The Quick Read: It depends on which qualification path the loan uses, because $1 million in assets sets no single price ceiling: on the asset qualifier path the loan can be as large as your usable assets, while on the asset depletion path your assets become a monthly income figure that has to carry the payment. Either way, the lender documents your assets, just not your employment or paychecks.
- Asset qualifier path: usable assets must equal or exceed the entire loan, with up to 80% loan-to-value (LTV) on a purchase and 75% on a refinance, subject to underwriting.
- Asset depletion path: usable assets are divided by 60 months into qualifying income, which then runs through a debt-to-income test.
- Rental purchase: a business-purpose DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines.
- Down payment: the same dollars cannot count as both your down payment and your qualifying assets.
- Georgia: the program figures are the same in every state, and Lendmire’s consumer lending is licensed in Georgia among 16 states.
What Does “No Income” Actually Mean Here?
It means no income you document, not no money. Retirees, people who sold a business, heirs, and early-retired professionals often hold seven-figure balances and a thin paper trail of paychecks. A conventional loan needs pay stubs or traditional personal-income documentation, so these borrowers get stuck.
Asset-based mortgages fix that. The lender reviews your statements instead of your employment. Lendmire is a broker, so it places these files with select lenders in its network, and each file is underwritten individually. Georgia borrowers use the same programs as everyone else. The state changes your local prices, not the program rules.
Which Path Fits You: Assets Cover the Loan, or Assets Become Income?
Pick one path per loan. Across the network, you qualify on one or the other, never a blend of the two.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How you qualify | Assets cover the whole loan | Assets become monthly income |
| Occupancy | Primary home, second home | Primary, second, investment |
| Purchase LTV | Up to 80% | 80% (primary/second); 65% (investment) |
| Refinance LTV | Up to 75% | 80% rate-and-term (primary/second); 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | The lender’s matrix |
On the depletion path, an investment property is 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets. On the qualifier path, cash-out terms are set by the lender and not published, so plan around purchases and refinances.
How the Asset Qualifier Path Works
Your eligible balances, after the credit percentages below, must equal or exceed the entire loan. No employment or income is documented, and the debt-to-income test does not apply. Reserves are not required at or below 75% LTV, and above that the lender sets them. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
| Asset | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) and IRA, under 59½ | 90% |
| 401(k) and IRA, 59½ or older | 100% |
Accounts combine. Here is the shape of a qualifying file. Take an $800,000 loan backed by $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) under 59½ (90% counts, so $270,000), and $200,000 in savings (100% counts, so $200,000). That totals $800,000 of usable assets, so the file is reviewed on assets alone. The lender’s own calculation governs.
Now apply that to your $1 million. If every dollar sits in brokerage, CDs, money market, or savings, the loan can reach about $1 million. At 80% LTV on a purchase, that supports a home priced above the loan. If part of it is a 401(k) and you are under 59½, that slice counts at 90%, and the ceiling drops accordingly. At 59½ or older, the same account counts at 100%. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Here is the catch. The down payment has to come from somewhere else. If the $1 million is your whole stash, spending part of it on the down payment shrinks the pool that backs the loan. The Lexology summary of the CFPB’s supervisory findings on down payments in non-QM loans says a down payment cannot be treated as an asset for repayment-ability purposes. In practice, you cannot count the same dollars twice.
How the Asset Depletion Path Works
This path turns your portfolio into a paycheck on paper. Each eligible balance gets a haircut, the usable total is divided by 60 months, and the result is monthly qualifying income. That income must carry the full housing payment and your other debts through the debt-to-income test.
| Asset | Share that counts |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Run one example. Say you hold $1,500,000 in securities, which counts at 80% for $1,200,000, plus $300,000 in cash at 100%. That is $1,500,000 usable, divided by 60 months, or $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the debt-to-income test. Subject to underwriting.
Two minimums matter if you have no other income. 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. Asset income can also supplement documented income, such as a pension, up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
A heavy retirement balance hurts here. Those accounts count at only 70% at any age, versus 90% to 100% on the qualifier path. Many retirees with mostly IRA money do better on the qualifier path, if the property is a home they will live in.
What Do the Two Paths Mean for a $1 Million Portfolio?
Picture a 62-year-old Georgia retiree with $1,000,000 split evenly between brokerage and savings, plus separate cash for the down payment. On the qualifier path, that is $1,000,000 of usable assets at 100%. The loan can reach roughly that size, and a purchase at 80% LTV supports a price above the loan amount, subject to underwriting. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Now picture a 62-year-old with the whole $1,000,000 in a 401(k). At 59½ or older, the qualifier path counts it at 100%, so the loan ceiling holds near $1,000,000. Picture a 55-year-old with the same balance instead: that account counts at 90%, so the ceiling falls. On the depletion path, the balance counts at 70% at any age, then gets divided by 60 months. The income created is modest, so a large loan may not pass the debt-to-income test.
The lesson: the account types and your age matter more than the headline total. A million in cash and brokerage supports a very different home than a million in retirement accounts for someone under 59½.
What Won’t Count Toward the $1 Million
Some assets are not published as eligible on either path. That includes cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share. The documented route is converting them to cash in a regulated account and letting the lender review the source. On the depletion path, these are also off the table:
- Custodial accounts and escrow accounts.
- Deferred compensation, stock options, and non-vested restricted stock units.
- Foreign funds and cash on hand.
- Funds from non-regulated financial companies.
Seasoning is the waiting period that proves the money is really yours. On the qualifier path, funds need 60 days of seasoning and two months of statements per qualifying account. On the depletion path, statements must be at least 120 days old at application, plus a recent one within 45 days. Sale-of-business, inheritance, and legal-settlement funds are excused from that depletion-path seasoning.
Is “No Income” the Same as “No Documentation”?
No. Asset statements replace pay stubs, but they are still documents, and the lender must verify what it relies on. The CFPB’s small-entity compliance guide on ability-to-repay rules says stated-income lending is no longer allowed and that the income or assets a lender relies on must be verified. The NCUA’s supervisory letter on those rules confirms that non-QM loans are permitted when the lender makes and documents a reasonable, good-faith repayment determination.
Credit still gets reviewed too. 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 of 0x30x12 is standard, and one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible.
Buying a Rental? Look at DSCR Instead
If the house is a rental, a different product usually fits better. 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 debt service coverage ratio is the property’s monthly rent divided by its full monthly housing payment, including taxes, insurance, and any HOA dues. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your personal income is not the test, and your assets show up mostly as down payment and reserves.
That changes the price question. On a DSCR loan, the ceiling is whatever the rent can support, not a multiple of your portfolio. A duplex with rent that comfortably covers the payment can clear coverage near 1.2x, while a pricey single-family with weak rent may not. Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust when coverage is thin.
Here is how to decide:
- Strong rent, investment purchase: DSCR usually fits, and your portfolio stays untouched.
- Weak rent, investment purchase: asset depletion at 65% LTV on a purchase may work, or put more cash down.
- Home you will live in: asset qualifier or asset depletion, depending on how your balances are held.
Honestly, the third case is the cleanest. The asset qualifier path is built for exactly the retiree who wants a home and has the cash to prove it.
What Goes Wrong
A few patterns sink these files on the network. Each is avoidable with planning.
- Double-counting. The down payment and the qualifying assets overlap, so the pool is smaller than expected.
- Fresh deposits. Large recent transfers without seasoning or a documented source stall the review.
- Volatile balances. Securities haircuts and market drops can shrink usable assets between application and closing.
- Wrong path. A retirement-heavy borrower applies on depletion when the qualifier path would count more.
- Thin liquidity. On depletion, with asset income as the only income, liquid assets must reach at least $250,000.
Tax treatment varies; consult a qualified professional before relying on any assumption about how your portfolio gets used.
Key Terms Defined
Asset qualifier path: A program where eligible assets, after credit percentages, must cover the entire loan, with no income documented.
Asset depletion path: A program that divides usable assets by 60 months to produce qualifying monthly income.
Haircut: The share of an asset’s balance a lender will not count, usually because of market or access risk.
Seasoning: The time money must sit in an account, or the statement age required, before it counts.
DSCR: Monthly rent divided by the full monthly housing payment, used to qualify a rental on its own income.
Debt-to-income (DTI): Your monthly debts as a share of your monthly qualifying income.
Frequently Asked Questions
Can I buy a house in Georgia with $1 million and no job?
Yes, through select programs and subject to underwriting. If the house is your home, the asset qualifier or asset depletion path may apply. If it is a rental, a DSCR loan is reviewed primarily on the property’s rent. The price you can reach depends on account types, the down payment, and credit.
Will the lender sell my investments?
No. These programs count your balances; they do not require liquidation. You still need cash for the down payment, and that cash cannot also back the loan.
Does my 401(k) count?
Yes, at a reduced share on some paths. On the qualifier path, a 401(k) or IRA counts at 90% under 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age.
Can I add Social Security or a pension?
On the depletion path, yes. Asset income can supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does. The qualifier path documents no income at all.
Is a million dollars enough for a jumbo-size purchase?
Often it is, since loan amounts reach $4,000,000 on the qualifier path and $3,500,000 on the depletion path. The binding limits are your usable assets, the LTV cap, and the down payment, so confirm against your own statements.
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. Program figures are ceilings and floors, not offers. This is not a commitment to lend.
Most Georgia buyers with a seven-figure portfolio find the real question is not the price on the listing but which account the down payment comes out of.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Lexology: CFPB Prohibits Considering Down Payments for Non-QMs
2. CFPB ATR/QM Small Entity Compliance Guide
3. NCUA Supervisory Letter 14-01
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 Virginia and Buy a Home on Assets Before You Have Local Income? · Can You Refinance a California Home on Assets When Your Income Stops? · Can You Buy a Second Home in Tennessee on Assets Instead of Income?
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.