The Quick Read: It depends on the loan size and the path you use, not on one fixed number. On the asset qualifier path, your eligible assets must cover the entire loan. On the asset depletion path, you generally need the lesser of $1,000,000 or 1.25 times the loan, and never less than $250,000 liquid, subject to underwriting.
- Asset qualifier path: eligible assets, after credit percentages, must equal or exceed the whole loan. No employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become monthly qualifying income, which then runs through a debt-to-income test.
- Not every dollar counts the same. Cash counts in full. Securities, private stock and retirement accounts count for less, depending on the path.
- You still document everything. The assets are verified with statements. What you skip is traditional personal-income documentation, pay stubs and employment verification.
Montana is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, so the figures below apply to a Montana buyer. Program rules do not change by state, and every file is underwritten individually.
Can a Montana Retiree Buy a Home With No Job Income?
Yes, through select programs. A retiree with large balances and little documented income can qualify on those balances instead of a paycheck. Age alone does not disqualify you. Credit, the property and the verified assets decide the file.
This is a niche product. Big retail lenders mostly want income they can document: W-2s, traditional personal-income documentation, pay stubs. Asset-based mortgage programs exist for people whose wealth sits in accounts rather than in wages. That means retirees, business sellers, heirs and early-retired professionals living off a portfolio.
Lendmire is a broker. It does not lend. It places asset-based files with select lenders in its wholesale network, and those lenders set final terms. Lendmire’s asset-based mortgage programs page lays out the product family, and this article digs into the retiree math.
The Two Paths, Side by Side
The question “how much in assets?” has two answers because there are two paths. You qualify on one path at a time. Never mix their numbers.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| What is tested | Assets cover the entire loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Purchase leverage | Up to 80% LTV | Up to 80% (primary or second home) |
| Refinance leverage | Up to 75% LTV | 80% rate-and-term; 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | The lender’s matrix |
All of these are typical program ceilings and floors, subject to underwriting. They are not offers.
Asset qualifier path. Add up your eligible assets after the credit percentages. If the total equals or exceeds the entire loan, the file is reviewed on assets alone. The lender’s ability-to-repay review rests on those assets. This path suits a buyer with a modest loan relative to a big balance.
Asset depletion path. The lender takes usable assets and divides them by 60 months. The result is a monthly qualifying income. That income must carry the full housing payment and your other debts through the debt-to-income test. This path suits a buyer who wants a larger loan than the balance sheet covers dollar for dollar.
Here is the rule of thumb. If your usable assets are at least as large as the loan you want, start with the qualifier path. If the loan is bigger than your usable assets but your portfolio is large, look at depletion. Which fits better is a real decision, and a broker who sees many lenders can run both.
Which Assets Count, and How Much of Each?
Cash counts at face value on both paths. Everything else is discounted, and the discounts differ by path. That is why two retirees with the same net worth can get different answers.
Asset qualifier path: share of the balance that counts.
| Asset type | Share counted |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) and IRA, under age 59½ | 90% |
| 401(k) and IRA, 59½ or older | 100% |
Accounts combine, so you can stack several to reach the loan amount.
Asset depletion path: share of the balance that counts.
| Asset type | Share counted |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Notice the retirement account gap. A 401(k) can count at 90% or 100% on the qualifier path but only 70% on the depletion path. If most of your wealth is in retirement accounts, the path you choose matters a lot.
What does not count on the depletion path:
- custodial accounts
- deferred compensation
- escrow accounts
- foreign funds
- cash on hand
- stock options
- non-vested restricted stock units
- funds from non-regulated financial companies
Cryptocurrency, precious metals, collectibles, and borrowed or pledged funds are not published as eligible on either path. A business account counts only to the extent of your ownership share. The documented route for the rest is to convert the holdings to a seasoned cash balance in a regulated account. The lender then reviews the source. Plan for that step well ahead of applying.
How Much Do You Actually Need? Two Worked Examples
Think of the qualifier path as a coverage test. Your counted assets must equal or exceed the loan. At 80% leverage on a purchase, the loan is 80% of the price. So your counted assets need to be at least that large. The down payment comes from your funds too. The lender decides how the two pieces overlap, so ask early. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Qualifier example (illustrative only). Picture a buyer seeking an $800,000 loan. She holds $330,000 in brokerage accounts, counted at 100% ($330,000). She holds $300,000 in a 401(k) at age 58, counted at 90% ($270,000). She holds $200,000 in savings, counted at 100% ($200,000). Her usable assets total $800,000. That covers the loan, so she could qualify on assets alone, subject to underwriting.
Note what the 401(k) did. Under 59½, that $300,000 contributed only $270,000. Turn 59½ and the full amount counts.
Depletion example (illustrative only). Say a retired executive has $1,500,000 in securities, counted at 80% ($1,200,000). He also holds $300,000 in cash, counted at 100% ($300,000). Usable assets come to $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then has to carry the housing payment and his other debts through the debt-to-income test.
Two things follow. First, the lender’s own calculation governs, so treat these as shapes of the math, not predictions. Second, the depletion path has asset floors. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you also need at least $250,000 in liquid assets. For smaller loans, the 1.25 times test is the lower number. For larger loans, the $1,000,000 figure caps it.
So what is the minimum? On the qualifier path it is whatever the loan is, after discounts. On the depletion path it starts at $250,000 liquid and climbs with the loan. Both stay subject to credit and the property.
(Montana prices range widely between small-town and resort markets, so the loan you want, not the state, drives the asset number.)
What If You Also Have Social Security or a Pension?
Documented income can help, and it can lower the asset bar. On the depletion path, asset-derived income may supplement documented income, such as Social Security, a pension or part-time earnings. The combined total runs up to a 45% debt-to-income ratio. When assets supplement income this way, the minimum-assets rule is waived.
That changes the picture for many retirees. A modest pension plus a mid-sized portfolio may work where the portfolio alone would fall short of the floors above. The lender documents the income you do have. The assets fill the gap.
Seasoning and Statements: Where Files Stumble
Lenders want to see that your money has been yours for a while. Freshly moved funds raise questions.
- Qualifier path: 60 days of seasoning, with two months of statements for each qualifying account.
- Depletion path: statements at least 120 days old at application, plus the most recent statement dated within 45 days.
On the depletion path, funds from a sale of a business, an inheritance or a legal settlement are excused from that seasoning. Home-sale proceeds are not on that list. If you are selling a prior home before moving to Montana, ask the lender how those proceeds will be treated. Parking them in a regulated cash account early gives the paper trail time to build.
The assets are documented on both paths. The point is not to skip paperwork. The point is to skip income paperwork. Expect statements, a credit report and an appraisal.
Does No Income Mean No Paperwork?
No. Federal ability-to-repay rules let a lender weigh your “current or reasonably expected income or assets,” as the CFPB’s text of the rule puts it. The home securing the loan does not count as one of those assets. The lender must also verify what it relies on using third-party records, as 12 CFR 1026.43 at Cornell Law shows.
In practice, that is why the statements matter so much. An asset-based file is fully underwritten. Credit, property, assets and documents all get reviewed. The difference from a standard loan is what the lender leans on to judge repayment.
Credit and Property Rules That Still Apply
Asset wealth does not replace credit. On the qualifier path, the minimum score is 600. On the depletion path, the lender’s score and loan-amount matrix applies. A first-time investor on the depletion path needs a 700.
Housing history is judged strictly. The typical standard is 0x30x12, meaning no 30-day late payments in the last twelve months. One late payment in that window may be considered case by case. Multiple bankruptcies are not eligible. A housing event such as a foreclosure needs four years of seasoning on the depletion path.
Reserves are light. On the qualifier path, none are required at or below 75% loan-to-value, and above that the lender sets them. The depletion path has no published reserve months. All of this is subject to underwriting.
Buying a Rental on Your Assets: Which Path Fits?
A retiree may want a rental rather than a place to live. Here is the investor decision.
The depletion path does allow investment property, with lower leverage. Typical ceilings are 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Because the loan funds a business purpose, it sits outside the consumer rules. The qualifier path, by contrast, covers a principal residence or second home.
The other route is a DSCR loan. DSCR is short for debt service coverage ratio. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Your personal income is not the test. That avoids the large-portfolio thresholds that depletion requires. Your assets still matter for the down payment, seasoning and any reserves.
So the split is simple:
- Living in the home or using it as a second home: the asset qualifier or asset depletion path.
- Holding it purely as a rental: often DSCR, where the rent carries the file.
- A big portfolio you want to keep invested: either route can let you borrow without selling holdings. Whether that suits you depends on your goals, and a tax professional can weigh in on it. Tax treatment varies; consult a qualified professional.
Mistakes That Sink Retiree Files
- Counting the whole net worth. Lenders count usable, eligible assets, not what a statement says you are worth. Haircuts and excluded types shrink the number.
- Ignoring the 59½ line. On the qualifier path, a 401(k) counts at 90% before that age. Waiting can change the answer.
- Mixing the two paths. A qualifier-path percentage does not apply on the depletion path. Name the path every time you run numbers.
- Moving money last minute. Fresh deposits and transfers fall short of the seasoning periods. Move funds early.
- Holding unlisted assets. Crypto, metals and collectibles are not published as eligible. Convert to seasoned cash first.
- Forgetting the full housing payment. On the depletion path, the derived income must carry principal, interest, taxes and insurance, plus your other debts. Budget for upkeep and winter heating too, even though those sit outside the ratio.
Retirees in other states run into the same questions. The same two paths apply to a buyer in California.
Key Terms Defined
Asset qualifier path: A program track where eligible assets, after credit percentages, must equal or exceed the whole loan, with no income documented.
Asset depletion path: A program track that divides usable assets by 60 months to create a monthly qualifying income.
Haircut: The discount a lender applies to an asset because its value can move, such as counting securities at 80%.
Seasoning: The length of time funds must sit in your account before a lender will count them.
Debt-to-income ratio: Your monthly debts, including the new housing payment, compared with your qualifying monthly income.
Loan-to-value (LTV): The loan amount as a percentage of the home’s price or appraised value.
Frequently Asked Questions
Is there one minimum asset number for a Montana retiree?
No. The number depends on the path and the loan. On the asset qualifier path, counted assets must cover the entire loan, up to $4,000,000. On the asset depletion path, you need the lesser of $1,000,000 or 1.25 times the loan, and never under $250,000 liquid when assets are your only income. Lenders may publish different figures, and every file is subject to underwriting.
Do my retirement accounts count if I am under 59½?
Yes, in part. On the asset qualifier path, 401(k) and IRA balances count at 90% under 59½ and 100% at 59½ or older. On the asset depletion path, retirement accounts count at 70% at any age. Which path fits depends on how your wealth is split between retirement and cash accounts.
Can I use Social Security or a pension along with my assets?
Yes, on the depletion path. Asset-derived income may supplement documented income up to a 45% debt-to-income ratio. When it supplements in this way, the minimum-assets rule is waived. The lender documents your benefit income and then adds the asset-derived piece.
Do I need traditional personal-income documentation or pay stubs?
Not on these paths. You skip traditional income documentation, pay stubs and employment verification. You do provide asset statements, and the file still includes a credit review and an appraisal. The lender verifies the assets it relies on.
Can I buy an investment property with this kind of loan?
Through the depletion path, yes, at lower leverage. Typical ceilings are 65% on a purchase and 60% on a cash-out refinance, and a first-time investor needs a 700 score. A pure rental may fit a DSCR loan better, since the property’s rent carries that file rather than your portfolio.
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. Programs change, and each file is underwritten individually. Nothing here is a commitment to lend.
For a Montana retiree, the real number to find is not a state minimum but your own usable assets, after the discounts, set against the loan you want.
Lendmire’s asset-based mortgage in Montana page presents the program for Montana borrowers.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Investors who want the broader program framework can review how DSCR loans work.
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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, Section 1026.43 (Minimum Standards for Transactions Secured by a Dwelling)
2. Cornell Law School Legal Information Institute, 12 CFR 1026.43
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 Two Montana Retirees Buy a Home Together on an Asset Qualifier Mortgage? · Can You Relocate to Georgia 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 Montana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.