and the rules differ by path. Seasoning is the waiting period a balance must sit in your account before it counts.
On the qualifier path, funds need 60 days of seasoning, and you provide two months of statements for each qualifying account. On the depletion path, statements must be at least 120 days old at application, plus a recent statement dated within 45 days. Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning.
A large new deposit invites questions on any file. Expect to explain where it came from. A tidy paper trail from the sale of a business or an inheritance helps the file. Money that moved between your own accounts is easier to explain than a wire from a source you cannot document.
What Changes for a California Borrower
The program figures do not change by state. Lendmire’s consumer mortgage lending is licensed in 16 states, and California is one of them. The difference in California is scale. High home prices mean many borrowers need large loans, which is why the qualifier path’s $4,000,000 ceiling and the depletion path’s $3,500,000 ceiling matter. Exact terms depend on lender and investor guidelines, credit profile, reserves, and property review.
Because your assets must cover a large share of the price, run the numbers early. On the qualifier path, balances must equal the whole loan. On the depletion path, they must clear the lesser of $1,000,000 or 1.25 times the loan, and they have to produce enough income for the payment. Property taxes and insurance vary by county, so they belong in your budget before you commit.
What If the Property Is a Rental?
If the home is a rental, the DSCR loan is usually the better tool, and your savings play a supporting role. DSCR stands for debt service coverage ratio. The lender divides the property’s monthly rent by its monthly debt payment, which includes principal, interest, taxes, insurance, and any HOA dues. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines.
Your savings still matter, but as reserves and cash to close, not as income. Your credit is still reviewed. The complete DSCR loans guide covers the mechanics in full. Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust.
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. The federal business-purpose exemption in Regulation Z is the basis for that difference. A DSCR loan will not work for your own home.
An owner-occupied purchase is different. A home you live in is consumer credit, and a lender must make a reasonable, good-faith determination that you can repay it, according to the CFPB’s ability-to-repay compliance guide. Asset-based programs meet that test by looking at your assets rather than your paycheck. That makes them regulated, not exempt.
Asset depletion also works on investment property, at lower leverage. Consider it when the rent is thin but your portfolio is deep. A wealthy borrower can fail DSCR if the rent does not cover the payment, and the depletion path may then be the fallback.
Which Route Fits Which Borrower?
| Route | Reviewed around | Best fit |
|---|---|---|
| Asset qualifier | Assets covering the loan | Cash-heavy buyer of a home |
| Asset depletion | Assets turned into income | Portfolio income, thinner balances |
| DSCR | The rental’s coverage ratio | Investor buying a rental |
| Bank statement | Income shown by deposits | Self-employed with steady deposits |
Self-employed borrowers with strong deposits sometimes fit a bank statement program better than an asset program. Lendmire’s piece How to Use This Year’s Higher Income on a Bank Statement Mortgage covers that route.
Mixed households have another option. When one spouse earns a paycheck and the other does not, combining incomes may beat an asset-only file. Lendmire also has a walkthrough of how that mixed-income case works in Can a W-2 Spouse Carry the Mortgage Without Self-Employed Income?.
Risks and When This Is the Wrong Route
Asset-based loans work well for the right borrower, but they carry real trade-offs.
- Market swings: a portfolio counted at 80% can shrink before you apply, and a smaller balance means less qualifying income.
- Liquidity after closing: if the qualifier path counts nearly all your savings, you may hold little cash afterward. Think through your cushion first.
- Eligibility gaps: crypto, collectibles, and borrowed funds do not count directly.
- Thin balances: the depletion path’s minimums rule out modest portfolios.
- Weak credit: a score under the program’s floor ends the conversation, whatever your balances.
If your balances are modest, a co-signer, a job offer, or a spouse’s income may serve you better. If they are substantial, the asset paths are likely worth a look.
Key Terms Defined
Asset qualifier: a program path where eligible assets, after credit percentages, must equal or exceed the entire loan.
Asset depletion: a program path that divides usable assets by 60 months to create monthly qualifying income.
Haircut: the discount a lender applies to an asset because its value can move or is harder to access.
Seasoning: the time a balance must sit in your account before the lender counts it.
Debt-to-income ratio: your monthly debts, including the new housing payment, divided by your monthly income.
DSCR: the ratio of a rental’s monthly rent to its monthly debt payment.
Frequently Asked Questions
Can I get a mortgage with no job if my credit is good?
Good credit helps, but it does not replace documented assets. On the asset qualifier path, your score must still meet the 600 minimum, and your assets must cover the loan. On the depletion path, the lender’s score and loan-amount matrix applies. Both paths remain subject to underwriting.
Does a large down payment replace income?
Not by itself. The assets that fund your down payment also count toward the qualifier path, since eligible assets must cover the entire loan. On the depletion path, down payment and closing costs are subtracted from what is available. Lenders review sourcing for large deposits on both paths.
Can retirement accounts count, or must I sell first?
Retirement accounts count without being sold. On the qualifier path, a 401(k) or IRA counts at 90% under age 59½ and at 100% from 59½. On the depletion path, retirement accounts count at 70% at any age.
Can I use cryptocurrency or collectibles?
Not directly. Neither is published as eligible on either path. The documented route is converting them into a seasoned cash balance in a regulated account, which the lender then reviews for source.
Can I use this for a rental property?
Yes. The depletion path allows investment property, at up to 65% on a purchase and 60% on a cash-out refinance, subject to underwriting.
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 programs based on your statements, the property, credit profile, leverage, and your goals. Program terms are subject to lender guidelines and are not a commitment to lend. The brokerage arranges these loans through select lenders in its wholesale network.
California’s high prices mean many buyers need large loans, so the first test is simple: do your usable balances, after each path’s percentages, cover the loan or support the income the payment needs?
Lendmire’s asset-based mortgage in California page presents the program for California borrowers.
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 traditional personal-income documentation, 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.
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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. eCFR – 12 CFR 1026.3, exemptions
2. CFPB – Ability-to-Repay and Qualified Mortgage compliance 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: How to Refinance a North Carolina Mortgage After Retiring With No W-2 Income · Can a Virginia Buyer Get a Mortgage After Paying Cash for a House With No Income? · How to Refinance an Ohio Mortgage After Retiring With No W-2 Income
Guides: Asset-Based Mortgage in California
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.