The Quick Read: Yes, usually, if your balances are large: through select programs in Lendmire’s wholesale network, a borrower with no job can qualify either by showing eligible assets that cover the entire loan, or by converting usable assets into monthly income over 60 months, subject to underwriting, credit review, and documented, seasoned statements.
- Path one, asset qualifier: eligible assets must equal or exceed the whole loan. No employment or income is documented.
- Path two, asset depletion: usable assets divided by 60 months become qualifying income, and that income runs through a debt-to-income test.
- One path at a time: a borrower is qualified on one path, never a blend of the two.
- Credit and statements still count: the assets are documented, and a credit review still applies.
- Pure rental purchases: these usually move to a DSCR loan, which looks at the property’s rent instead of your balances.
Which Path Fits a Borrower With No Paycheck?
Pick the path by looking at how your wealth is held, not at how much you earn. If your eligible balances are as large as the loan itself, the asset qualifier path fits. If your balances are large but smaller than the loan, the asset depletion path can turn them into income.
Across the wholesale network, the people who use these programs look alike. They are retirees, business sellers, people who received an inheritance or a settlement, early-retired professionals, and households living off a portfolio. Their balances are large and their documented income is small or zero.
The two paths are built differently, so keep them separate in your head.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Core test | Assets cover the entire loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Property types | Principal home, second home | Home, second home, investment |
| Loan size | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | The lender’s matrix |
Every figure here is a ceiling or a floor, not an offer. Each file is underwritten on its own facts through select programs.
How Does the Asset Qualifier Path Work?
The asset qualifier path asks one question: do your eligible assets, after the credit percentages below, equal or exceed the entire loan amount? If they do, the file is reviewed on assets alone, and the lender’s ability-to-repay review rests on those assets. No employment or income is documented.
Leverage on this path runs up to 80% loan-to-value 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. Do not plan around a cash-out figure on this path.
The credit floor is a 600 score. Reserves are not required at or below 75% loan-to-value. Above that level, the lender sets them.
Run through a modeled example. Say the loan is $800,000. The borrower holds $330,000 in brokerage accounts, $300,000 in a 401(k) and $200,000 in savings. The borrower is under age 59½.
- Brokerage counts at 100%, so $330,000.
- The 401(k) counts at 90% under age 59½, so $270,000.
- Savings counts at 100%, so $200,000.
Usable assets total $800,000. That equals the loan, so the file is reviewed on assets alone. The lender’s own calculation governs the real file.
Notice the 401(k) detail. After age 59½, that same account counts at 100%. Age moves the number.
How Does the Asset Depletion Path Work?
On the depletion path, the lender applies a haircut to each asset, adds up the usable total, and divides by 60 months. The result is a monthly qualifying income. That income must carry the full housing payment and your other debts through the program’s debt-to-income test.
Take another modeled example. A borrower has $1,500,000 in securities and $300,000 in cash.
- Securities count at 80%, so $1,200,000.
- Cash counts at 100%, so $300,000.
Usable assets are $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That figure then has to carry the housing payment and other debts. Nothing is sold, and the draw-down happens on paper only.
Leverage on this path depends on occupancy and transaction:
- 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.
Loan amounts run from $125,000 to $3,500,000.
Minimums matter here. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you also need at least $250,000 liquid. A first-time investor on this path needs a 700 score.
For everyone else, the score follows the lender’s score and loan-amount matrix. Housing history is 0x30x12. One 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning.
One more feature helps borrowers who still have some income. Asset-derived income can supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Which Assets Count, and at What Percentage?
Cash and CDs count in full on both paths. The difference shows up with securities and retirement money. The qualifier path is more generous there. The depletion path discounts more.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage / securities | 100% | 80% |
| Savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| 401(k) / IRA | 90% under 59½, 100% after | 70% at any age |
| Privately held stock | Not eligible | Not eligible |
| Real-estate equity | Not published | 60% |
On the qualifier path, accounts combine. Eligible balances from different accounts add together to meet the loan amount.
These do not count on the depletion path: custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, privately held stock, stock options, non-vested restricted stock units, and funds from non-regulated financial companies.
What about cryptocurrency, precious metals, collectibles, and borrowed or pledged funds? Neither path publishes them as eligible. The documented route is to convert them to a seasoned cash balance in a regulated account. The lender then reviews the source. Do not assume they count at any percentage.
What Do You Document Instead of a Job?
You document the assets, the credit, and the property. The phrase “no income documentation” never means “no documentation.” The lender wants to see where the money sits and how long it has been there. There is no traditional personal-income documentation, such as pay stubs or employment verification, but there are statements.
Here is the checklist across the network:
1. Account statements. The qualifier path wants two months of statements for each qualifying account. The depletion path wants statements at least 120 days old at application, plus the most recent one within 45 days.
2. Seasoning. The qualifier path wants 60 days of seasoning. The depletion path has its own rule, the 120-day-old statement requirement above. Sale-of-business, inheritance and legal-settlement funds are excused from that 120-day requirement on the depletion path.
3. Source of large deposits. A big, recent deposit needs a paper trail. Expect to explain it.
4. Credit report. A credit review still applies, so expect your credit to be pulled.
5. Property file. This means a purchase contract or the current mortgage, plus the appraisal.
6. Funds for closing. Down payment and closing funds are sourced like any other funds.
Cleaner files get through review with fewer questions. The files that stall usually have a stale statement, an unexplained transfer, or an account that cannot be seasoned.
This is a consumer mortgage, so the usual consumer-loan disclosures apply. That is a real difference from the investor loans covered further down.
How Do Underwriters See a Borrower With No Job?
They look at the file’s strength on paper, not at your work status. A borrower who retired ten years ago and one who left a job last month are reviewed the same way on the qualifier path. Neither path asks for employment verification.
Three common situations show how that plays out.
The retiree. Retirement balances are the main asset, so age matters. Under 59½, the qualifier path counts a 401(k) or IRA at 90%. At 59½ or older, it counts at 100%. On the depletion path retirement accounts count at 70% at any age.
The person between jobs. Nothing in the program requires a current paycheck. The file rests on seasoned balances and credit. If the balances are large enough to cover the loan, the qualifier path avoids income altogether.
The business seller. Sale proceeds are the classic fit. On the depletion path, sale-of-business funds are excused from the 120-day statement requirement. The money still has to sit in an eligible account, such as cash or CDs.
Keep one limit in mind. A recent job loss does not disqualify you, but it does not help either. Credit, housing history and the asset schedule decide the outcome.
What Is Different for a Texas Borrower?
Not much changes in the program itself. The figures above are the same in every state where the lending is available. Texas is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, so a Texas borrower can use these programs through select lenders in the network.
What does change is local cost context. Property taxes and insurance vary by county in Texas, and they flow into the housing payment that the depletion path’s income has to carry. Check the real escrow figures for the specific property before you commit to a price.
Cash-out on a Texas homestead is a separate conversation. Texas has its own constitutional rules for home-equity loans on a homestead, and they differ from a non-homestead rental. Talk it through with a broker before assuming a cash-out is available on a primary residence.
Is a Texas Rental Purchase Better Handled With a DSCR Loan?
Often, yes. If the property will be a pure rental that you will not live in, the asset-based programs are the harder way to get there. Investment property on the depletion path is capped at 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. The investor route looks at the rent instead of your balances.
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 CFPB’s Regulation Z deems credit to buy a non-owner-occupied rental to be for a business purpose. That line shifts if you plan to live there. If you expect to occupy the property for more than 14 days in the coming year, the treatment changes, and Compliance Alliance explains the unit thresholds that apply to owner-occupied rentals.
A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. The ratio is monthly rent divided by principal, interest, taxes, insurance and any HOA dues. A ratio of 1.00 means rent covers the payment. Credit, reserves and the appraisal-supported rent still carry weight.
Programs below 1.00 coverage are available through select lenders in the network, but the leverage and terms adjust.
| Situation | Better fit | Why |
|---|---|---|
| Home you will live in | Asset qualifier or depletion | Consumer purpose, assets carry it |
| Second home | Asset qualifier or depletion | Same, with path-specific leverage |
| Pure rental, no occupancy | DSCR | Rent carries the file |
| Strong assets, rental that rents thin | Depletion or DSCR | Compare leverage on each |
| Income shown by deposits | Bank statement program | Built for deposit-documented income |
Most files do not sit neatly in one row. If a rental barely covers its payment, compare the 65% depletion ceiling against what a DSCR program offers on the same property. The stronger structure is a toss-up until you see both sets of numbers.
Where Do These Files Go Wrong?
Most stalled files trace to a short list of avoidable mistakes:
- Counting ineligible assets. A borrower counts a crypto wallet or an escrow balance that the program never published as eligible, and the asset total falls short.
- Stale statements. On the depletion path, the oldest statement must be at least 120 days old and the newest within 45 days. A statement that is a week too new or too old forces a refresh.
- Unseasoned transfers. Moving money between accounts the week before applying can reset the clock. Leave seasoned funds where they sit.
- Overcounting retirement money. On the depletion path a 401(k) counts at 70%, not 90% or 100%. Run the haircut before you pick a price.
- Counting cash-out as an asset. Cash-out proceeds never count as qualifying assets.
- Treating “no income documentation” as “no documentation.” The assets are documented on both paths.
Who should skip this route? A borrower whose assets sit below the program minimums should look elsewhere. That includes anyone under the $250,000 liquid floor on the depletion path, or whose eligible assets cannot reach the loan amount on the qualifier path. A borrower who can qualify on income through a conventional route may also find that simpler. The program is for people whose balances are large and whose income is not.
Tax treatment varies; consult a qualified professional before moving or selling assets.
Key Terms Defined
Asset qualifier path: a way to qualify when eligible assets, after the credit percentages, equal or exceed the entire loan, with no income documented.
Asset depletion path: a way to qualify by dividing usable assets by 60 months to create monthly income, which then runs through the debt-to-income test.
Seasoning: the length of time funds have sat in an account, shown through statements.
Haircut: the share of an asset’s balance that is discounted, so only the remainder counts toward qualifying.
Debt-to-income ratio: monthly debts, including the new housing payment, compared with monthly qualifying income.
DSCR: monthly rent divided by the full monthly property payment, used on investor loans for rentals.
Frequently Asked Questions
Can a retiree with no job get a mortgage on assets alone?
Yes, through select programs and subject to underwriting. The qualifier path counts a 401(k) or IRA at 90% under age 59½ and 100% at 59½ or older. If total eligible assets equal or exceed the loan, no employment or income is documented. Credit and statements are still reviewed.
Do I have to sell my investments to qualify?
No. On the depletion path, the lender divides usable assets by 60 months to create qualifying income on paper. On the qualifier path, the assets are simply counted toward the loan amount. Nothing is liquidated to qualify, though you still need funds sourced for the down payment and closing.
Does the asset-based mortgage work for a rental property?
Only on the depletion path, and with lower leverage. Investment property is capped at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. The qualifier path is for principal residences and second homes. A pure rental purchase often fits a DSCR loan better, since the rent carries the file.
What credit score do I need?
The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor on that path needs 700. Housing history is 0x30x12, with one 30-day late in the last twelve months considered case by case. Every file is underwritten individually.
Is a Texas borrower treated differently?
The program figures do not change by state, and Texas is one of the 16 states where Lendmire’s consumer lending is licensed. Local property taxes and insurance still shape the payment. Cash-out on a Texas homestead has its own state rules, so raise it early.
Next Steps
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. Lendmire acts as a broker, arranging options through select lenders in its network, and each lender decides on its own review. Reach the team at 828-256-2183 or request a quote.
For current guidelines and terms, see Lendmire’s asset-based mortgage programs page.
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. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB, Regulation Z § 1026.3
2. Compliance Alliance, Regulation Z and Investment Properties
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Margin Loan vs Asset-Based Mortgage for a Home Purchase · Can You Take Cash Out of a Primary Residence on an Asset-Based Mortgage? · Can You Get an Asset-Based Mortgage on a Pennsylvania Condo?
Guides: Asset-Based Mortgage in Texas
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.