The Quick Read: Yes, usually, if your savings are large, documented and seasoned, because asset-based mortgage programs can qualify you on what you own instead of what you earn. The file is still fully underwritten, with no traditional personal-income documentation, pay stubs or employment verification but plenty of statements.
- Path one, asset qualifier: your eligible assets must equal or exceed the entire loan amount.
- Path two, asset depletion: your usable assets are divided by 60 months into a qualifying monthly income.
- You sit on one path at a time. The two sets of rules never blend.
- Credit still counts. The qualifier path has a 600 minimum score, subject to underwriting.
- Montana is one of 16 states where Lendmire’s consumer lending is licensed.
Picture a retired rancher near Billings, or someone who just sold a business in Bozeman. The brokerage accounts are huge, but the taxable income on paper is tiny. A standard lender looks at that file and sees a problem. An asset-based lender sees a balance sheet. This guide covers how it works, which path fits you, and where the limits are.
Why “No Income” Does Not Mean “No Documentation”
Asset-based lending swaps one kind of proof for another. Instead of W-2s and pay stubs, the lender reads your account statements. Every dollar you count has to be documented, seasoned and traceable.
This is not a revival of the old no-doc loans, where nothing was checked. Modern programs verify credit, assets and the property. The federal CFPB Ability-to-Repay compliance guide lists current or reasonably expected income or assets among the factors a lender weighs. That is why a file built on assets can stand on its own. Lenders must also verify what they rely on using reliable third-party records, as an NCUA supervisory letter on the rule restates.
This is also a consumer mortgage, meant for a primary home or second home. Lendmire is the broker. It places the loan through select lenders in its network, and the lender underwrites it.
The Two Ways Lenders Use Savings
Think of it as two doors. Behind the first, your assets cover the whole loan. Behind the second, your assets become a paycheck on paper. Across Lendmire’s wholesale network, these are the figures, all subject to underwriting and through select programs.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| What it tests | Assets cover the entire loan | Assets converted to monthly income |
| Purchase leverage | Up to 80% LTV | Up to 80% (home), 65% (investment) |
| Refinance leverage | Up to 75% LTV | 80% rate-and-term, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | The lender’s matrix |
| Seasoning | 60 days, two statements | Statements 120+ days old, one within 45 days |
Leverage on the depletion path applies to a principal residence or second home unless the table says investment. Cash-out proceeds never count as qualifying assets there. On the qualifier path, cash-out terms are set by the lender and are not published.
Which door fits? If your liquid assets are larger than the loan you want, the qualifier path is cleaner. It documents no employment or income at all. If your assets are big but not loan-sized, or you want the loan to run through a debt-to-income test, depletion is the tool.
How the Math Works
The arithmetic is simple. The lender’s own calculation always governs, so treat these as illustrations.
Qualifier path. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts (counted at 100%), $300,000 in a 401(k) while under 59½ (counted at 90%, so $270,000) and $200,000 in savings (100%). That totals $800,000 of usable assets. The loan is covered on assets alone.
Depletion path. Say you hold $1,500,000 in securities, counted at 80%, which is $1,200,000. Add $300,000 in cash at 100%. Usable assets come to $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That figure then carries the housing payment and your other debts through the debt-to-income test.
Two wrinkles matter. First, the depletion path requires qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. It also requires at least $250,000 in liquid assets when depletion is your only income source. Second, if you have some documented income, asset-derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
One more trap. Your down payment and closing costs come out of the same pile. A lender will not count money you are about to spend as an asset you still have. A law-firm review of CFPB supervisory findings reports that regulators treat down payment funds as unavailable for repayment purposes. Run your numbers after the down payment leaves, not before.
What Counts as an Asset
The percentages differ by path. Do not mix them.
| Asset | Qualifier Path | Depletion Path |
|---|---|---|
| Cash, savings, money market | 100% | Cash accounts 100% |
| Certificates of deposit | 100% | 100% |
| Brokerage accounts | 100% | Securities 80% |
| Private stock | Not listed | 75% |
| 401(k) and IRA | 90% under 59½, 100% after | 70% at any age |
| Real-estate equity | Not listed | 60% |
Some assets are out 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.
Crypto, precious metals, collectibles, pledged or borrowed funds and most business accounts 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. That takes planning, so start early.
Montana Considerations
The program figures do not change by state. Montana’s quirks live in the property and the buyer.
Many Montana buyers are relocating from out of state. They often arrive with large balances from a home sale or a business exit and little current income. That is the profile this structure fits. Sale-of-business, inheritance and legal-settlement funds are excused from the depletion path’s age-of-statement rule, which helps when the money arrived recently.
Other Montana situations come up often. Retirees buy a second home near a lake or ski town. Ranch and acreage purchases involve land, wells and septic systems, which lenders and appraisers review closely. A rural property can narrow which lenders will look at it, and loan size and property type both affect the matrix. Raise these early.
Your Paperwork and Timeline
Most delays here come from the assets, not the borrower. Work backward from your application.
1. Gather statements. The qualifier path needs two months for each qualifying account. The depletion path needs statements at least 120 days old plus the most recent one within 45 days.
2. Season your funds. The qualifier path wants 60 days of seasoning. Avoid moving money between accounts without a paper trail.
3. Explain big deposits. Document where large or recent deposits came from.
4. Check your credit. A first-time investor on the depletion path needs a 700 score. Housing history of 0x30x12 is standard, and one late in twelve months is considered case by case.
5. Plan leverage. At or below 75% LTV on the qualifier path, no reserves are required. Above that, the lender sets them. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Is This Right for You?
It tends to fit four kinds of borrowers:
- Retirees living on a portfolio, with Social Security or a pension too small to qualify conventionally.
- Business sellers holding sale proceeds in cash and securities.
- Heirs and settlement recipients with a lump sum and no job history to show.
- Early-retired professionals drawing down savings by choice.
It fits less well when you have a steady paycheck. Documented income may carry a conventional loan more simply. It also may not make sense if a cash purchase leaves you comfortable. Agency programs have their own asset rules, and they typically work better when you have some income to show. Pure no-income files generally fall to non-agency lending.
The honest tradeoff is that this is specialty financing. It is placed through select programs and underwritten individually, so terms differ from a conventional loan. Compare the full picture, including what borrowing costs against what selling investments would trigger. Tax treatment varies; consult a qualified professional.
Buying a Rental Instead?
If the home is a rental, the rules change. Investor loans are business-purpose, which puts them under Regulation Z’s business-purpose exemption, and they are reviewed differently from an owner-occupied mortgage. Those loans qualify primarily on property-level rental income covering the payment, subject to lender guidelines. Your savings still fund the down payment and reserves. On the asset depletion path, investment property is allowed at the lower leverage shown above.
Common Mistakes
- Treating “no income” as “no paperwork.” The statements are the paperwork.
- Counting the down payment twice. It cannot both buy the house and qualify you.
- Mixing the paths. You qualify on one at a time.
- Moving money late. Unseasoned transfers can stall a file.
- Assuming crypto counts. It does not, until converted and seasoned in cash.
Key Terms Defined
Asset qualifier: a path where eligible assets must cover the whole loan.
Asset depletion: a path that divides usable assets by 60 months to create qualifying income.
Seasoning: how long funds have sat in your account before the lender counts them.
Debt-to-income (DTI): your monthly debts divided by your monthly income.
Haircut: the share of an asset’s value the lender discounts.
Frequently Asked Questions
Do I have to sell my investments to use them?
No. Eligible balances count where they sit, at the percentages above. Assets that are not eligible, such as crypto, need to be converted to a seasoned cash balance first. The lender reviews the source of those funds.
Do retirement accounts count?
Yes, with limits. On the qualifier path, a 401(k) or IRA counts at 90% under 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. Both are subject to underwriting.
Can I use this to buy a second home in Montana?
Yes, second homes are eligible on both paths, subject to underwriting. Property type, loan size and location all go through the lender’s review. Rural and acreage properties can narrow lender choices.
Is a credit check still required?
Yes. The qualifier path has a 600 minimum score, and the depletion path follows the lender’s matrix. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path.
Can I combine some income with my assets?
On the depletion path, asset-derived income can supplement documented income up to a 45% debt-to-income ratio. When it does, the minimum-assets rule is waived.
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. Montana borrowers with big balances and thin paper income tend to find the statements, not the paycheck, decide the file.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB Ability-to-Repay and Qualified Mortgage Compliance Guide
2. NCUA Supervisory Letter 14-01
3. Consumer Financial Services Review
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 Pennsylvania Mortgage After Retiring With No W-2 Income · 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
Guides: Asset-Based Mortgage in Montana
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
Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.