The Quick Read: Yes, through select asset-based programs, you can refinance a Georgia home when your paycheck has stopped, because the lender can rely on documented assets as your repayment source instead of employment income, subject to underwriting. Which path fits depends on how much you hold and what you plan to do with the loan.
- Assets cover the loan outright: on the asset qualifier path, eligible assets must equal or exceed the whole loan, and no income is documented.
- Assets become income: on the asset depletion path, usable assets divided by 60 months become qualifying income.
- Refinance leverage differs: typically up to 75% loan-to-value on a qualifier-path refinance, and 60% on a depletion-path cash-out.
- Assets are documented: you skip income documents, not statements.
- Rentals are a different product: a true rental property usually goes through DSCR financing instead.
Which Path Fits Your Situation?
A borrower is qualified on one path at a time, never a blend of both. Through the wholesale network Lendmire works with, these programs are built for people whose balances are large and whose paychecks are not: retirees, someone who just sold a business, an inheritance or settlement recipient, an early-retired professional, a household living off a portfolio.
If you hold enough to cover the full loan amount, the asset qualifier path is the cleaner fit. No employment or income is documented. The lender looks at your eligible assets, your credit, and the property.
If your assets are big but not loan-sized, the asset depletion path may fit better. The lender converts your usable assets into a monthly income figure. That figure then has to carry the housing payment and your other debts.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| What carries the loan | Assets cover full loan | Assets turned into income |
| Income documented | None | Derived from assets |
| 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 |
The depletion-path leverage in that table applies to a principal residence or second home. Figures are typical program ceilings through select programs, never offers, and subject to underwriting.
Why Lenders Can Use Assets Instead of a Paycheck
A common belief is that you need a job to refinance. You don’t. The federal ability-to-repay standard asks a lender to make a reasonable, good-faith judgment that you can repay. The CFPB’s ATR/QM compliance guide lists “current or reasonably expected income or assets” among the underwriting factors, and employment status matters only when the lender relies on employment income.
So assets are a legitimate repayment source. These loans sit in the non-QM world, which simply means they fall outside the standard mortgage box. The assets still have to be verified with statements.
How the Qualifier Path Works
On the qualifier path, your eligible assets, after the credit percentages below, must equal or exceed the entire loan. Nothing gets divided into income.
Here is how the balances count across most files we place:
- Brokerage accounts, certificates of deposit, money market and savings: 100%.
- 401(k) and IRA balances: 90% under age 59½, and 100% at 59½ or older.
- Accounts can combine.
Run an illustration. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts (100%, so $330,000), $300,000 in a 401(k) while under 59½ (90%, so $270,000), and $200,000 in savings (100%, so $200,000). Usable assets total $800,000, which matches the loan, so the file is reviewed on assets alone. The lender’s own calculation governs, and this is illustrative only.
Other details on this path:
- Seasoning: 60 days, with two months of statements for each qualifying account.
- Credit: a 600 minimum score, subject to underwriting.
- Reserves: none required at or below 75% loan-to-value. Above that, the lender sets them.
- Cash-out: whether proceeds are allowed, and at what leverage, is set by the lender and isn’t published. Plan on a rate-and-term refinance here unless a lender confirms otherwise.
How the Depletion Path Works
On the depletion path, usable assets divided by 60 months become your monthly qualifying income. That income then runs through a debt-to-income test, the share of your monthly income that goes to debts and housing.
Different account types count at different percentages on this path:
| Asset type | Share that counts |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts | 70% at any age |
| Real-estate equity | 60% |
Run the math. Say you hold $1,500,000 in securities (80%, so $1,200,000) plus $300,000 in cash (100%). That is $1,500,000 usable. Divided by 60 months, you get $25,000 of monthly qualifying income. That income then has to carry the housing payment and your other debts. Again, illustrative, and the lender’s calculation governs.
Practical guardrails on this path:
- Minimum assets: the lesser of $1,000,000 or 1.25 times the loan balance. If depletion is your only income source, never below $250,000 liquid.
- Statements: at least 120 days old at application, plus the most recent statement within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning.
- Credit: the lender’s score and loan-amount matrix applies. A first-time investor on this path needs 700.
- Supplementing income: asset income can top up documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does.
- Cash-out proceeds: these never count as qualifying assets.
Lenders outside our network set their own divisors and haircuts, and the formula can vary a lot between them. That is exactly why comparing programs matters.
Which Assets Count (and Which Don’t)
Cash, CDs, brokerage accounts and retirement accounts count on both paths. Crypto, metals, collectibles and borrowed funds do not. Not eligible on the depletion 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.
Other asset classes, like 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 into a seasoned cash balance in a regulated account, with the source reviewed by the lender. Don’t count on them at any percentage.
Does the Property Type Change the Answer?
Yes. Owner-occupied homes and second homes use these asset-based programs, while a pure rental usually goes a different way. The depletion path also reaches investment property, at lower leverage: up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out.
For a true rental, the better tool is often a DSCR loan. 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. A DSCR file qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Your personal paycheck stops mattering much; credit, equity and the rent carry it. Select lenders in the network offer programs below 1.00 coverage as well, though leverage and terms adjust. Lendmire’s complete DSCR loans guide walks through that route.
Purpose, not just collateral, decides which rules apply. The CFPB’s exempt-transactions rule says the primary purpose is determined case by case. A cash-out on a rental for personal use can still be consumer credit.
The Income-Stops Timeline
Apply while your assets are seasoned and documented, not after you panic-move money. Income ending mid-process doesn’t derail an asset-based file the way it does a paycheck-based one, since no employment is being verified on the qualifier path.
A few timing realities:
- Statements must be seasoned. Fresh deposits from selling something may need a paper trail, and the lender reviews the source.
- Moving funds between accounts during underwriting can disturb the verification trail. Keep transfers minimal and documented.
- Severance or unemployment benefits are not what these programs run on. The assets are.
- Closing costs and any funds needed to close come out of what counts, so size your cushion before applying.
Georgia: What Changes and What Doesn’t
Program figures are the same in Georgia as anywhere else. Georgia is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, so a Georgia borrower can pursue these programs, subject to underwriting and the specific lender’s overlays.
What Georgia adds is context, not parameters. A refinance puts your home up as collateral again, so the stakes are real if the assets that support the loan shrink. Take that seriously before you start.
When This Is a Bad Idea
If the assets that qualify you are also the money you live on, the loan can squeeze you from both sides. Run a simple stress test before applying: if markets fell and your balances dropped, could you still cover the housing payment for years without selling at a bad moment?
Consider alternatives if the answer is shaky:
- A rate-and-term refinance sized smaller.
- Waiting until income resumes.
- A co-borrower with documented income.
- Selling the home and downsizing.
Asset-based mortgages are best for people with a surplus, not people stretching to stay afloat. Borrowers who document income with deposits, such as the self-employed, may be a better fit for Lendmire’s guide to documenting income on a self-employed cash-out refinance. If your question is about tapping equity rather than qualifying, read about when a cash-out refinance wins.
Common Mistakes
- Assuming no income documents means no documents. The assets ARE documented on both paths.
- Counting assets at face value. Retirement balances and securities get haircuts, and the percentages above show how much.
- Mixing the two paths. Choose one and test it.
- Believing a 43% debt-to-income limit is the law. A legal glossary notes that no paragraph of the ability-to-repay rule sets a debt-to-income ceiling; 43% belonged to the old qualified mortgage definition.
- Expecting approval. Credit is still reviewed, with a 600 minimum on the qualifier path. Housing history of 0x30x12 is expected, and multiple bankruptcies are not eligible.
Key Terms Defined
Asset qualifier: a path where eligible assets must cover the whole loan, with no income documented.
Asset depletion: a path that divides usable assets by 60 months to create qualifying income.
Seasoning: how long funds must sit in your accounts before they count.
Haircut: the share of an account’s balance a lender discounts when counting it.
Debt-to-income (DTI): the share of monthly income that goes to debts and housing.
Non-QM: mortgages that fall outside standard qualified-mortgage rules and are underwritten individually.
Frequently Asked Questions
Do I have to sell my investments to qualify?
No. The lender counts your balances after percentage credits. You document them with statements and keep them invested, though the lender may review the source of any large recent deposit.
Can I combine assets with Social Security or a pension?
Yes, on the depletion path. Asset-derived income can supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived, subject to underwriting.
Do I need a 700 credit score?
Not on the qualifier path, where the published floor is 600. On the depletion path, the lender’s score and loan-amount matrix applies, and a first-time investor needs 700. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Is this a no-doc loan?
No. Income documents are skipped or replaced, but assets, credit, title and the property are all documented and reviewed. The loan is a consumer mortgage underwritten individually.
Can I use retirement accounts?
Yes. On the qualifier path they count at 90% under age 59½ and 100% after. On the depletion path they count at 70% at any age.
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 arranging financing through select lenders in its wholesale network. This is not a commitment to lend.
Lendmire’s asset-based mortgage program for Georgia borrowers is described in more detail on its Georgia page.
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 – ATR/QM compliance guide
2. CFPB – 12 CFR 1026.3 Exempt transactions
3. AdviceOnly glossary – Ability-to-Repay
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Does an Asset Depletion Loan Require Any Income? · Do Cash-Out Proceeds Count as Assets on an Asset Depletion Refinance? · Asset Depletion Income Formula and Haircuts
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.