The Quick Read: Yes, an Indiana buyer with no income can usually get a mortgage after paying cash, as long as the borrower holds enough documented assets to carry the loan or convert into qualifying income, and the file passes full underwriting with seasoned statements, credit review, and a clear source for the original purchase funds. The catch is that the cash spent on the house no longer counts as an asset. Plan the borrowing before you write the check.
- Two asset-based paths exist: assets that cover the whole loan, or assets divided into a monthly qualifying income.
- Neither path asks for traditional personal-income documentation, pay stubs or employment verification. Both require statements and full underwriting.
- Cash already sunk into the house cannot be counted twice, so remaining liquidity decides the outcome.
- A rental bought for business purposes can follow a separate investor route.
- Every figure below is a ceiling or floor, subject to underwriting and lender guidelines. This is not a commitment to lend.
Two Questions Hiding in This One
The title blends two different goals. One is getting your cash back out of a house you already own. The other is qualifying for any mortgage when you have no paycheck. The answers differ, and it helps to keep the two questions separate when planning.
“Getting cash back out” is a refinance question. It turns on how the house was bought, how long you have owned it, and how much of its value a lender will advance.
“Qualifying without income” is an asset question. It turns on what you hold in brokerage, savings, retirement and similar accounts, and on how a lender counts them.
Across the wholesale network Lendmire works with, asset-based mortgage programs answer the second question directly. Lendmire is a broker, so it arranges these loans through select lenders. It does not lend or underwrite them. The asset-based mortgage program covers two paths. A borrower is qualified on one path at a time, never a blend.
The reader this fits best is cash-heavy and income-light. Think of retirees, someone who sold a business, an heir, a settlement recipient, or a household living off a portfolio. Balances are large. Documented income is small.
The Cash-Buyer Trap
Paying cash drains the same pool of money that asset-based underwriting measures. A dollar cannot buy the house and also qualify you for the loan on it.
Take the asset qualifier path first. It requires usable assets that equal or exceed the entire loan amount. On a refinance, leverage on this path tops out at 75% of the home’s value on a principal residence or second home. So after you pay cash, you would need usable assets equal to roughly three-quarters of the home’s value, still sitting in eligible accounts, on top of the house you already own. A buyer who spent most of their liquidity on the house will usually fall short.
The asset depletion path has a different hurdle. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is the only income source, liquid assets can never fall below $250,000. A buyer who emptied the portfolio to buy the house may not clear that floor.
Cash-out proceeds do not rescue this on the depletion path, because they never count as qualifying assets. Whether any cash-out is allowed on the qualifier path is set by the lender and is not published. Treat it as unavailable until a lender confirms otherwise.
The practical lesson: the buyer most likely to succeed after a cash purchase is the one whose portfolio was much larger than the house. A buyer who stretched to pay cash will often find that this program is not the answer. A different financing structure may fit better.
How the Asset Qualifier Path Works
This path covers the whole loan with assets and documents no employment or income. It is the cleaner lane for a borrower whose balances plainly exceed the loan.
Typical parameters through select programs, subject to underwriting:
- Leverage: up to 80% loan-to-value on a purchase and up to 75% on a refinance, on a principal residence or second home.
- Loan size: up to $4,000,000.
- Credit: a 600 minimum score. Approval is never promised.
- Seasoning: 60 days, with two months of statements for each qualifying account.
- Reserves: none required at or below 75% loan-to-value. Above that, the lender sets them.
Different accounts count at different percentages on this path:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- 401(k) and IRA balances count at 90% under age 59½ and 100% at 59½ or older.
- Accounts combine.
Here is an illustration of the arithmetic. Say a borrower seeks an $800,000 loan. They hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) under age 59½ (90% counts, so $270,000), and $200,000 in savings (100% counts, so $200,000). That totals $800,000 of usable assets, which meets the loan amount and is reviewed on assets alone. The lender’s own calculation governs the real file.
Notice what is missing: no traditional personal-income documentation, pay stubs or employment verification. Notice what is present: statements for every account, plus a lender review of credit and the property. Skipping income documents never means skipping documentation.
How the Asset Depletion Path Works
This path turns assets into monthly income. The lender takes usable assets, divides by 60 months, and runs the result through the debt-to-income test with the housing payment and other debts.
Typical parameters, subject to underwriting:
- Leverage on a principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Leverage on an investment property: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Loan size: $125,000 to $3,500,000.
- Credit: the lender’s matrix applies. A first-time investor on this path needs a 700 score.
- Housing history: 0x30x12. One 30-day late in the last twelve months is considered case by case.
- Housing events and bankruptcy: a housing event needs 4 years of seasoning. Multiple bankruptcies are not eligible.
- 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.
The haircuts are steeper than on the qualifier path:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%.
- Privately held stock: not eligible on either path.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Not eligible: custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, privately held stock, stock options, non-vested restricted stock units, and funds from non-regulated financial companies.
Run an illustration. A borrower holds $1,500,000 in securities (80% counts, so $1,200,000) plus $300,000 in cash (100% counts, so $300,000). Usable assets come to $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income must then carry the housing payment and other debts through the debt-to-income test. Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
A word on unusual holdings. Cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share, and pledged or borrowed funds 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 lender reviewing the source. Never plan around them counting at a percentage.
Which Lane Fits?
| Path | What carries the loan | Occupancy | Main limit |
|---|---|---|---|
| Asset qualifier | Assets cover whole loan | Primary or second home | Needs assets equal to loan |
| Asset depletion | Assets ÷ 60 months = income | Primary, second, investment | Minimum assets and DTI test |
| Agency cash-buyer refinance | Documented income | Varies by agency | Full income file required |
| Standard cash-out refinance | Documented income | Varies by program | Ownership waiting period |
The first two rows are the asset-based program. The last two describe other programs’ rules, not this one. If you have a paycheck you can document, those last two may cost less. If you do not, the first two are the lanes worth testing.
What About Agency Delayed Financing?
Agency delayed financing lets a buyer who paid cash take a cash-out refinance without waiting out the usual ownership period. It generally wants an arm’s-length purchase, a settlement statement showing no financing, clean title, and documented funds. It also asks for a full income file, and the new loan is tied to the original purchase price.
That last point matters for this reader. The program exists, but a borrower with no income cannot use it as written. It is a useful contrast, not a solution. The same paperwork discipline still carries over to any lender: keep the closing statement, the title policy, and proof of where the purchase money came from.
Program figures do not change by state.
If the House Is a Rental
Everything above assumes a consumer loan on a home you live in or use as a second home. A rental changes the answer. 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.
Federal rules draw that line by purpose, not by label. The CFPB’s Regulation Z exemption covers credit extended primarily for a business or commercial purpose. In the ability-to-repay rulemaking, the Federal Register notice treats investment-purpose loans as business-purpose loans. The practical effect is that a rental loan runs on the property’s rent against its payment, not on your income. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
Two cautions. First, purpose is a fact test. Pulling equity from a rental to pay personal expenses can make the loan consumer-purpose. Second, plans to live in the house within the coming year change the treatment. If any of that fits your situation, settle it with the lender before you buy.
Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust. An investor who prefers to qualify on assets rather than rent can use the asset depletion path on an investment property, at the 65% and 60% ceilings above.
Three Scenarios Worth Running
The portfolio retiree. Picture a 66-year-old who pays cash for a second home using the sale proceeds of a business, while leaving a large brokerage account untouched. The portfolio, plus retirement accounts at 100% after 59½, may cover a modest refinance outright on the qualifier path. Statements need 60 days of seasoning. The retiree never documents income.
The stretched buyer. Say a buyer spent most of their liquidity on the house and kept only a small savings balance. On the qualifier path, usable assets fall far short of 75% of the home’s value. On the depletion path, the $250,000 liquid floor may not be met. The better move may be to wait, rebuild liquidity, or consider other structures such as a home equity line. Those carry their own terms, and this program does not govern them.
The family-funded buyer. Now imagine a buyer whose parent supplied the purchase money. Pledged or borrowed funds are not published as eligible assets on either path. A lender will also want to know whether the money was a gift or a loan, because that changes both the paper trail and what remains available. Document it before closing. A gift letter or note drafted at the time is far easier than a reconstruction later.
Before You Pay Cash
Deciding the financing plan before closing is what separates a smooth refinance from a stalled one. A working checklist:
1. Talk to a broker first. Seasoning and sizing rules vary by lender, and a conversation costs nothing before the purchase.
2. Keep a liquidity buffer. Leave enough in eligible accounts to meet the path you plan to use.
3. Keep every purchase record. That means the settlement statement, title policy, and proof of source for the funds.
4. Season the accounts. Statements need 60 days on the qualifier path and 120 days plus a recent one on the depletion path.
5. Check your credit. The qualifier path publishes a 600 floor. The depletion path follows the lender’s matrix, and a first-time investor needs 700.
6. Name the purpose. Primary residence, second home, or investment property each routes to different rules.
A consumer asset-based mortgage is fully underwritten, and TRID disclosures apply. The lender’s repayment review rests on your assets rather than your income, but the file is never undocumented.
If the Window Has Passed
Some buyers read this after closing, with the cash already spent. The options narrow but do not vanish.
- Wait and rebuild. Liquidity that builds back up in eligible accounts may eventually satisfy the qualifier or depletion test.
- Consider the other path. If assets cover the loan outright on neither path, a documented-income program may fit, if you have documented income.
- Convert assets. Selling securities or retirement holdings to a seasoned cash balance in a regulated account can help. Tax treatment varies; consult a qualified professional before selling.
- Re-examine the property’s purpose. If the house is an investment, an investor loan based on rent may be the better route.
None of these is a promise. Each depends on the property, the program, and current lender guidelines.
What Changes for Indiana
Nothing in the program parameters changes by state. Indiana is one of the 16 states where Lendmire arranges consumer mortgage lending. State facts such as taxes, insurance, and local pricing are context for the budget, never program parameters. Local title and recording practice runs through the closing agent. No Indiana-specific rule in this program changes the answers above.
Key Terms Defined
Asset qualifier path: a program path where eligible assets must equal or exceed the entire loan amount, with no income documented.
Asset depletion path: a program path that divides usable assets by 60 months to create monthly qualifying income.
Usable assets: the share of each account balance that counts after the program’s percentages are applied.
Seasoning: the length of time funds must sit in an account, shown by statements, before they count.
Delayed financing: an agency refinance exception that lets a cash buyer borrow soon after purchase, normally on documented income.
Business-purpose loan: a loan made primarily for business or investment use, such as financing a rental.
Frequently Asked Questions
Can I get a cash-out refinance right after buying a house with cash?
Sometimes, but not on the asset-based program as a guarantee. On the asset depletion path, cash-out is capped at 60% on a principal residence or second home and 60% on an investment property. On the qualifier path, cash-out terms are set by the lender and not published. Agency delayed financing is a separate route and generally requires documented income.
Do I need traditional personal-income documentation or pay stubs?
No, not on either asset-based path. The lender instead asks for statements on every qualifying account, along with credit review and property documents. Assets are documented, so the file is fully underwritten.
Does my retirement account count?
Yes, at a reduced share. 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. Both are subject to underwriting.
Can crypto or gold count as an asset?
Not directly. Cryptocurrency, precious metals and collectibles are not published as eligible on either path. Converting them to a seasoned cash balance in a regulated account, with the source reviewed, is the documented route.
Does paying cash hurt or help my application?
It helps your leverage, because there is no existing mortgage balance. It can hurt your qualifying assets, because the cash is gone. Weigh both before closing.
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.
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 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.
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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. CFPB, Regulation Z §1026.3 Exempt transactions
2. Federal Register, Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act
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 Qualify for an Indiana Mortgage on an Inheritance Without a Job · Can You Get a Mortgage in Texas With No Income but a Lot of Savings? · Can a Colorado Buyer Get a Mortgage After Paying Cash for a House With No Income?
Guides: Asset-Based Mortgage in Indiana
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.