The Quick Read: Usually the ceiling is set by the loan your usable assets can cover or support as qualifying income, not by the $1 million balance itself, and the purchase price is that loan plus your down payment, within the program’s leverage limit and subject to underwriting. Two paths exist, and you qualify on one at a time. Through select programs in Lendmire’s network, a borrower with large balances and little documented income can often find a fit.
- Asset qualifier path: your eligible assets must equal or exceed the entire loan. No employment or income is documented.
- Asset depletion path: usable assets are divided by 60 months to create qualifying income, which then runs through a debt-to-income test.
- Leverage differs by path: up to 80% on a purchase on the qualifier path, but 65% on an investment property purchase on the depletion path.
- Your $1 million is not all usable. Credit percentages, haircuts, the down payment and closing costs shrink it.
- Assets are documented. “No income documentation” never means “no documentation.”
Indiana is one of the 16 states where Lendmire’s consumer mortgage lending is licensed. The program figures below are the same everywhere. Indiana only changes the local context, such as what a home costs in Carmel versus Bloomington versus a lake town.
What Does $1 Million in Assets Really Buy?
Less than a million dollars of house on most files, and sometimes more. The answer depends on which path you use and what your $1 million is made of.
Picture two borrowers with the same balance. One holds everything in brokerage, savings and CDs. The other holds half in a 401(k) and half in stocks. Their usable assets differ, so their ceilings differ.
Four things set your number:
1. Asset mix. Each type counts at a different percentage.
2. The path. The qualifier path tests assets against the loan. The depletion path tests derived income against your debts.
3. Occupancy. A primary home or second home gets more leverage than an investment property on the depletion path.
4. Credit and property. Credit score, housing history and the appraisal all matter, subject to lender guidelines.
The sections below walk each path with the exact percentages.
Path One: When Your Assets Cover the Whole Loan
On the asset qualifier path, the loan is approved against your balances, not your paycheck. Eligible assets, after the credit percentages, must equal or exceed the entire loan amount. No employment or income is documented.
Across Lendmire’s wholesale network, this path is built for people who are asset-rich and income-light. Retirees fit. So do people who just sold a business, received an inheritance, or live off a portfolio.
Select programs on this path work from the following figures:
- Leverage: up to 80% on a purchase and 75% on a refinance, on a principal residence or second home.
- Loan size: up to $4,000,000.
- Credit: a 600 minimum score, with housing history expected clean.
- Reserves: none required at or below 75% loan-to-value. Above that, the lender sets them.
- Seasoning: 60 days, with two months of statements per qualifying account.
Here is how the arithmetic works. Say a loan of $800,000 is requested. You hold $330,000 in brokerage accounts (counts at 100%, or $330,000), $300,000 in a 401(k) while under age 59½ (counts at 90%, or $270,000) and $200,000 in savings (counts at 100%, or $200,000). That is $800,000 of usable assets, so the file can qualify on assets alone. The lender’s own calculation governs, and this is illustration only.
Notice what happened. A borrower with $830,000 in raw balances needed all of it to carry an $800,000 loan. That is why asset mix matters more than the headline total.
If your $1 million were all brokerage, CDs, money market and savings, it would count in full. A $1 million loan would be within reach on assets alone. At 80% on a purchase, that loan would support a price one and a quarter times the loan. How the lender treats your down payment funds, whether inside the tested assets or on top of them, is set by the lender. Get it confirmed before you write an offer.
Path Two: When Your Assets Become Income
The asset depletion path turns eligible assets into monthly qualifying income. That income must carry the full housing payment and your other debts through the debt-to-income test. The assets are not spent. The method is a calculation.
Statementsready’s explainer on asset depletion loans describes the same basic steps. Total the eligible assets, subtract the down payment, closing costs and reserves, then divide by a set number of months. It also notes that published wholesale guidelines commonly use 60 or 84 months and that investors set their own. On this path, the network’s programs use 60 months.
Here is a worked example using the 60-month divisor mentioned above. You hold $1,500,000 in securities, which count at 80% for $1,200,000. You also hold $300,000 in cash, which counts at 100%. Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income.
Now a closer-to-yours case. Suppose your $1 million sits entirely in cash and CDs. At 100%, that is $1,000,000 of usable assets, or about $16,667 of monthly qualifying income. If the same $1 million were all securities, 80% leaves $800,000, or about $13,333. Whatever the figure, it must carry the whole housing payment and other debts. Your down payment and closing funds come out first, which lowers that number further.
- Leverage: up to 80% on a purchase or rate-and-term refinance for a principal residence or second home. Cash-out on those homes is capped at 60%. An investment property is capped at 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.
- Credit: the lender’s score and loan-amount matrix applies. A first-time investor needs 700.
- Minimum assets: qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income, never below $250,000 in liquid assets.
- Statements: at least 120 days old at application, plus the most recent statement within 45 days.
One more option. Asset income can supplement documented income, up to a 45% debt-to-income ratio. When it does, the minimum-assets rule is waived.
Which Assets Count, and How Much?
The two paths treat your balances differently, so never blend the tables. Here is each path on its own.
| Asset type | Qualifier path | Depletion path |
|---|---|---|
| Brokerage accounts | 100% | Securities at 80% |
| Cash, savings, money market | 100% | Cash accounts at 100% |
| Certificates of deposit | 100% | 100% |
| 401(k) and IRA | 90% under 59½, 100% at 59½+ | 70% at any age |
| Private stock | Not listed | 75% |
| Real-estate equity | Not listed | 60% |
Some holdings are not eligible on the depletion path. These include custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options and non-vested restricted stock units.
Crypto, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share are not published as eligible on either path. Do not assume they count at any percentage. The documented route is to convert them to a seasoned cash balance in a regulated account. The lender then reviews the source of that cash.
If you are near the margin, the asset mix matters. Moving a taxable balance to cash can help the math. It can also trigger a taxable event. Tax treatment varies, so consult a qualified professional before you sell anything.
Seasoning and Paperwork
Both paths document the assets. Expect to hand over statements, explain large deposits and show where funds came from.
The qualifier path wants 60 days of seasoning and two months of statements per account. The depletion path wants statements at least 120 days old plus one within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning on the depletion path.
A checklist helps:
- Two months of statements for every qualifying account on the qualifier path.
- Older and recent statements on the depletion path.
- A source-of-funds explanation for any recent large deposit.
- Credit and housing history. This is a credit check, never a no-credit-check loan.
- For a housing event, such as a foreclosure, four years of seasoning is required on the depletion path.
Buying a Rental: Where DSCR Takes Over
Everything above is a consumer mortgage. If you plan to rent the property out, a DSCR loan is the usual better fit. DSCR means debt service coverage ratio, which is monthly rent divided by the full monthly payment.
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 Federal Register’s ability-to-repay rule leaves business-purpose and investment loans outside its personal ability-to-repay test. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines.
The rule matters for your plan. A primary home gets no such treatment. The Hunton summary of the rule notes that it covers dwellings whether or not they are a principal residence.
On a DSCR file, your $1 million does a different job. It funds the down payment, closing costs and reserves. It is not converted to income, and it does not set the price. The rent does. A property with strong rent supports a larger loan, and heavier taxes and insurance lower the ceiling.
Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust. Credit, rent documentation and reserves are still reviewed. For the full picture, see Lendmire’s complete DSCR loans guide.
Timelines vary by file and by lender, so it helps to gather your documents early.
What That Budget Looks Like in Indiana
Indiana prices swing widely by market. Suburbs north of Indianapolis, college towns and lake communities all price differently. A smaller loan size reaches further in a small city than in an expensive suburb.
Listing roundups show a price, not a ceiling. Your coverage figure is a loan size, and the property has to fit under it.
Budget for property taxes and insurance, which vary by county. On the depletion path they sit inside the payment your derived income must carry. Run your target county before you fall for a house.
Buy With Cash, or Finance?
This one is a genuine toss-up. Paying cash keeps the loan off your books. It also pulls your balances down, which can limit what you have left to live on.
Financing keeps more of your portfolio working. The qualifier path asks you to leave assets in place, so they stay seasoned and documented. The trade-off is a payment you must cover.
| Choice | What you keep | What you give up |
|---|---|---|
| Pay cash | No loan payment | Liquidity and portfolio growth |
| Qualifier path | Assets stay invested | A monthly payment; assets must stay documented and in place |
| Depletion path | Assets stay invested | A payment tested against derived income |
Ask yourself one question. Could your remaining assets cover the payment, taxes, insurance and living costs through a market drop? If not, a smaller purchase is the safer play.
Common Mistakes
- Treating $1 million as a price. It is a pool that shrinks before it works.
- Mixing paths. Qualifier figures do not apply to the depletion path, and vice versa.
- Counting crypto or collectibles. They are not published as eligible. Convert and season them first.
- Moving money late. Recent deposits need explaining, and seasoning periods apply.
- Using a consumer loan for a pure rental. A DSCR loan usually fits better.
- Forgetting the down payment. It reduces what is left to test.
Key Terms Defined
Asset qualifier: a path where eligible assets must equal or exceed the whole loan, with no income documented.
Asset depletion: a path that divides usable assets by 60 months to create qualifying income.
Haircut: the percentage of an asset’s balance that does not count, such as 20% off securities.
Seasoning: how long funds must sit in an account before a lender counts them.
Debt-to-income ratio: your monthly debts divided by your monthly qualifying income.
DSCR: monthly rent divided by the full monthly payment on an investment property.
Frequently Asked Questions
Can I get a mortgage with no job and $1 million in assets?
Often yes, through select programs, subject to underwriting. You qualify on either the asset qualifier path or the asset depletion path. Credit, statements and the property are still reviewed. Approval is never promised.
Do I need traditional personal-income documentation?
Generally no. Neither the asset qualifier path nor the asset depletion path relies on traditional employment or personal-income documentation. The lender reviews your assets, credit and the property. Final requirements come from the lender’s guidelines.
Do retirement accounts count?
Yes. On the qualifier path, 401(k) and IRA balances count at 90% under age 59½ and 100% at 59½ or older. On the depletion path they count at 70% at any age.
Is $1 million enough for a $1 million house?
Usually not on its own. Down payment, closing costs and haircuts come out first, and leverage caps apply. On the qualifier path, the loan must be covered by usable assets. On the depletion path, the derived income must carry the payment.
How is this different from a bank statement loan?
A bank statement program is for borrowers who document income with deposits. These asset-based paths document balances instead. A rental purchase is usually better handled with a DSCR loan.
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 Indiana page presents the program for Indiana borrowers.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage with consumer lending licenses in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending partners for borrowers whose traditional personal-income documentation understates their income, and each application is reviewed individually by the lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. Statementsready, asset depletion
2. Federal Register, CFPB Ability-to-Repay final rule
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 Much Does a Michigan Retiree Need in Assets to Buy a Home Without Income? · Can You Relocate to Florida and Buy a Home on Assets Before You Have Local Income? · Can You Refinance a Michigan Home on Assets When Your Income Stops?
Guides: Asset-Based Mortgage in Indiana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.