The Quick Read: Yes, usually, if your eligible assets are large enough and the file clears underwriting. Through select programs, a lender can qualify the loan on assets alone, or it can convert those assets into monthly qualifying income. Either way, the assets are documented with statements, and every file is underwritten individually.
- Path one, the asset qualifier: your eligible assets must cover the entire loan amount. No employment or income is documented.
- Path two, asset depletion: usable assets are divided by 60 months to create qualifying income. That income then has to carry the payment and your other debts.
- Your file uses one path at a time. The two sets of rules do not blend.
- Leverage is lower on a cash-out. On the depletion path it is 60% on a principal residence, a second home, or an investment property.
- A rental is a different lane. Rent-based DSCR financing often fits better, and a section below explains why.
A paycheck ending feels like a closed door. For a borrower with big balances and little documented income, it often isn’t. Retirees, business sellers, inheritance recipients and early-retired professionals hit this wall all the time. A lender built around pay stubs sees nothing to underwrite. An asset-based program sees a balance sheet.
Trade press backs the picture. Scotsman Guide reports that retirees and wealth-based borrowers can use these programs. Its example is a retiree with a $1.5 million portfolio who qualifies without traditional income.
Which Path Fits You?
Pick the qualifier path if your eligible assets add up to at least the whole loan. Pick depletion if your assets are large but smaller than the loan, or if you want them to count as income. A broker’s job is to run both and see which one your statements support.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| How you qualify | Assets cover the full loan | Assets ÷ 60 months = income |
| Income documented | None | Derived income, run through DTI |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | The lender’s matrix |
All figures are program ceilings and floors from select lenders in Lendmire’s network, subject to underwriting. They are not offers.
Path One: Your Assets Cover the Whole Loan
On this path, the lender adds up eligible assets after applying a credit percentage to each type. If the total equals or exceeds the loan amount, you qualify on assets alone. No income, no employment history, no pay stubs.
Leverage tops out at 80% loan-to-value (the loan as a share of the home’s value) on a purchase. On a refinance of a principal residence or second home, it is 75%. Cash-out proceeds are set by the lender and are not published, so never assume them.
| Asset | Share That Counts |
|---|---|
| Brokerage accounts | 100% |
| CDs, money market, savings | 100% |
| 401(k) or IRA, under age 59½ | 90% |
| 401(k) or IRA, 59½ or older | 100% |
Accounts combine. Run this illustration, which is only a sketch because the lender’s own calculation governs. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts (100% counts, so $330,000). You hold $300,000 in a 401(k) while under 59½ (90% counts, so $270,000). You hold $200,000 in savings (100% counts, so $200,000). The usable total is $800,000, which matches the loan. You qualify on assets alone.
Seasoning, the waiting period for money to sit in your accounts, is 60 days. The lender wants 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.
Path Two: Your Assets Become Income
The lender totals eligible assets after haircuts (a haircut is the share of a balance it discounts). It divides the usable amount by 60 months. The result is qualifying income, and it runs through the debt-to-income test (DTI, your monthly debts as a share of income).
| Asset | Share That Counts |
|---|---|
| Cash accounts and CDs | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts, any age | 70% |
| Real-estate equity | 60% |
Here is the sanctioned shape of the math. Say you hold $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100% counts). That is $1,500,000 usable. Divided by 60 months, it produces $25,000 of monthly qualifying income. That income then has to carry your housing payment and other debts in the DTI test.
You also need minimum assets. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you need at least $250,000 liquid. If the asset income only supplements documented income, it can do so up to a 45% DTI, and the minimum-assets rule is waived.
Leverage differs by occupancy:
- Principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Investment property: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out.
Cash-out proceeds never count as qualifying assets. Not eligible at all on this path: 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.
Statements must be at least 120 days old at application, plus one recent statement dated within 45 days. Funds from a business sale, inheritance or legal settlement are excused from that age requirement. Across the lenders in Lendmire’s network, that exception is what makes depletion workable right after a liquidity event.
Credit matters on both paths. Housing history is typically 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. After a housing event, the depletion path wants four years of seasoning. A first-time investor on that path needs a 700 score.
What About Crypto, Gold, and Everything Else?
Neither path publishes cryptocurrency, precious metals, collectibles, pledged funds, or borrowed funds as eligible. Skip assuming they count. The documented route is to convert them to cash in a regulated account, season that balance, and let the lender review the source of funds. Business accounts count only to your ownership share.
Why “No Income” Still Means Documented Assets
Asset-based doesn’t mean paperwork-free. A lender must still make a reasonable, good-faith judgment that you can repay. The CFPB’s small-entity compliance guide lists current or reasonably expected income or assets, other than the home’s own value, as the first factor in that judgment. So assets are a legitimate basis without a paycheck.
The lender must also verify what it relies on. The Federal Register preamble to the ability-to-repay rule says the creditor must use reasonably reliable third-party records. That’s why statements are required. This is also a consumer mortgage on your own home, so the standard consumer disclosures apply.
Think of it as no traditional personal-income documentation, pay stubs or employment verification. Not no documentation.
When Your Income Stops: Before, During, After
Apply while the balance sheet looks its best. Timing matters more than most borrowers expect.
Before the income ends. Move money into eligible accounts early. Seasoning clocks start when funds land. Keep account names matching the borrower. Stop shuffling balances around, because every large transfer invites questions.
During the application. Expect the lender to review statements, credit, the appraisal, title and insurance. Large deposits need explanations. Losing a job mid-file hurts a paycheck-based loan far more than an asset-based one, since your assets are the qualifying basis. A major drawdown of those assets, though, changes the file.
After the loan. You are living on a portfolio and carrying a mortgage. Plan your withdrawals around the payment, not the other way around.
Cash-Out or Rate-and-Term?
Rate-and-term replaces your existing loan without pulling money out. Cash-out borrows more against the home. For an income-light household, the leverage gap is large. On the depletion path, rate-and-term on a principal residence goes up to 80%, while cash-out stops at 60%.
That gap is the honest trade-off. If your goal is to change the loan structure or remove a name from the mortgage, rate-and-term leaves more room. If you need cash, expect a lower ceiling.
What If the Florida Home Is a Rental?
Then the paycheck mostly drops out of the file anyway. 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 property qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, with credit and equity still in play.
Don’t assume every rental escapes consumer rules, though. Compliance Alliance notes that the exemptions turn on occupancy, loan purpose and unit count. A rental you plan to use yourself is a different file.
Some select lenders in the network review coverage below 1.00, but leverage and terms adjust. A vacant, unleased property has no documented rent. That one depends on the program, the borrower and current lender guidelines.
Own a rental and have your own home too? You have two lanes. Choose by property.
Risks and Trade-Offs
Asset-based loans generally price and leverage differently from agency loans. Expect lower ceilings and more scrutiny of the balance sheet.
The bigger risk is behavioral. Borrowing against a home while living off a portfolio leaves you exposed if markets drop and withdrawals continue. A refinance that fits on paper can still strain you in a bad year. Keep a cushion beyond what the lender requires. Tax treatment varies; consult a qualified professional.
Florida adds context, not parameters. State-level matters like homestead status, insurance and condo or HOA rules vary by property. They sit outside the program figures above, which do not change by state.
What to Pull Together
- Two recent statement cycles per qualifying account (more on the depletion path, as above)
- Government ID and credit authorization
- Documentation for any large deposit
- Sale, inheritance or settlement paperwork if that is the source of funds
- Appraisal, title and insurance information, which the lender orders or requests
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, must equal or exceed the entire loan.
Asset depletion: a path where usable assets are divided by 60 months to create monthly qualifying income.
Debt-to-income (DTI): your monthly debts divided by your monthly income.
Seasoning: the waiting period money must sit in an account before a lender counts it.
Haircut: the share of an asset’s balance a lender discounts because the asset can lose value or is harder to access.
Frequently Asked Questions
Can I refinance if I’m retired and have no paycheck?
Usually, yes, through select programs. Retirees often fit either path, depending on how large their accounts are compared with the loan. Age alone doesn’t disqualify you. Credit, equity and eligible assets are what the lender reviews, subject to underwriting.
Does a large IRA count even if I’m not withdrawing from it?
Yes. On the qualifier path, a 401(k) or IRA counts at 90% under age 59½ or 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. Asset depletion is a calculation. You don’t have to sell or withdraw anything.
Can I take cash out on assets?
It depends on the path. On the depletion path, cash-out tops out at 60% on a principal residence, a second home or an investment property. The qualifier path’s cash-out terms are set by the lender and are not published.
What if I lose my job after I apply?
On a path that is reviewed on assets, your employment isn’t the qualifying basis, so a job loss matters less. Your credit and assets still get reviewed. If you spend down qualifying balances, the numbers change.
Is this a no-doc loan?
No. Your assets are documented on both paths, with statements for each qualifying account. What you skip on the qualifier path is documenting income.
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 is a broker that arranges financing through select lenders in its network. Its consumer mortgage lending is licensed in 16 states, Florida among them. No program is a commitment to lend, and every loan is subject to underwriting.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida borrowers.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of traditional personal-income documentation, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Scotsman Guide: One out of 20 mortgages are non-QM
2. CFPB ATR/QM Small Entity Compliance Guide
3. Federal Register: Ability-to-Repay and Qualified Mortgage Standards
4. Compliance Alliance: Regulation Z and Investment Properties
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 Snowbirds Get a Mortgage on a Winter Home Without Income · How to Refinance a Florida Mortgage After Retiring With No W-2 Income · Can You Relocate to Michigan and Buy a Home on Assets Before You Have Local Income?
Guides: Asset-Based Mortgage in Florida
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.