The Quick Read: It depends on the loan path, not just the balance: through select programs, subject to underwriting, assets alone can cover the loan, assets can be converted into qualifying income, or a rental’s rent can carry a DSCR loan. Each path caps the price differently. DSCR, short for debt service coverage ratio, compares a rental’s monthly rent with its monthly payment.
- On the asset qualifier path, your usable assets must equal or exceed the whole loan. Leverage runs up to 80% on a purchase of a primary residence or second home.
- On the asset depletion path, usable assets are divided by 60 months to create qualifying income. That income must then carry the full housing payment.
- Cash and CDs count at 100% on both paths. Stocks, retirement accounts and real-estate equity count for less, depending on the path.
- For a pure rental, the property’s rent usually sets the ceiling, and your $1 million mostly funds the down payment and cushion.
First, Separate Assets From Price
A $1 million balance is not a $1 million budget. It is the pile of cash a lender can see, and it has to do several jobs at once. It funds your down payment, your closing costs and any reserves. On some programs it also becomes your qualifying income.
That is the circularity trap. Every dollar you spend at closing is a dollar no longer sitting in the account. Plan on the lender counting what remains after closing, and let the underwriter confirm how your file is treated.
Across the wholesale network Lendmire places files with, the borrowers who ask this question are rarely broke. They are retirees, business sellers, people who received an inheritance or settlement, early-retired professionals, and households living off a portfolio. Their balances are large and their documented income is small. Several programs exist for exactly that profile.
Which Path Fits You?
Pick the path by property type first, then by how your money is held. One borrower is qualified on one path at a time. The two paths never blend. Their leverage and asset rules differ, so name the path whenever you see a number.
| Path | What qualifies you | Property types | Leverage (typical ceiling) |
|---|---|---|---|
| Asset qualifier | Assets cover the entire loan | Primary home, second home | 80% purchase, 75% refinance |
| Asset depletion | Assets become income over 60 months | Primary, second, investment | 80% purchase (65% on investment) |
| DSCR | Rent covers the property payment | Rentals only | Set by the program |
These figures are ceilings from select programs, not offers. Every file is underwritten individually.
Asset Qualifier Path: Assets Cover the Whole Loan
This path asks one question: do your eligible assets equal or exceed the entire loan? If yes, no employment or income is documented. It applies to primary residences and second homes, with loans up to $4,000,000, subject to underwriting.
Leverage runs up to 80% on a purchase and 75% on a refinance. Credit still matters. The published floor is a 600 score, and nobody should call this a no-credit-check loan.
Not every dollar counts the same. Brokerage accounts, CDs, money market and savings count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and 100% once you reach 59½. Accounts combine.
Here is a worked shape. Take an $800,000 loan backed by $330,000 in brokerage accounts (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). That counts $800,000 of usable assets, so the file is reviewed on assets alone. The lender’s own calculation governs.
Seasoning means how long money has sat in an account. Here it is 60 days, with two months of statements for each qualifying account. Reserves are not required at or below 75% loan-to-value (LTV, the loan as a share of the property’s value). Above that, the lender sets them.
So what does $1 million buy? Read it conservatively. If money you spend at closing stops counting, an 80% purchase tops out near a price equal to your usable assets, trimmed by closing costs. If the lender counts your full balance against the loan, the ceiling moves higher. Underwriting decides which treatment applies.
Federal rules let a lender rely on a consumer’s assets instead of income, excluding the value of the home being financed, per 12 CFR 1026.43 on Cornell’s Legal Information Institute. The same rule expects the lender to verify those assets with third-party records. Account statements are the usual proof.
Asset Depletion Path: Assets Become Income
This path turns your portfolio into a paycheck on paper. The lender applies a haircut to each asset, adds up what is usable, and divides by 60 months. The result is monthly qualifying income. It then runs through the debt-to-income test (DTI, your monthly debts as a share of income).
Here is the sanctioned shape. $1,500,000 in securities (80%, so $1,200,000) plus $300,000 in cash (100%, so $300,000) is $1,500,000 usable. Divided by 60 months, that is $25,000 of monthly qualifying income. That income must carry the housing payment and your other debts.
Now apply the same math to a flat $1 million, depending on where it sits.
| $1M held in | Qualifier path counts | Depletion path counts |
|---|---|---|
| Cash, savings, CDs | 100%, so $1,000,000 | 100%, the full balance counts toward monthly income |
| Brokerage or securities | 100% brokerage | 80%, a reduced share counts toward monthly income |
| Retirement account | 90% under 59½, 100% after | 70%, a smaller share counts toward monthly income |
| Real-estate equity | Not published | 60%, the smallest share counts toward monthly income |
All figures are illustrative, and the lender’s own calculation governs.
A few rules shape this path:
- Leverage: Primary residences and second homes go up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance. Investment property goes up to 65% on a purchase or rate-and-term refinance, and 60% on cash-out. Cash-out proceeds never count as qualifying assets.
- Loan size: $125,000 to $3,500,000.
- Minimum assets: at least the lesser of $1,000,000 or 1.25 times the loan balance. It is never below $250,000 liquid when assets are your only income source.
- Seasoning: statements at least 120 days old, plus the most recent statement within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning.
- Credit: the lender’s score and loan-amount matrix. A first-time investor needs 700. A housing event needs 4 years of seasoning, and multiple bankruptcies are not eligible.
Some assets do not count here at all. These include 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.
Asset income can also supplement documented income, up to a 45% DTI. When it does, the minimum-assets rule is waived.
The price ceiling follows from the income. A larger home means a larger payment, and that payment includes property taxes and insurance. For a cash-heavy borrower, the qualifying income is the cap that the entire payment plus other debts must fit under.
Crypto, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share 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 reviews the source.
Buying a Rental? The Rent Sets the Price
For a rental, your $1 million mostly decides how much cash you can put in. The rent decides how much house you can carry. A DSCR loan does not use your personal income at all. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
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, under the federal business-purpose exemption.
A common formula is monthly rent divided by the property’s full payment, including taxes, insurance and any HOA dues. A ratio of 1.00 means rent exactly covers the payment. Select lenders in the network will review sub-1.00 files too, but leverage and terms adjust.
Here is the back-solve, step by step:
1. Start with verified assets.
2. Subtract closing costs and any reserves the lender requires.
3. Divide what is left by the down-payment percentage the lender sets. That gives a ceiling on price.
4. Test the rent on that price against the payment. Whichever limit binds first is your real cap.
Higher prices mean higher payments, which need proportionally more rent. A $1 million cash position can support a large price on paper while local rents keep the working price lower. Credit is still pulled, and your assets show up as reserves and down payment, not as income.
For the full picture, see Lendmire’s complete DSCR loans guide.
One edge case catches people. The “investment” label alone does not create the business-purpose exemption. A one-unit rental you also plan to use yourself can fall back into consumer territory. Doss Law’s guide frames the test around occupying the property more than 14 days a year. If that describes you, the asset paths above become the better fit. Investment property is allowed on the depletion path at lower leverage, but business-purpose rental financing is usually a DSCR conversation.
Where Florida Changes the Math
Florida does not change the program figures. It changes the carrying costs inside them. The loan parameters are the same in every state. Insurance and association dues are where Florida files tend to move.
Both the depletion-path payment and a DSCR ratio include insurance. A premium that comes in higher than expected lowers the ratio or squeezes the DTI. Get insurance quotes before you make an offer, not after you are under contract.
Condos add another layer. An investor-media report on Florida condos describes association dues rising to cover insurance, reserve funding and mandated inspection work. Those costs can compress investor cash flow even when rents hold. Expect lenders to look closely at the association budget and its master policy.
Lendmire’s consumer mortgage work covers Florida, one of the 16 states where it is licensed. Taxes, insurance and local prices are context for your budget, not program rules.
Spend It All, or Keep Some Liquid?
Using every dollar is almost never the best move. On the depletion path, money spent at closing no longer counts toward your income. Keep a cushion for repairs, vacancies and surprises.
Compare your options plainly:
- One large purchase. This concentrates your money and your risk in a single property.
- Several smaller rentals. Your $1 million becomes a down-payment and reserve base. Each property’s rent-to-price ratio then limits what you can buy.
- A smaller loan with more cash down. This lowers the payment but drains the pile that creates income.
- All cash. This removes the loan question entirely. It also removes your flexibility.
Mistakes That Sink These Files
- Treating assets as price. Cash is a down payment and a cushion, not the budget.
- Mixing the two paths. A 90% credit on a 401(k) belongs to the qualifier path. Seventy percent belongs to the depletion path.
- Assuming no documentation. Assets are documented on both paths. You skip income documentation, not paperwork.
- Ignoring seasoning. Money moved into an account last month may not count yet.
- Shopping the house before the insurance. In Florida, the quote can change the answer.
Key Terms Defined
Asset qualifier path: a program where eligible assets, after the credit percentages, must equal or exceed the whole loan.
Asset depletion path: a program that divides usable assets by 60 months to create qualifying monthly income.
DSCR: the rent a property earns divided by its monthly payment, used to qualify rental loans.
LTV: the loan amount as a percentage of the property’s value or price.
Seasoning: how long money must sit in an account before a lender counts it.
DTI: your monthly debts, including the new housing payment, as a share of qualifying income.
Frequently Asked Questions
Can I buy a house in Florida with $1 million and no income?
Yes, through select programs, subject to underwriting. Assets can cover the loan outright on the qualifier path, or become income on the depletion path. For a rental, DSCR is reviewed on the property’s rent instead. The price you can reach depends on the path, the asset types and the property.
Do I have to sell my investments to qualify?
Generally no. On the depletion path, the 60-month division is a qualifying calculation, not a withdrawal schedule. The assets stay in your accounts, and the lender reviews statements. Money you spend at closing no longer counts, so plan around that.
Will the lender still check my credit?
Yes. The qualifier path publishes a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix, and a first-time investor needs 700. Housing history matters too, with 0x30x12 as the baseline.
Can crypto, gold or a business account count as assets?
Not directly. These are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Is DSCR better than an asset-based mortgage for a Florida rental?
Often, yes. A business-purpose rental typically runs on DSCR, where the rent carries the payment and your income is not used. Asset-based paths fit best when you want a home for yourself, or when your asset profile suits the investment-property depletion option at lower leverage.
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. Reach the team at 828-256-2183.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida 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. Cornell Legal Information Institute, 12 CFR 1026.43
2. CFPB, Regulation Z §1026.3 Exempt transactions
3. Doss Law, Business Purpose Exemption Simplified
4. United States Real Estate Investor, Florida condo HOA and insurance piece
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can You Relocate to Michigan and Buy a Home on Assets Before You Have Local Income? · How to Get Pre-Approved in Michigan on Assets Instead of Income · How Much Does a California Retiree Need in Assets to Buy a Home Without Income?
Guides: Asset-Based Mortgage in Florida
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.