The Quick Read: There is no fixed price, because the answer depends on which path the loan runs on. On the asset qualifier path, usable assets must cover the entire loan, so $1 million in qualifying assets supports a loan of up to $1 million, and a purchase at 80% loan-to-value can reach a price of roughly $1.25 million, subject to underwriting. On the asset depletion path, the same $1 million is spread over 60 months to become qualifying monthly income, and that income has to carry the whole payment through a debt-to-income test.
- Asset qualifier path: no employment or income is documented, and eligible assets must equal or exceed the whole loan.
- Asset depletion path: usable assets divided by 60 months become qualifying income.
- The $1 million is both your qualifier and your cash source, so the down payment, closing costs and any reserves come out of the same pool.
- Retirement balances, securities and cash count at different percentages.
- A rental purchase usually belongs on a DSCR loan instead, where the property’s rent sets the loan size.
Virginia changes none of the program figures. Consumer mortgage lending through Lendmire’s network is available to Virginia borrowers, and the numbers below come from select programs, subject to underwriting.
What Does “$1 Million in Assets, No Income” Mean to a Lender?
It means large balances and little or no documented earnings. Retirees, people who sold a business, heirs, and households living off a portfolio fit this profile. The lender does not ignore the assets. It documents every account it relies on.
“No income” never means “no documentation.” Across the wholesale network, the asset programs skip traditional personal-income documentation, pay stubs and employment verification. They do not skip statements, ownership proof, or a review of where the money came from. You trade income paperwork for asset paperwork.
Two paths exist, and a borrower is qualified on one at a time. Never blend their tables.
Path One: The Asset Qualifier Loan
The asset qualifier path covers the whole loan with eligible assets and documents no employment or income. The test is simple: after the credit percentages below, your usable assets must equal or exceed the entire loan amount.
Leverage on this path runs up to 80% loan-to-value on a purchase and 75% on a refinance, for a principal residence or second home, through select programs. Loan sizes go up to $4,000,000. The minimum credit score is 600.
Here is how assets count on this path:
| Asset | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) / IRA, under age 59½ | 90% |
| 401(k) / IRA, 59½ or older | 100% |
Accounts combine. An illustrative case: an $800,000 loan with $330,000 in brokerage accounts, $300,000 in a 401(k) held under 59½ (counted at 90%, so $270,000) and $200,000 in savings counts $800,000 of usable assets. That is reviewed on assets alone. The lender’s own calculation governs.
Seasoning is 60 days, with two months of statements for each qualifying account. Reserves are not required at or below 75% loan-to-value; above that, the lender sets them.
So What Price Can $1 Million Reach on the Qualifier Path?
Treat the $1 million as the ceiling on the loan, not on the price. If every dollar counts at 100%, the loan can reach $1 million. At 80% on a purchase, that loan supports a price of about $1.25 million, which means the buyer brings roughly 20% of the price from somewhere.
Here is the catch. The down payment and closing costs come from the same $1 million. If your usable assets are exactly $1 million and you spend part of them at closing, you no longer cover the full loan. The lender looks at what remains after the purchase.
Think of it as a loop. The assets that qualify you cannot also be the assets you spend. A buyer who needs a $1 million loan on a purchase needs the down payment and costs to sit in addition to the qualifying balance, or the loan has to be smaller. Sizing it correctly is the main job of the file.
Say you hold $1 million in savings and brokerage accounts and want a Virginia home. Working backward, a more workable loan is one your remaining assets still cover after you fund the down payment and costs. That puts the realistic price well below the headline number, and the exact figure depends on the lender’s review of your statements.
Path Two: Asset Depletion
The asset depletion path turns eligible assets into a monthly qualifying income. The lender applies a haircut by account type, adds the usable total, divides it by 60 months, and runs the result through the debt-to-income test. No assets are actually withdrawn. It is a calculation, not a liquidation.
| 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% |
Not eligible: 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.
The sanctioned example: $1,500,000 in securities counted at 80% ($1,200,000) plus $300,000 in cash at 100% is $1,500,000 usable. Divided by 60 months, that is $25,000 of monthly qualifying income, which then carries the housing payment and other debts.
Run the same math on $1 million of cash and CDs and you get a smaller monthly qualifying income than the example above. Securities at 80% would produce less. Retirement balances at 70% produce less still.
Leverage on this path is lower. A principal residence or second home goes up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out. Investment property goes up to 65% and 60%. Loans run from $125,000 to $3,500,000. Credit follows the lender’s matrix, and a first-time investor needs 700.
Two minimums matter at your asset level. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. And when depletion is the only income, liquid assets can’t fall below $250,000. Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio.
Which Path Fits Which Borrower?
The qualifier path fits a buyer who wants a loan that the assets simply cover. It has no debt-to-income test on documented income, and the price follows from the loan size you can support.
The depletion path fits a buyer whose assets are large but who would rather keep them invested. The assets become income, and the payment has to fit under the debt-to-income limit. That limit is what stops the price. A bigger payment needs more qualifying income, which needs more usable assets.
It is a genuine toss-up for some files. The qualifier path often allows a higher loan against the same assets. The depletion path keeps more of the balance intact but caps leverage lower and tests the payment. Run both against your statements before choosing.
Statements matter on both. The depletion path wants statements at least 120 days old at application plus the most recent one within 45 days. Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning.
What About Assets That Don’t Count?
Cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share are not published as eligible on either path. Don’t count on them.
The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender. That takes planning. A sale last month does not season.
Why a Rental Purchase Usually Belongs on a Different Loan
If the house is a rental, the asset programs are often the wrong tool. On the depletion path, investment property tops out at 65% on a purchase and 60% on a cash-out, and it uses up your asset-derived income in the debt-to-income test.
A DSCR loan works the other way. 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. Residential DSCR is generally gross monthly rent divided by the full monthly payment, including principal, interest, taxes, insurance and any association dues.
Your $1 million then does a different job. It funds the down payment, closing costs and reserves, and it strengthens the file. It does not set the price. Rent coverage does. Rent-rich properties with lower carrying costs stretch a budget further than expensive ones that barely cover.
Most DSCR programs in the network want rent that covers the payment at a baseline around 1.00x. Select lenders in the network offer programs below 1.00 coverage, though loan-to-value and terms adjust. Underwriting often takes the lower of the lease rent and the appraisal’s market rent. Many files run through an LLC, subject to program terms.
Owner-Occupied Versus Rental: Where the Line Falls
If you will live in the house, it is a consumer loan and the asset programs above apply. If the property is a true rental, it is a business-purpose loan. The actual purpose controls, not the label on the application.
A signed business-purpose attestation is part of a DSCR file. A borrower who plans to move in later should say so, because the occupancy answer decides the whole product.
The Rules Behind Asset-Only Qualification
Consumer lenders must consider current or reasonably expected income or assets when they extend a covered loan. The CFPB’s ability-to-repay compliance guide lists the underwriting factors a creditor weighs, and income or assets, other than the value of the property, comes first. That is why asset-based consumer loans exist.
The lender must verify what it relies on. A law-firm review of the CFPB’s non-QM guidance notes that a non-QM lender may rely on assets alone, provided it checks them with reasonably reliable third-party records. That matches what you see in practice: statements, account ownership, and source reviews.
Credit extended primarily for a business purpose falls outside that consumer framework, as the CFPB’s rule on exempt transactions describes. That is the legal basis for the DSCR route on rentals.
Where Virginia Fits
Virginia changes the context, not the program. The figures above are the same for a buyer in Northern Virginia, Richmond, Hampton Roads or Charlottesville. What changes is what a given loan buys and what the house costs to hold.
A $1 million loan buys a very different house in different parts of the state. Budget for taxes, insurance and any association dues, which vary by county and property type. Those costs enter the payment, and on the depletion path they enter the debt-to-income test directly.
Neighboring-state versions of this question run on the same program figures.
Cash, Financing, or a Mix?
Spending $1 million of a $1 million portfolio concentrates nearly all of your net worth in one house. Qualifying capacity and comfortable spending are different numbers.
A smaller loan against a larger remaining balance leaves more cushion. Selling securities to fund a down payment can create tax consequences. Tax treatment varies; consult a qualified professional.
A mixed approach often works best. A moderate down payment, a loan the remaining assets can comfortably cover, and liquid reserves left over keep the file clean and the borrower flexible.
Key Terms Defined
Asset qualifier loan: a mortgage where eligible assets must equal or exceed the whole loan, with no income documented.
Asset depletion: a method that divides usable assets by 60 months to produce monthly qualifying income.
Haircut: the share of an account’s balance a lender refuses to count, because the asset can lose value or carries restrictions.
Debt-to-income ratio: monthly debts, including the new housing payment, divided by monthly qualifying income.
Seasoning: the length of time funds must sit in your account before a lender counts them.
DSCR: the property’s monthly rent divided by its monthly payment, used on business-purpose rental loans.
Frequently Asked Questions
Can I buy a house with $1 million in assets and no job?
Yes, through select consumer programs, subject to underwriting. The asset qualifier path covers the loan with assets alone, and the asset depletion path converts assets into qualifying income. Credit, statements, seasoning and the property all get reviewed.
Does $1 million in assets mean I can buy a $1 million house?
Not automatically. On the qualifier path, a loan up to $1 million would need every dollar counted at full value, and your down payment and costs come from the same money. On the depletion path, the payment must fit the debt-to-income test. The realistic price usually sits below the headline figure.
Do retirement accounts count?
Yes, at different percentages. 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.
Is “no income” the same as “no documentation”?
No. These programs skip traditional personal-income documentation, pay stubs and employment verification but verify every asset with statements, and the lender reviews where the money came from. Personal credit is also reviewed.
Should I use an asset loan or a DSCR loan for a rental?
Usually DSCR. It qualifies primarily on the property’s rental income covering the payment, subject to lender guidelines, so your assets fund the down payment and reserves instead of setting the price.
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 programs based on your statements, the property, credit profile, leverage, and your goals. Reach the team at 828-256-2183 or request a quote. Virginia buyers with seasoned balances tend to find that the loan size the assets can support, not the sticker price, is what shapes the search.
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. CFPB Ability-to-Repay and Qualified Mortgage Compliance Guide
2. Consumer Financial Services Review: CFPB Addresses Non-QMs Under Ability-to-Repay Rule
3. CFPB Regulation Z, Exempt Transactions
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 Buy Before You Sell in Virginia Using an Asset Qualifier Mortgage · How Much Does a California Retiree Need in Assets to Buy a Home Without Income? · Can You Relocate to Georgia and Buy a Home on Assets Before You Have Local Income?
Guides: Asset-Based Mortgage in Virginia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.