The Quick Read: Yes, through select programs, a Washington borrower with large savings or investments and no paycheck can qualify, because the loan can be underwritten on documented assets instead of employment, subject to underwriting, credit, and the property. One path counts your assets against the whole loan, and a second turns them into monthly qualifying income. Either way, the assets are fully documented.
- Path one, the asset qualifier: eligible assets must equal or exceed the entire loan, and no employment or income is documented.
- Path two, asset depletion: usable assets divided by 60 months become qualifying income that runs through a debt-to-income test.
- Credit still matters: the qualifier path has a 600 minimum score, and the depletion path follows the lender’s matrix.
- Rental purchases: a pure investment property usually fits a DSCR loan better, which qualifies primarily on property-level rental income covering the payment.
Every figure below is a typical ceiling or floor from select programs in Lendmire’s wholesale network. It is not an offer, and each file is underwritten individually.
Who Is This Loan Built For?
It fits people with big balances and small documented income. Think retirees, someone who just sold a business, an heir who received an inheritance or settlement, an early-retired professional, or a household living off a portfolio. A lender looking only at last year’s pay stubs sees almost nothing. A lender looking at the accounts sees plenty.
Lendmire is a mortgage broker, not a lender. It arranges these loans through select lenders in its network, and Washington is one of the 16 states where its consumer mortgage lending is licensed. The program figures do not change by state. Washington is simply where the borrower lives and the property sits.
Which Path Fits You: Assets Cover the Loan, or Assets Become Income?
Pick one path. A borrower is qualified on one at a time, and the two use different rules.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How it works | Eligible assets cover the whole loan | Assets ÷ 60 months = monthly income |
| Income or job documented | No | Derived from assets |
| Occupancy | Primary home or second home | Primary, second home, or investment property |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | The lender’s matrix |
The qualifier path suits you when your accounts are large compared with the loan. The depletion path suits you when you want a smaller share of your balances tied up, or when you are buying an investment property. It also suits you when the loan is too big for the assets to cover outright.
How Does the Asset Qualifier Path Work?
The lender adds up your eligible assets after the credit percentages below. If the total equals or exceeds the entire loan amount, you qualify on assets alone. No employment or income is documented, and the lender’s review of your ability to repay rests on those assets.
Leverage on this path runs up to 80% loan-to-value on a purchase and up to 75% on a refinance, on a principal residence or second home. Loan-to-value, or LTV, is the loan amount divided by the property’s value. Whether cash-out proceeds are allowed on this path is set by the lender and is not published, so ask before you plan around it.
Here is how much of each balance counts on the qualifier path:
| Asset | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market and savings | 100% |
| 401(k) and IRA, under age 59½ | 90% |
| 401(k) and IRA, 59½ or older | 100% |
Accounts combine. Picture an $800,000 loan. A borrower holds $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) under age 59½ (90% counts, so $270,000), and $200,000 in savings (100% counts, so $200,000). That is $800,000 of usable assets against an $800,000 loan, which is reviewed on assets alone. The lender’s own calculation governs, so treat this as an illustration.
Two more rules matter. Each qualifying account needs 60 days of seasoning and two months of statements. Reserves are not required at or below 75% LTV. Above that, the lender sets them. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
How Does Asset Depletion Turn Savings Into Income?
The lender takes your eligible assets, applies a haircut to each type, and divides the total by 60 months. The result is a monthly qualifying income. That income must then carry the full housing payment and your other debts through the program’s debt-to-income test, which compares monthly debts with monthly income.
Haircuts on this path are different from the qualifier path:
| Asset | Share that counts |
|---|---|
| Cash accounts and CDs | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Now run an illustration. A borrower holds $1,500,000 in securities, where 80% counts for $1,200,000, plus $300,000 in cash, where 100% counts. That totals $1,500,000 of usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income. That income then has to cover the housing payment and other debts under the test. Again, the lender’s own calculation governs.
This path has minimums. 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, those assets must also include at least $250,000 in liquid funds. If you have documented income as well, asset income can supplement it up to a 45% debt-to-income ratio. In that case the minimum-assets rule is waived.
Seasoning differs too. Statements must be 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 that seasoning.
What Leverage and Credit Should You Expect?
On the depletion path, a principal residence or second home goes up to 80% LTV on a purchase or rate-and-term refinance. A cash-out refinance on those homes tops out at 60%. An investment property goes up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. Cash-out proceeds never count as qualifying assets. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Credit is the part people forget. The qualifier path has a 600 minimum score, and the depletion path follows the lender’s score and loan-amount matrix. A first-time investor on the depletion path needs a 700 score. Housing history is typically 0x30x12, meaning no 30-day lates in twelve months. One late in that window is considered case by case.
Multiple bankruptcies are not eligible. On the depletion path, a housing event needs 4 years of seasoning. None of this means the lender skips a credit check. Nobody should promise approval, and any real approval is subject to underwriting.
Do Crypto, Gold, or Borrowed Funds Count?
Not as published. Cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share, and pledged or borrowed funds 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 then reviews the source of the funds.
The depletion path also excludes custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, and non-vested restricted stock units. Funds from non-regulated financial companies are out as well. If your wealth sits in one of these buckets, plan the conversion early, because the seasoning clock starts when the money lands.
Are Your Assets Pledged or Spent?
No. Qualifying on assets does not mean the lender takes them as collateral or that you must withdraw them. The property secures the loan, as with any mortgage. Your accounts are documented to show capacity.
Retirement accounts count toward qualifying without a withdrawal. Tax treatment varies, so consult a qualified professional about any distribution you choose to make. Pledging assets directly is a different product, which Lendmire’s piece Pledged-Asset Mortgage vs PAL vs Margin Loan With No Current Employment walks through.
Market swings are the real risk. Your balances can drop between statements and closing, and a smaller number can change the outcome. Keep a cushion above the minimum rather than qualifying on the exact line.
Why Does “No Job” Not End the Conversation?
Because underwriting can rest on something other than a paycheck. For consumer home loans, the ability-to-repay rule requires lenders to verify that a borrower can repay, as Nolo’s explainer describes. That check does not have to be an employer letter. Under this program, the lender’s review rests on your documented assets, either by covering the loan or by converting to income.
This is also a consumer mortgage, so standard consumer disclosures apply. DSCR loans work differently. They are designed for non-owner-occupied investment properties. The Federal Register notes that business-purpose and investment-purpose loans fall outside those ability-to-repay provisions. Lenders still document the purpose carefully.
What Does “No Job” Mean for Your Situation?
The label covers very different lives, and each one documents differently.
- Retired: Pension or Social Security can sit alongside assets. On the depletion path, asset income can supplement documented income, and the minimum-assets rule is waived when it does.
- Between jobs: Assets cover the loan outright on the qualifier path, or become income on the depletion path. A pending offer is not needed.
- Sold a business: Sale proceeds are excused from the depletion path’s seasoning rule. Park them in a regulated account and keep the closing statement.
- Inheritance or settlement: Same seasoning exception on the depletion path. The qualifier path still wants 60 days of seasoning.
- Married borrower: Washington is a community property state, so how accounts are titled and who is on the loan can matter. Share your full account list with your broker early, and the lender will decide how ownership is treated.
What If You Want a Rental Instead of a Home?
Then the asset path is possible but often the wrong tool. Investment property is allowed only on the depletion path, at 65% LTV on a purchase or rate-and-term refinance and 60% on a cash-out. You also face a 700 score as a first-time investor and the minimum-assets rule. Your debt-to-income test must carry the rental’s payment too.
A DSCR loan flips the logic. The debt service coverage ratio is monthly rent divided by the property’s full monthly payment. Qualification runs primarily on property-level rental income covering the payment, subject to lender guidelines. A job does not enter the file. Credit, cash to close, and the property still do.
Some select lenders in the network will review coverage below 1.00, but LTV and terms adjust. For the mechanics, see the complete DSCR loans guide. If your assets are very large and the loan is bigger still, Lendmire’s explainer on how super jumbo DSCR underwriting works for asset-rich borrowers with no current job covers that case.
How Do the Routes Compare?
| Route | Best for | What you document | Main trade-off |
|---|---|---|---|
| Asset qualifier | Assets that exceed the loan | Seasoned accounts | Needs a lot of liquid assets |
| Asset depletion | Large assets, bigger loans | Assets, plus debts | Haircuts and a debt-to-income test |
| Bank statement | Self-employed with deposits | Deposit history | Needs real business income |
| DSCR | Rental properties | Lease or market rent | Not for homes you live in |
The bank statement program is for borrowers who document income with deposits. If you have no deposits and a big portfolio, assets are the better fit.
What Are the Trade-Offs?
Be honest about three. First, the asset requirements are steep. A $125,000 depletion loan still requires at least $250,000 in liquid assets when assets are your only income source. Second, haircuts shrink what counts, so a $1,000,000 portfolio never counts as $1,000,000 of income base. Third, retirement accounts count for less on the depletion path than on the qualifier path.
Leverage is also lower than many borrowers expect, especially on cash-out. If you plan a purchase and have the cash, a larger down payment can make the file simpler. Weigh that against keeping your portfolio invested.
What Does the Document Checklist Look Like?
Expect to provide these, whichever path you choose:
- Statements for every qualifying account, in the seasoning windows above
- Government ID and credit authorization
- Purchase contract, or current mortgage statement for a refinance
- Proof of source for any large recent deposit
- Homeowners insurance details for the subject property
Assets are documented on both paths. Skipping income documents never means skipping documents.
Frequently Asked Questions
Can I use my 401(k) or IRA?
Yes, on both paths. On the qualifier path, 90% of the balance counts under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. You do not have to withdraw the money.
Can I refinance with no job?
Yes, through select programs. The qualifier path allows up to 75% LTV on a refinance of a principal residence or second home. On the depletion path, rate-and-term goes up to 80% and cash-out up to 60% on those homes. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Do I need a perfect credit score?
No, but you need acceptable credit. The qualifier path has a 600 minimum score, and the depletion path follows the lender’s matrix. A first-time investor on the depletion path needs 700. Housing history, bankruptcies, and recent housing events can change the outcome.
Can I buy a rental with this loan?
Only on the depletion path, at 65% LTV on a purchase or rate-and-term refinance and 60% on a cash-out. Most pure rental buyers do better with a DSCR loan, which qualifies primarily on property-level rental income covering the payment. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Is the loan limited to Washington borrowers?
No. The program figures are the same in every state. Lendmire’s consumer mortgage lending is licensed in 16 states, and Washington is one of them. This article is written for a Washington borrower.
Next Step
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’s asset-based mortgage in Washington page presents the program for Washington borrowers.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of tax returns, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Nolo: New Mortgage Rules and Ability to Pay
2. Federal Register: Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Savings Account vs Brokerage Account: Which Counts More on an Asset-Based Mortgage? · What Counts as an Asset Statement for a Mortgage? · How a Margin Balance Is Treated on an Asset Depletion Mortgage
Guides: Asset-Based Mortgage in Washington
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.