
The Quick Read: It depends on which path the loan runs on, because $1 million in assets sets a ceiling through the program’s math, not a fixed price. On the asset qualifier path, eligible assets must cover the entire loan, so $1 million in qualifying balances supports a loan of up to roughly that size, with leverage on the purchase price stacked on top, subject to underwriting. On the asset depletion path, usable assets are divided by 60 months into qualifying income, which then has to carry the payment through a debt-to-income test.
- Qualifier path: eligible assets must equal or exceed the whole loan, and no income is documented.
- Depletion path: usable assets divided by 60 months become monthly qualifying income.
- Asset credit differs by path. Savings, CDs and brokerage count at 100% on the qualifier path, while securities count at 80% on the depletion path.
- Leverage on a purchase runs up to 80% on both paths for a primary residence or second home.
- Assets are always documented. No income documentation never means no documentation.
Colorado borrowers fit this profile often: retirees, people who sold a business, heirs, and households living off a portfolio. Figures here are ceilings and floors from select programs in Lendmire’s wholesale network, not offers, and every file is underwritten individually.
Two Paths, and You Are on One at a Time
A borrower is reviewed on the asset qualifier path or the asset depletion path, never both on the same loan. Mixing the two tables is a common mistake on these files, so name the path before you talk about any number.
The asset qualifier path asks one question. After the credit percentages are applied, do your eligible assets equal or exceed the entire loan amount? If yes, the loan is reviewed on assets alone. No employment or income is documented. Loans run up to $4,000,000 through select programs, and the credit floor is 600.
The asset depletion path turns assets into income. Usable assets, after haircuts, are divided by 60 months. That monthly figure is your qualifying income. It has to carry the full housing payment and your other debts. Loans on this path run from $125,000 to $3,500,000, and the credit requirement follows the lender’s matrix.
Which one fits? If your balances are large relative to the home you want, the qualifier path is cleaner. If you want to buy more house than your assets could pay off outright, depletion lets the assets act as income instead.
What $1 Million Actually Counts For
The headline balance is never the usable balance. Each asset type gets a percentage, and the numbers differ by path.
| Asset type | Qualifier path | Depletion path |
|---|---|---|
| Brokerage accounts | 100% | Securities at 80% |
| CDs | 100% | 100% |
| Money market / savings | 100% | Cash accounts at 100% |
| 401(k) / IRA | 90% under 59½, 100% after | 70% at any age |
| Private stock | Not published | 75% |
| Real-estate equity | Not published | 60% |
Take a qualifier example. An $800,000 loan with $330,000 in brokerage (100%, so $330,000), $300,000 in a 401(k) under 59½ (90%, so $270,000) and $200,000 in savings (100%, so $200,000) counts $800,000 of usable assets. That is reviewed on assets alone, subject to underwriting. Accounts combine.
Now the depletion example. $1,500,000 in securities at 80% is $1,200,000. Add $300,000 in cash at 100%. Usable assets total $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That figure then carries the housing payment and other debts through the debt-to-income test. The lender’s own calculation governs, and these examples are illustrative.
Your $1 million is not $1 million of purchasing power on the depletion path. Haircuts shrink it. Down payment and closing funds come out of it too. The same lump sum cannot be both the down payment and the income base.
Why “No Income” Is Not a Dealbreaker
Lenders can base repayment ability on assets. The CFPB’s ability-to-repay rule lets a creditor rely on income, on assets other than the dwelling securing the loan, or on both. The same rule excludes the value of the home you are buying from the assets considered.
The lender still has to verify what it relies on. Under the regulation text at Cornell LII, that means reasonably reliable third-party records. Bank and investment statements are the usual proof. The CFPB’s small entity compliance guide lists savings, vested retirement funds, stocks, bonds and CDs among assets a creditor may consider.
So the file is documented. Just differently. Statements replace pay stubs.
Seasoning, Statements, and Credit
Assets have to sit for a while before they count. Statement rules are strict, and they are where files stall.
- 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 the sale of a business, an inheritance or a legal settlement are excused from that seasoning.
A large deposit that lands last month will draw questions. Fresh money from a business sale is explainable with a closing statement. A transfer between your own accounts needs a paper trail on both ends.
Credit matters too. The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix. A first-time investor on the depletion path needs 700. Housing history is 0x30x12, with a single 30-day late in the past twelve months considered case by case. Multiple bankruptcies are not eligible. A housing event on the depletion path needs 4 years of seasoning.
Depletion also carries minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid when depletion is your only income. Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio. When it does, the minimum-assets rule is waived.
Leverage: How Much House the Loan Supports
Leverage turns qualifying assets into a price. Here is the ceiling by path, subject to underwriting.
| Scenario | Qualifier path | Depletion path |
|---|---|---|
| Primary / second home purchase | Up to 80% | Up to 80% |
| Rate-and-term refinance | Up to 75% | Up to 80% |
| Cash-out refinance | Set by lender, not published | Up to 60% |
| Investment property purchase | Not applicable | Up to 65% |
On the qualifier path, 75% applies to a refinance, and 80% to a purchase. Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them. Cash-out proceeds never count as qualifying assets on the depletion path.
Here is the honest way to read this. On the qualifier path at 80% on a purchase, the loan equals 80% of the price. If your eligible assets total close to $1 million, the loan can be near that size, and the home price is the loan divided by 0.80. But the assets also need to cover your down payment and closing funds before they count toward the loan test, so plan on a price meaningfully under that ceiling. Run the exact shape with your statements, not with a rule of thumb.
Loan amount caps matter in the other direction too. The qualifier path stops at $4,000,000. The depletion path stops at $3,500,000. A $1 million balance never gets near either cap, so the binding limit is your assets, not the program.
Colorado Reality Check
Colorado is not one market. A Front Range suburb, a mountain resort town and a Western Slope community price very differently, and the same asset base buys different homes in each. The program figures do not change by state. State facts such as local prices, taxes and insurance are context for your budget, not program parameters.
Budget for taxes, insurance and any HOA dues, which vary by county and property. Those carrying costs matter more when you have no paycheck, because they come out of the same portfolio. Mountain homes can add wildfire-related insurance questions.
Consumer mortgage lending through Lendmire’s network covers Colorado among 16 licensed states, and this is a consumer mortgage for a home you live in or use as a second home.
Buy Cash, Finance, or Mix?
Financing keeps liquidity. Paying cash removes the payment but locks money in the house. For a borrower living on a portfolio, that tradeoff is the real decision.
- Finance on the qualifier path: assets cover the loan but stay in your accounts, so they keep earning, subject to the program’s seasoning and documentation.
- Finance on the depletion path: assets become income without being sold. The depletion math is a qualification test, not a sale or a pledge.
- Mix: put down a larger share and borrow less, which can bring the loan inside the qualifier path’s asset test.
Selling investments to fund a purchase can trigger taxes. Tax treatment varies; consult a qualified professional before deciding.
Keep a cushion. If most of the $1 million is committed to the down payment and closing, little is left to absorb repairs, a vacancy in your income plans or a market drop. A smaller house with real reserves is usually the safer file and the safer life.
What About Buying a Rental?
Everything above is for a home you live in or a second home, with investment property only on the depletion path at 65% on a purchase. If the purchase is a pure rental, the answer changes.
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 loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your personal income is not part of it. Your $1 million then matters as down payment, closing funds and reserves, not as the loan ceiling.
In expensive Colorado markets, rent often fails to cover the payment on a big loan. A larger down payment shrinks the loan until coverage works, and $1 million gives you room to do that. Select lenders in the network also review sub-1.00 coverage, though leverage and terms adjust.
Key Terms Defined
Asset qualifier: a loan path where eligible assets, after credit percentages, must cover the entire loan amount.
Asset depletion: a path that divides usable assets by 60 months to create monthly qualifying income.
Haircut: the share of an asset’s balance that does not count toward qualifying.
Seasoning: the minimum time funds must sit in an account before they count.
Debt-to-income (DTI): monthly debts divided by monthly qualifying income.
Loan-to-value (LTV): the loan amount as a percentage of the property’s value.
What Derails These Files
Most failures are paperwork and classification, not credit.
1. Mixed paths. A borrower quotes depletion haircuts against a qualifier-path loan size. Pick one path and size the loan to it.
2. Unseasoned deposits. Money moved in recently without a source document.
3. Ineligible assets. Crypto, precious metals, collectibles, pledged or borrowed funds and foreign funds are not published as eligible. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
4. Ignoring the down payment. The same dollars cannot be both income base and cash to close.
5. Wrong occupancy label. A home you live in is a consumer loan. A rental is a business-purpose loan. Misclassifying the purpose is a real risk, and the lender will look at it.
Frequently Asked Questions
Can I get a mortgage with $1 million in assets and no job?
Yes, through select asset-based programs, subject to underwriting. Qualification rests on documented assets instead of pay stubs. You will still provide account statements, credit and property details.
Does a $1 million balance mean a $1 million house?
No. Credit percentages, the down payment, closing funds and the chosen path all reduce what the balance supports. The qualifier path can support a loan near the eligible-asset total, while the depletion path converts assets into income that has to carry the payment.
Do retirement accounts count?
Yes, 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.
Can I buy an investment property this way?
Only on the depletion path, at up to 65% on a purchase. A pure rental usually fits a DSCR loan better, since it qualifies primarily on the property’s rental income, subject to lender guidelines.
Do I need to sell my investments?
No. The depletion calculation is a qualification test. Your assets stay in place, though tax treatment varies and a qualified professional can advise.
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. Reach the team at 828-256-2183 or request a quote.
For current guidelines and terms, see Lendmire’s asset-based mortgage programs page.
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
2. Cornell LII, 12 CFR 1026.43
3. 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 to Refinance a Colorado Mortgage After Retiring With No W-2 Income · How Much Does a Startup Founder Need in Assets to Qualify for a Mortgage? · Can You Relocate to Georgia and Buy a Home on Assets Before You Have Local Income?
Guides: Asset-Based Mortgage in Colorado
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.