The Quick Read: Yes, often, if your savings and investments are large enough to carry the loan or to be converted into qualifying income, though lenders review every file individually and nothing here is a commitment to lend. Which route fits depends on the property: a rental can qualify on its own rent, while a Texas homestead needs an asset-based consumer loan and the state’s cash-out rules.
- On the asset qualifier path, eligible assets must equal or exceed the entire loan, and no employment or income is documented.
- On the asset depletion path, usable assets divided by 60 months become qualifying income that runs through the debt-to-income test.
- A Texas rental held for business purposes can qualify on rent versus the payment, with no paycheck involved.
- A Texas homestead cash-out carries extra state rules: an 80% total-debt cap and a 12-day waiting period.
- The assets are always documented. Only the income documentation changes.
Which Path Fits a Borrower With Assets and No Paycheck?
Across Lendmire’s wholesale network, two asset-based paths cover a borrower whose paycheck has stopped. They are different products, and a borrower is reviewed on one at a time.
The asset qualifier path is the cleaner one. Eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. No employment or income is documented. Loans run up to $4,000,000, subject to underwriting.
The asset depletion path turns assets into income. Usable assets are divided by 60 months, and that figure carries the housing payment and other debts through a debt-to-income test. Loan amounts run from $125,000 to $3,500,000 through select programs.
Who fits? Retirees, people who just sold a business, recipients of an inheritance or settlement, early-retired professionals, and households living on a portfolio. Large balances, small documented income. Those are the files these paths were built for.
How Much of Each Account Counts?
On the qualifier path, brokerage accounts, certificates of deposit, money market and savings count at 100%. A 401(k) or IRA counts at 90% if you are under age 59½ and 100% at 59½ or older. Accounts combine.
Say a borrower wants an $800,000 loan. Brokerage accounts of $330,000 count in full. A 401(k) of $300,000 held under age 59½ counts at 90%, or $270,000. Savings of $200,000 count in full. That is $800,000 of usable assets, which covers the loan and is reviewed on assets alone, subject to underwriting. The lender’s own calculation governs.
The depletion path uses haircuts instead:
| Asset type | Depletion path credit |
|---|---|
| Cash accounts, CDs | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts | 70% at any age |
| Real-estate equity | 60% |
Run the depletion math on $1,500,000 in securities (80% counts, or $1,200,000) plus $300,000 in cash (100%). That is $1,500,000 usable. Divided by 60 months, it produces $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the debt-to-income test.
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. Cryptocurrency, precious metals and collectibles 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.
What Do the Assets Need to Look Like on Paper?
Seasoning is where files stall. “No income documentation” never becomes “no documentation.” Think of it as no traditional personal-income documentation, pay stubs or employment verification, with every statement still on file.
On the qualifier path, funds need 60 days of seasoning, and each qualifying account needs two months of statements. On the depletion path, statements must be 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 depletion path also has asset minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income source, you also need at least $250,000 liquid. Asset income can instead supplement documented income up to a 45% debt-to-income ratio, and in that case the minimum-assets rule is waived.
Credit still matters. The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix. A first-time investor on the depletion path needs 700. Housing history is 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs 4 years of seasoning on the depletion path. Lenders will run credit. Never expect otherwise.
What Leverage Is Available?
Leverage differs by path and by occupancy, so name both every time.
- Asset qualifier path, principal residence or second home: up to 80% on a purchase and 75% on a refinance. Whether cash-out proceeds are allowed on this path is set by the lender and is not published.
- Asset depletion path, principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Asset depletion path, 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. On the qualifier path, no reserves are required at or below 75% loan-to-value. Above that, the lender sets them. The depletion path has no published reserve months. These are ceilings, not offers, and all are subject to underwriting.
Is the Texas Property a Rental or Your Homestead?
This is the question that decides the route.
If it is a rental. A loan to buy, improve or maintain non-owner-occupied rental property is generally treated as business-purpose credit. The CFPB’s Regulation Z rules on business-purpose credit set the line, and the exemption is lost if you expect to occupy the property more than 14 days in the coming year. Business-purpose rental financing is DSCR, and it qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. There is no paycheck in that test. Documents typically include credit authorization, a lease or rent schedule, entity documents if the property sits in an LLC, insurance, title, and an appraisal that supports the rent. Bank statements are usually requested for reserves and cash to close.
Purpose matters, not just the property. A cash-out on a rental whose proceeds pay personal expenses can still be treated as consumer credit. Tell your broker what the money is for, up front.
If it is your homestead. Business-purpose treatment does not apply. You are in consumer lending, and the asset qualifier or asset depletion path is the fit. Lendmire’s consumer lending is licensed in 16 states, Texas among them. The program figures above do not change by state. Lendmire’s asset-based mortgage program page lays out the current guidelines.
What Extra Rules Apply to a Texas Homestead Cash-Out?
A Texas homestead refinance that takes cash out falls under Section 50(a)(6) of the state constitution’s Article XVI. The Texas A&M Real Estate Research Center explains that total debt secured by the home cannot exceed 80% of fair market value, each owner and spouse must give written consent, and prepayment penalties are barred.
Then there is the 12-day waiting period. The Texas OCCC states that it starts only after you have applied and received the required disclosure. Apply Monday, receive the disclosure Wednesday, and the clock starts Wednesday. The loan cannot close before the 12th day after delivery. Closing must also take place at the office of the lender, an attorney or a title company.
Those are state rules layered over the program. Texas’ 80% cap sits beside the lender’s own leverage limits, and the tighter number controls. On the depletion path a cash-out is already capped at 60%.
A rate-and-term refinance that pulls no equity out generally does not trigger these rules, per Texas practitioners. Confirm with title or Texas counsel. An existing Texas cash-out loan on the home also constrains later refinancing, including a one-year seasoning rule when a home equity loan is refinanced into something else, per joint guidance from Texas regulators hosted by the OCCC. If you already have one, ask for a title review first.
Homestead status after you move out is a legal question. A refinance of a former residence needs title and counsel review.
Does It Matter That the Income Already Stopped?
For the right file, no. Federal ability-to-repay rules let a lender rely on income, assets, or both, and the home’s own equity cannot be the repayment source. The CFPB’s ATR/QM compliance guide lists employment status as a factor only if the creditor relies on income from employment. On the qualifier path, the review rests on the assets. On the depletion path, the review rests on derived income.
Two sequencing habits keep these files clean:
1. Seat the statements early. Money moved into a new account restarts the clock on seasoning.
2. Decide the property’s purpose before anything else. Rental or homestead drives the entire file.
Is It a Good Idea?
Not always. Qualifying on assets means the payment now depends on a portfolio, not a paycheck. Securities fall. Retirement balances discount. If the loan only works at the edge of the asset test, a market drop can leave you thin.
Compare the options before you commit. Selling can end the carrying cost. A large refinance may simply cost more than the cash flow it frees. A rental property can sometimes carry itself, which leaves your assets untouched.
Key Terms Defined
Asset qualifier path: qualifying on eligible assets that equal or exceed the whole loan, with no income documented.
Asset depletion path: dividing usable assets by 60 months to create a monthly qualifying income.
Haircut: the share of an account’s balance that does not count toward qualifying.
Seasoning: the period funds must sit in an account, supported by statements.
Homestead: the Texas home you live in, protected by special constitutional lien rules.
Business-purpose loan: credit for a rental or commercial purpose rather than personal use.
Frequently Asked Questions
Can I use the equity in my home as my qualifying asset?
No. Federal ability-to-repay rules look at assets other than the dwelling securing the loan. Real-estate equity counts only at 60% on the depletion path, and it does not rescue a file where the home itself is the source.
Do retirement accounts count?
Yes, at a reduced percentage in most cases. 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. All figures are subject to underwriting.
Is there a waiting period before a Texas homestead cash-out closes?
Yes. The 12-day period begins only after you have applied and received the required disclosure, not from the application date alone. Any cash-out is also subject to the 80% total-debt cap.
Can I refinance a Texas rental when I have no job?
Often, yes. A non-owner-occupied rental is generally business-purpose credit, and lender review rests on rent covering the payment. Credit, title, reserves and the appraisal are still reviewed, and select lenders in the network adjust leverage and terms when coverage runs below 1.00.
Does “no income documentation” mean no paperwork?
No. Statements, seasoning, credit, title and the property are all documented. Only the paycheck evidence is replaced.
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. Program details change, and every file is underwritten individually.
Lendmire’s asset-based mortgage in Texas page presents the program for Texas 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 personal-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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References
1. CFPB Regulation Z §1026.3, business-purpose exemption
2. Texas A&M Real Estate Research Center, home equity loans in Texas
3. Texas OCCC advisory bulletins
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 Much Does a Michigan Retiree Need in Assets to Buy a Home Without Income? · How Much Does a California Retiree Need in Assets to Buy a Home Without Income? · How to Refinance an Ohio Mortgage After Retiring With No W-2 Income
Guides: Asset-Based Mortgage in Texas
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.