The Quick Read: Yes, often, because large savings can qualify a Virginia borrower in one of two ways. Assets can cover the whole loan outright with no income documented, or assets can be converted into a monthly qualifying income. Both routes are subject to underwriting, and the savings are always documented.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income that runs through a debt-to-income test.
- Leverage: up to 80% on a purchase on the qualifier path, and up to 80% on a purchase of a principal residence on the depletion path, through select programs.
- Investment property: the depletion path allows it at lower leverage, while a DSCR loan is the other route when rent covers the payment.
- Not “no-doc”: statements are reviewed, and the source of your funds matters.
If you are living on a portfolio, a business sale, an inheritance or a settlement, your balances may be large while your documented income is small. Lenders do not have to see a paycheck in that case. They need to see money that can carry the loan. This article explains how Lendmire, a mortgage broker working through select lenders in its wholesale network, sees that decision, and when a different loan fits better. Lendmire’s consumer mortgage lending is licensed in 16 states, Virginia among them. The program figures below do not change by state.
What Does “No Income” Mean to a Lender?
It means no employment income that can be documented on a pay stub or tax return. It does not mean no financial strength. Lenders ask one question: what will repay this loan? For a retiree, a business seller or a portfolio household, the answer is the assets themselves.
This is different from a bank statement loan. That program is for borrowers who document income through deposits. It is also different from the old stated-income loans, which took the borrower’s word with no check. Asset-based programs verify every dollar they count.
Which Path Fits You: Assets Cover the Loan or Assets Become Income?
Pick the path first, because a borrower is reviewed on one path at a time. The figures never blend between them.
Asset qualifier path. Your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. No employment or income is documented. Through select programs, leverage runs up to 80% on a purchase and 75% on a refinance of a principal residence or second home. Loan amounts run up to $4,000,000, subject to underwriting. Whether cash-out is allowed on this path is set by the lender, so plan around a purchase or a standard refinance.
Asset depletion path. Eligible assets, after haircuts, are divided by 60 months. The result is a monthly qualifying income. It must carry the full housing payment and your other debts through the debt-to-income test. Loan amounts run from $125,000 to $3,500,000. A principal residence or second home can reach 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Investment property is lower: 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets.
In practice, the qualifier path suits someone whose liquid wealth is simply bigger than the loan. The depletion path suits someone who wants to keep part of the portfolio working.
How Are Your Assets Counted?
Each account counts for a share of its balance, and the shares differ by path.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Brokerage / securities | 100% | 80% |
| Private stock | Not published | 75% |
| 401(k) and IRA | 90% under 59½, 100% at 59½+ | 70% at any age |
| Real-estate equity | Not published | 60% |
Accounts combine. Some assets do not count on the depletion path at all: 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, borrowed or pledged funds, and business accounts beyond your ownership share 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. Treat these as a plan, not a promise.
A Worked Example of Each Path
These are illustrations. The lender’s own calculation governs.
Qualifier path. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, which counts at 100% for $330,000. You hold $300,000 in a 401(k) and are under 59½, so it counts at 90% for $270,000. You hold $200,000 in savings, which counts at 100% for $200,000. Usable assets total $800,000. That equals the loan, so you can qualify on assets alone, subject to underwriting.
Depletion path. Say you hold $1,500,000 in securities, which counts at 80% for $1,200,000. You also hold $300,000 in cash, which counts at 100% for $300,000. Usable assets total $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test.
Notice the trade. The qualifier path needs assets to cover the whole loan. The depletion path needs less raw coverage but adds a debt-to-income test.
Do the Same Dollars Count Twice?
No. This is the mistake that trips up cash-rich buyers. Money used for your down payment and closing costs leaves the account. It cannot also count toward the usable asset total. Run the test on what remains after you fund the purchase. A borrower who looks comfortably qualified on paper can come up short once the down payment is carved out.
What Do Seasoning and Documents Look Like?
Assets are documented on both paths. “No income documentation” never turns into “no documentation.”
- Qualifier path: 60 days of seasoning and two months of statements for each qualifying account.
- Depletion path: statements 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.
Large recent deposits usually need a paper trail. If you just moved money between accounts, keep the records. If a gift or loan is behind a deposit, expect questions. Funds from a sale, inheritance or settlement are easier to explain when you hold the closing statement or court papers.
What About Credit, Reserves and Minimums?
Credit still matters. The qualifier path uses 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 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. A housing event needs 4 years of seasoning on the depletion path.
The depletion path also has asset minimums. 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 need at least $250,000 liquid. Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio, and in that case the minimum-assets rule is waived.
On reserves, the qualifier path requires none at or below 75% loan-to-value. Above that, the lender sets them. The depletion path publishes no reserve months. Your file is reviewed under ability-to-repay standards and the loan is a consumer mortgage with consumer disclosures. Approval is never guaranteed.
What If the Property Is a Rental?
Then a different tool may fit better. Asset depletion allows investment property, but only at 65% on a purchase and 60% on a cash-out, with the depletion path’s asset minimums. A DSCR loan works differently. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Your savings matter for the down payment, closing costs and reserves, not as income. Lendmire’s complete DSCR loans guide walks through that route.
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 Register text of the CFPB’s ability-to-repay rule treats investment-purpose loans as business-purpose loans. A law firm’s business-purpose guide adds a limit: if you expect to occupy the property for more than 14 days in the coming year, it is generally treated as a consumer loan, unless it has more than two units.
Here is the catch. A big balance does not rescue weak rent. If rent does not cover the full housing payment, the file is thin. Some select lenders in the network review coverage below 1.00, though leverage and terms adjust when they do. Savings also do not substitute for a strong ratio. A borrower with a $2 million portfolio and a property that barely covers its payment may do better on the depletion path, depending on leverage needs.
Alternatives Compared
| Option | Best for | Savings role |
|---|---|---|
| Asset qualifier | Assets exceed the loan | Cover the loan outright |
| Asset depletion | Large portfolio, keep some invested | Converted to income |
| DSCR loan | Rental property | Down payment and reserves |
| Bank statement | Income shown through deposits | Reserves, down payment |
| Larger down payment | Smaller loan needed | Reduces the loan |
Agency asset-based income rules, such as those in the Fannie Mae Selling Guide, are written for primary and second homes and count employment-related assets. Ordinary savings generally do not count there. That is the agency’s rule, not this program’s.
Virginia Considerations
The program parameters are the same in Virginia as anywhere in the licensed footprint. State factors such as local prices, taxes and insurance shape your budget, not the program. A Northern Virginia purchase and a Hampton Roads purchase run through the same asset tests. Lenders still review the property and your credit.
Risks and Tradeoffs
Using savings to qualify has costs. You may tie up cash you need for emergencies. Market drops can shrink a securities balance between application and closing. Retirement balances carry their own penalties and tax effects if you ever draw on them. Tax treatment varies; consult a qualified professional.
Paying cash, or putting more down, may simply be the better call if your assets far exceed the price. The flip point is liquidity. If paying cash would leave you thin, a loan that keeps assets invested may make sense. If the interest cost outweighs your portfolio’s expected return, cash may win. That is a personal judgment.
Key Terms Defined
- Asset qualifier: a path where eligible assets must equal or exceed the whole loan, with no income documented.
- Asset depletion: a path that divides usable assets by 60 months to create qualifying income.
- Seasoning: the time funds must sit in an account before they count.
- DSCR: monthly rent divided by the full housing payment, used on rental properties.
- Haircut: the share of an asset’s balance a lender will not count.
What to Do Next
1. List every account, its type, and its balance.
2. Decide whether the loan is for a home you will live in or a rental.
3. Test both paths with the percentages above.
4. Subtract your down payment and closing costs before you count anything.
5. Gather the statements and source papers for any large deposits.
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 mortgage with no job at all?
Yes, through select programs, if your assets are large enough. On the qualifier path, eligible assets must cover the full loan and no employment is documented. On the depletion path, assets become qualifying income. Both remain subject to underwriting, credit review and property review.
Do retirement accounts count?
They do, at a reduced share. 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.
Is this the old no-doc loan?
No. Your assets are documented with statements, and the lender reviews the source of your funds. Only income documentation is skipped on the qualifier path.
Does my credit still matter?
Yes. The qualifier path uses a 600 minimum score, and the depletion path follows the lender’s matrix.
Can I use this for a rental property?
Only on the depletion path, at 65% on a purchase and 60% on a cash-out. If the rent covers the payment, a DSCR loan may fit better, since it qualifies primarily on property-level rental income.
Lendmire’s asset-based mortgage in Virginia page presents the program for Virginia borrowers.
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.
Investors who want the broader program framework can review how DSCR loans work.
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References
1. Federal Register – CFPB Ability-to-Repay/QM Final Rule
2. Doss Law – Business Purpose Exemption Simplified
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 an Asset Depletion Mortgage Works · How Asset Depletion Income Is Calculated From Your Portfolio · Savings Account vs Brokerage Account: Which Counts More on an Asset-Based Mortgage?
Guides: Asset-Based Mortgage in Virginia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.