The Quick Read: Yes, through select asset-based programs, an Indiana borrower with large savings and little or no employment income can qualify for a mortgage on a principal residence or second home, subject to underwriting. The file rests on documented assets in place of pay stubs, traditional personal-income documentation or employment verification.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income that runs through the debt-to-income test.
- Not undocumented: every account is verified with statements, and the credit and housing history still matter.
- Leverage: up to 80% on a purchase on either path, with lower ceilings on refinances, cash-out and investment property.
- One path at a time: a borrower is qualified on one path per file, never a blend.
Indiana has no special rule that changes this answer. The figures below are the same in every state where the program is offered, and Indiana is one of the 16 states where Lendmire’s consumer lending is licensed. Lendmire is a broker, so it places these files with select lenders in its wholesale network. Those lenders review and approve each loan.
Why Standard Programs Don’t Fit a Saver With No Paycheck
Conventional, FHA and USDA loans all start from documented employment income. A big bank balance with no paycheck behind it does not satisfy them, and that mismatch is why many savers get declined despite strong finances. FHA and USDA also serve low-to-moderate-income buyers, so they are the wrong tool for a wealthy borrower.
Non-QM lending fills the gap. A non-QM loan sits outside the standard qualified-mortgage box, which lets a lender weigh verified assets as the repayment source. Federal guidance on ability-to-repay says a lender must verify the income or assets it actually relies on, and nothing more. Assets are a recognized basis for that review, as long as they are documented.
Key Terms Defined
Non-QM loan: a mortgage that falls outside standard qualified-mortgage rules and is underwritten to the lender’s own guidelines.
Asset qualifier: a path where eligible assets cover the whole loan amount and no income is documented.
Asset depletion: a path that turns usable assets into a notional monthly income, using a 60-month divisor.
Seasoning: the length of time funds must sit in an account before they count.
Usable assets: the share of each balance the program credits, after the percentages for that asset type.
Debt-to-income (DTI): monthly debts, including the new housing payment, compared with qualifying income.
The Two Ways to Qualify on Assets
Across the wholesale network, asset-based files run down one of two roads. They are not interchangeable, and the choice usually comes down to how large the portfolio is relative to the loan.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Core test | Assets cover the entire loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Purchase leverage | Up to 80% | Up to 80% (primary or 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 |
| Investment property | Not offered | Up to 65% purchase, 60% cash-out |
All of this is subject to underwriting and select program terms. Qualifier-path cash-out terms are set by the lender and are not published, so a borrower wanting cash-out should expect the depletion path or a lender-specific answer.
The qualifier path suits the borrower whose liquid and near-liquid wealth exceeds the loan. A buyer with $2 million in accounts borrowing $800,000 is a natural fit. The depletion path suits the borrower whose assets are large but do not cover the loan outright, because it only needs the derived income to carry the payment.
How Assets Turn Into Qualifying Income
On the depletion path, the lender totals eligible assets after haircuts, divides by 60 months, and tests the result against the housing payment and other debts. Here is an illustration, and the lender’s own calculation governs. A borrower holds $1,500,000 in securities, credited at 80% for $1,200,000, plus $300,000 in cash, credited at 100%. That is $1,500,000 of usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income, which then carries the housing payment and other debts through the DTI test.
The qualifier path works differently. Say a borrower seeks an $800,000 loan. They hold $330,000 in brokerage accounts (100%, so $330,000), $300,000 in a 401(k) while under 59½ (90%, so $270,000) and $200,000 in savings (100%, so $200,000). Usable assets total $800,000, which matches the loan, so the file can qualify on assets alone. No income is calculated.
Depletion has two floors worth knowing. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. And when depletion is the only income source, liquid assets can never be below $250,000. If the borrower also has some documented income, asset-derived income can supplement it up to a 45% DTI, and the minimum-assets rule is waived.
Nothing is sold. The calculation counts the assets without liquidating them, though they stay documented and tied to the file.
What Counts and What Doesn’t
Credit varies by account type and by path, so it matters which column of the table below applies to your plan.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage | 100% | Securities 80% |
| Cash, savings, money market | 100% | Cash 100% |
| Certificates of deposit | 100% | 100% |
| 401(k) or IRA | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not listed | 75% |
| Real-estate equity | Not listed | 60% |
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 are not eligible. Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond the borrower’s 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. Cash-out proceeds never count as qualifying assets.
Seasoning, Statements and Reserves
This is where files stall, so plan it early. 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 the most recent statement dated within 45 days. Funds from the sale of a business, an inheritance or a legal settlement are excused from that seasoning, though the source is still reviewed.
That means a borrower who just sold a company should not assume the cash is instantly usable in a standard way. The sale proceeds are excused from the seasoning period on the depletion path, but they must still be documented and traceable.
Reserves are light. The qualifier path requires none at or below 75% loan-to-value, and above that the lender sets them. The depletion path has no published reserve months. Both remain subject to underwriting.
Credit and Housing History
Savings do not erase credit review. The qualifier path publishes a 600 minimum score, and the depletion path follows the lender’s matrix of score and loan amount. A first-time investor on the depletion path needs a 700. Housing history is expected to be clean: 0x30x12, with one 30-day late in the last twelve months considered case by case. Multiple bankruptcies are not eligible, and a housing event needs 4 years of seasoning on the depletion path. A credit report is always pulled.
Who This Fits
The program is built for households whose balances are large and whose documented income is not.
- Retirees living on a portfolio rather than a pension.
- Business sellers holding proceeds in a regulated account.
- Inheritance or settlement recipients with a fresh lump sum.
- Early-retired professionals living off investments.
- Couples where neither spouse works but together hold substantial accounts, since accounts combine on the qualifier path.
- Between-jobs borrowers with deep reserves, who still need clean credit.
It fits poorly if the assets are thin. A borrower with $300,000 in savings and a $600,000 target will not clear either path. Paying cash or putting down more is often the better answer there.
The Indiana Angle
Because Indiana is in the licensed footprint, a primary residence or second home here is handled like any other eligible state, with the same percentages and floors. Lake-area getaways, college-town purchases and suburban primary homes are all property types an underwriter can review. State facts such as local prices and insurance are context, not program parameters, and they do not change the figures above.
One distinction matters for investors. Investment property is available only on the depletion path, at lower leverage, and as a business-purpose loan. The qualifier path covers a principal residence or second home. A saver whose goal is a pure rental, where rent is the repayment story, may find asset-based mortgage programs are one option, while a property-income structure is another worth comparing.
From Application to Closing: The Steps
1. Pick the path. Compare total usable assets to the target loan. If they cover it, the qualifier path fits. If not, depletion may.
2. Gather statements. Assemble every account, with the seasoning and statement ages above.
3. Run the credit. Know your score and housing history before you shop.
4. Choose leverage. Confirm the ceiling for your occupancy and transaction.
5. Submit for underwriting. The lender verifies assets with third-party records, reviews credit, and orders the appraisal.
6. Review disclosures. This is a consumer mortgage, so TRID disclosures apply.
Common Mistakes and Denial Reasons
- Reading “no income” as “no paperwork.” Every file is fully underwritten, with statements for each account.
- Blending the two tables. A file is qualified on one path at a time.
- Counting ineligible assets. Crypto, borrowed funds and foreign accounts do not count at a percentage.
- Ignoring seasoning. Fresh transfers between accounts can trigger extra documentation.
- Skipping credit repair. A late payment on a housing account can end the file even with a seven-figure balance.
- Treating the ceilings as offers. Leverage and loan amounts are maximums, subject to underwriting.
The CFPB’s rule summary is clear that loans with no verification of income or assets cannot be qualified mortgages (NCSHA summary of the rule). Documentation of assets is the substitute for documentation of income, not an absence of documentation.
Alternatives Compared
| Option | Best when | Tradeoff |
|---|---|---|
| Asset-based mortgage | Big assets, little income | Documented statements, seasoning |
| Bank statement loan | Self-employed with strong deposits | Needs deposit history as income |
| Full-doc conventional | Steady W-2 or tax income | Requires income documents |
| Larger down payment | Assets exceed the price by a wide margin | Ties up more cash |
| Paying cash | Liquidity is not needed elsewhere | Removes flexibility |
A bank statement loan is for borrowers who document income through deposits, so it does not suit someone with no income stream. Paying cash is simplest, but a mortgage can keep portfolio assets invested. Whether that is wise depends on what those assets earn and how much liquidity you want to keep.
Tax treatment varies; consult a qualified professional.
Frequently Asked Questions
Do I have to sell my investments to qualify?
No. On both paths the assets are counted, not liquidated. The depletion path divides usable assets by 60 months to create income on paper, and the qualifier path simply compares usable assets to the loan. You do need to keep the funds in place through closing, subject to underwriting.
Can retirement accounts count?
Yes, with a haircut. 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. Both are subject to underwriting.
Does my spouse need to work or sign on?
Neither path requires employment income from either spouse. Accounts combine on the qualifier path, so household balances can be pooled, subject to ownership and documentation rules. Credit and housing history still apply to the borrowers on the loan.
Is this really paperwork-free?
No. There are no traditional personal-income documentation, pay stubs or employment verification, but every qualifying account is documented with statements, and the lender runs credit and an appraisal. Every file is fully underwritten.
Is the program available in Indiana?
Yes. Indiana is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, and the program figures are identical there. Programs change, and each file is reviewed individually.
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.
Indiana buyers sitting on large balances often have more borrowing capacity than a pay stub would ever show, and the real work is in matching the right account types to the right path before the first application goes in.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage with consumer lending licenses in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending partners for borrowers whose tax returns understate their income, and each application is reviewed individually by the lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. NCSHA on the CFPB Ability-to-Repay Rule
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can You Get a Mortgage in Virginia With No Income but a Lot of Savings? · How to Refinance an Ohio Mortgage After Retiring With No W-2 Income · How to Refinance a Pennsylvania Mortgage After Retiring With No W-2 Income
Guides: Asset-Based Mortgage in Indiana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.