The Quick Read: Yes, usually, when the savings are large and well documented and the loan runs through an asset-based program instead of a paycheck test. Lendmire arranges these loans as a broker through select lenders in its network, and each file is fully underwritten, with assets proven by statements rather than traditional personal-income documentation, pay stubs or employment verification.
- Path one, the asset qualifier: eligible assets must cover the entire loan, and no income is documented.
- Path two, asset depletion: usable assets divided by 60 months become qualifying income.
- Leverage tops out at 80% on a purchase, and credit starts at a 600 score on the qualifier path, subject to underwriting.
- Statements must show seasoned funds. New money gets questioned.
- Texas homestead rules matter only on owner-occupied cash-out.
Everything below is subject to underwriting and to each lender’s guidelines. Programs change. None of it is a commitment to lend.
Who This Fits
The reader here has big balances and small documented income. Think of a retiree living off a portfolio, someone who sold a business, an heir, a person holding a legal settlement, or a professional who retired early. A standard lender looks at the tax return, sees little, and stops. An asset-based program looks at the statements instead.
A borrower is qualified on one path at a time. Never blend them. Each has its own percentages, its own seasoning rules, and its own leverage.
How Does a Lender Qualify You Without Income?
A lender must still decide you can repay the loan. That does not require a paycheck. It requires proof of whatever the lender relies on, whether income, assets, or both. Federal rules say the lender must consider income or assets and verify what it relies on with third-party records. A CFPB compliance guide adds that the lender verifies only the income or assets it uses to qualify you.
That is why “no income” never means “no documentation.” The assets are documented. The employment and income are not. Credit and housing history still get reviewed.
Path One: The Asset Qualifier
On this path, eligible assets, after the credit percentages below, must equal or exceed the whole loan. No employment or income is documented. The lender’s review rests on the assets.
Here is how the balances count on this path:
- Brokerage accounts: 100%
- Certificates of deposit: 100%
- Money market: 100%
- Savings: 100%
- 401(k) and IRA: 90% under age 59½, 100% at 59½ or older
Accounts combine. An illustration, with the lender’s own calculation governing: an $800,000 loan with $330,000 in brokerage accounts (100% counts $330,000), $300,000 in a 401(k) under 59½ (90% counts $270,000) and $200,000 in savings (100% counts $200,000) shows $800,000 of usable assets. That is reviewed on assets alone.
Leverage runs up to 80% on a purchase and 75% on a refinance, on a principal residence or second home. Loans reach $4,000,000. The credit floor is a 600 score. No reserves are required at or below 75% loan-to-value; above that, the lender sets them. Cash-out on this path is set by the lender and is not published, so ask before you plan around it.
Seasoning is 60 days, with two months of statements for each qualifying account.
Path Two: Asset Depletion
Here the lender turns assets into income. Usable assets, after haircuts, are divided by 60 months. The result is monthly qualifying income. That income then carries the housing payment and your other debts through the debt-to-income test.
The haircuts on this path:
- Cash accounts and CDs: 100%
- Securities: 80%
- Private stock: 75%
- Retirement accounts: 70% at any age
- Real-estate equity: 60%
An illustration, again governed by the lender’s math: $1,500,000 in securities counts at 80%, or $1,200,000. Add $300,000 in cash at 100%. That is $1,500,000 usable. Divide by 60 months and you get $25,000 of monthly qualifying income. That figure then runs through the debt-to-income test.
Not eligible on this 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.
Minimums are real. Qualified assets must reach the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income, you must still hold at least $250,000 in liquid assets. Asset income can also supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does.
Leverage differs by use. On a principal residence or second home, up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. On an investment property, 65% on a purchase or rate-and-term and 60% on a cash-out. Cash-out proceeds never count as qualifying assets. Loans run $125,000 to $3,500,000. Credit follows the lender’s matrix, and a first-time investor needs a 700 score.
Which Path Fits? (A Side-by-Side)
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Must cover the whole loan | Become monthly income |
| Income documented | None | Derived from assets |
| Purchase leverage | Up to 80% | Up to 80% primary/second home; 65% investment |
| Loan range | Up to $4,000,000 | $125,000 to $3,500,000 |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Debt-to-income test | None | Yes |
The qualifier path is cleaner when your liquid assets exceed the loan. Depletion works when assets are large but smaller than the loan, since they only need to produce enough income. Plenty of borrowers fit both on paper. The lender’s review decides which one actually works.
What Counts, and What Doesn’t
Cash, CDs, money market, savings and brokerage balances do the heavy lifting. Cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share, and pledged or borrowed funds are not published as eligible on either path. Plain answer: they don’t count at a percentage.
There is a documented workaround. Convert them to cash, let the balance season in a regulated account, and the lender reviews the source. A large fresh deposit is the classic file snag. Underwriters ask where it came from, so keep the paper trail.
The home you are buying never counts as an asset toward its own loan. On the depletion path, equity in other real estate counts at 60%.
Seasoning and Statements: Where Files Stall
Seasoning trips more files than credit does.
- Qualifier path: 60 days of seasoning, two months of statements per account.
- Depletion path: statements at least 120 days old at application, plus the most recent statement within 45 days.
Funds from the sale of a business, an inheritance or a legal settlement are excused from the depletion seasoning rule. Still, expect to supply the closing statement, probate paperwork or settlement letter. Pull complete statements, every page, even the blank ones. Missing pages generate conditions.
Texas: What Changes and What Doesn’t
Program figures do not change by state. Texas is a state where Lendmire’s consumer lending is licensed, and the loan figures above apply to a Texas borrower the same way.
What Texas adds is homestead law. A cash-out refinance on your primary home is a home equity loan under the Texas Constitution, with its own state rules. A purchase is different. If you are buying, the homestead cash-out rules do not shape the loan. If you are pulling equity from a Texas primary residence, the leverage on the depletion path is 60%, and the state rules apply on top, so build that into the plan from the start.
Owner-Occupied vs. Rental: Pick the Right Product
This page covers a home you live in or a second home. A rental is different. Business-purpose financing is reviewed under different rules than consumer credit. Whether a loan counts as business purpose turns on its facts, and the CFPB’s interpretations list the factors that decide it.
For a pure rental, the usual route is a DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Savings still matter there as down payment and reserves. If you want the investment property on the depletion path, leverage is 65% on a purchase and 60% on a cash-out, and the depletion minimums above apply.
Lendmire’s asset-based mortgage program page lays out the consumer side of this in more detail.
Key Terms Defined
Asset qualifier: A path where eligible assets alone must cover the entire loan amount.
Asset depletion: A path where usable assets divided by 60 months become qualifying monthly income.
Haircut: The share of an asset’s balance a lender will not count.
Seasoning: The time funds must sit in your account, shown by statements.
Debt-to-income ratio: Your monthly debts divided by monthly income, including derived income.
When This Is Not a Fit
Skip it if your assets are mostly crypto, collectibles or a business account. Skip it if the money is borrowed or arrived last week with no paper trail. Skip it if you have steady, easily documented income and a conventional loan fits. A big bank statement balance does not fix a thin credit file, either. And multiple bankruptcies are not eligible. A housing event needs 4 years of seasoning on the depletion path.
Is it cheaper to wait for income? Often, no. But you should weigh whether tying savings into a down payment leaves enough cash behind. Keep a cushion beyond the minimums.
Steps to Prepare Your File
1. Pick your path. Compare total eligible assets to the loan amount. If they cover it, look at the qualifier path first. If not, run the depletion math.
2. Gather statements. Every page, every account, with the right dates for the path.
3. Document large deposits. Pull the sale paperwork, inheritance letter or settlement agreement.
4. Check credit and housing history. One 30-day late in the last twelve months is considered case by case.
5. Compare options. Different lenders in the network apply the figures differently, so the same statements can produce different results.
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.
Frequently Asked Questions
Can I get a Texas mortgage with no job at all?
Yes, through an asset-based program, subject to underwriting. The qualifier path documents no employment or income, and the depletion path derives income from assets. Either way you document the assets with statements.
Do I have to sell my investments to qualify?
No. On the depletion path the lender runs a calculation on your balances. You keep the accounts. You still need funds for the down payment and closing costs.
Do retirement accounts count?
Yes, at a discount on one path. On the qualifier path, 401(k) and IRA balances count at 90% under age 59½ and 100% at 59½ or older. On the depletion path they count at 70% at any age.
What credit score do I need?
The qualifier path’s published floor is 600. The depletion path follows the lender’s score and loan-amount matrix, and a first-time investor needs 700. Nothing here is a promise of approval.
Is this the same as a no-doc loan?
No. Those loans went away. Every file is fully underwritten, and your assets are verified with statements. What you skip is traditional personal-income documentation, pay stubs and employment verification.
Lendmire’s asset-based mortgage in Texas page presents the program for Texas 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
1. eCFR, 12 CFR 1026.43, Ability-to-Repay
2. CFPB ATR/QM Small Entity 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 Early Retirees Get a Mortgage Before Age 59½ · How to Qualify for a Tennessee Mortgage on an Inheritance Without a Job · Can a North Carolina Retiree Get a Mortgage on Savings and Investments Alone?
Guides: Asset-Based Mortgage in Texas
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.