The Quick Read: Yes, you can buy before you have Florida income when the loan is reviewed on your assets, either because eligible assets cover the whole loan or because they convert into qualifying income, though a DSCR loan fits only a rental you will not live in, and every file is subject to underwriting. Your new address has no bearing on either route.
- Home you will live in: use an asset-based consumer mortgage, through select programs in Lendmire’s lender network.
- Rental you will not live in: a DSCR loan (debt service coverage ratio, meaning the property’s rent is measured against its payment) qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
- Two asset paths: assets cover the loan outright, or assets convert into monthly income. You qualify on one path at a time.
- Not paperwork-free: your statements are documented. Only the income and employment documentation drops away on one path.
Which Loan Fits the Home You Are Buying?
Occupancy decides everything. If you will sleep there, you are in owner-occupant territory. If a tenant will, you are in investor territory.
A Florida home you will live in is a consumer purchase. It needs a program built for people with large balances and little documented income. That means retirees, business sellers, inheritance recipients, early-retired professionals and households living off a portfolio.
A Florida rental is different. 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.
Here is the catch. No one gets to pick the product they like and then label the property to match. Occupancy is certified in writing, and we come back to what happens when it is wrong later in this piece.
Lendmire is a broker. It arranges these loans through select lenders in its network. Its consumer mortgage lending is licensed in 16 states, Florida among them. Programs change, and every file is underwritten individually.
Path One: Assets Cover the Whole Loan
On the asset qualifier path, your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. No employment or income is documented. The assets carry the file.
Through select programs, the figures look like this, subject to underwriting:
- Leverage: up to 80% loan-to-value on a purchase, and up to 75% on a refinance, for a principal residence or second home.
- Loan size: up to $4,000,000.
- Credit: a 600 minimum score, with a housing history of 0x30x12. One 30-day late in the last twelve months is considered case by case.
- Seasoning: 60 days, with two months of statements for each qualifying account. Seasoning is the waiting period that shows the money is really yours and not a recent deposit.
- Reserves: none required at or below 75% loan-to-value. Above that, the lender sets them.
A worked example, illustrative only, since the lender’s own calculation governs. Say the loan is $800,000. You hold $330,000 in brokerage accounts, which count at 100%. You hold $300,000 in a 401(k) and are under age 59½, so 90% counts, or $270,000. You also hold $200,000 in savings, counted at 100%. Together that is $800,000 of usable assets, and the file is reviewed on assets alone.
Notice what the 401(k) did. At 59½ or older it would count at 100%. Age matters on this path.
| Asset (qualifier path) | Share counted |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) or IRA, under 59½ | 90% |
| 401(k) or IRA, 59½ or older | 100% |
Accounts combine. Confirm with the lender how money you use for the down payment and closing costs is treated in the count.
Path Two: Assets Become Monthly Income
The asset depletion path turns assets into income on paper. The lender takes your eligible balances, applies the haircuts below, divides the usable total by 60 months, and treats the result as monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income test. Debt-to-income compares your monthly debts to your monthly income.
Illustrative arithmetic: you hold $1,500,000 in securities, which count at 80%, or $1,200,000. You also hold $300,000 in cash, counted at 100%. That is $1,500,000 usable, divided by 60 months, for $25,000 of monthly qualifying income. The housing payment and other debts must fit inside that.
Through select programs, 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.
- Minimum assets: the lesser of $1,000,000 or 1.25 times the loan balance. It is never below $250,000 liquid when asset depletion is your only income source.
- Credit: the lender’s matrix sets the score. A first-time investor needs a 700.
- Statements: at least 120 days old at application, plus the most recent one within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning.
Cash-out proceeds never count as qualifying assets on this path. Asset income can also supplement documented income, up to a 45% debt-to-income ratio. When it does, the minimum-assets rule is waived.
| Asset (depletion path) | Share counted |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts, any age | 70% |
| Real-estate equity | 60% |
Not eligible 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.
This is a “choose your path” decision. A portfolio-heavy buyer with a modest loan often fits the first path. A buyer with a very large portfolio and a bigger loan may fit the second. A lender looks at both, but the file is underwritten on one.
Why a Missing Florida Job Is Not the Obstacle
A lender can base its repayment-ability decision on income, on assets, or on both. The CFPB’s official commentary to the ability-to-repay rule says so directly. It lists checking and savings balances, vested retirement accounts, stocks, bonds, CDs and trust funds as assets a lender may consider. It also says the value of the dwelling securing the loan cannot be counted.
The lender must verify whatever it relies on. The federal regulation text on eCFR calls for third-party records that give reasonably reliable evidence. That is why asset-based files are heavy on statements. Employment status matters only when a lender relies on employment income.
So the answer to “I have no Florida paycheck yet” is simple. Employment is not what the lender is relying on, so it is not what the lender tests. Assets are.
Your new address does not hurt, either. Nothing in either program asks you to prove Florida residency before closing.
What Counts, and What Does Not
The tables above cover the standard balances. Three other situations come up constantly.
Crypto, precious metals, collectibles. None of these is published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account. The lender then reviews the source of that cash.
Business accounts and borrowed money. Business accounts count only for your ownership share, and even that is not published as eligible. Pledged or borrowed funds are not published as eligible either.
Real-estate equity. It counts on the depletion path only, at 60%. It is not an eligible asset on the qualifier path.
Treat these as ceilings, not offers. A figure is a maximum that your file may or may not reach.
Pay Cash, Finance on Assets, or Rent First?
You have four realistic options. None is right for everyone.
| Option | What you keep | Main catch |
|---|---|---|
| Pay cash | Nothing liquid is tied up in the loan | Large share of your portfolio leaves your accounts |
| Asset qualifier loan | Investments stay in place | Assets must cover the whole loan |
| Asset depletion loan | Investments stay in place | Derived income must pass debt-to-income |
| Rent first | Full flexibility | Housing costs continue while you search |
Paying cash is simple, and some buyers should do it. The cost is liquidity. A large share of your net worth ends up in one house, and moving it back out takes a sale or a loan later. Selling investments to fund the purchase can also have tax consequences, so discuss that with a qualified professional.
Financing on assets keeps the portfolio working while you carry a mortgage. Renting first is the low-pressure choice if you are unsure about the area. Many people who move here rent for a season before committing.
The Relocation Sequence
Order matters more than speed. A sensible sequence looks like this:
1. Inventory your accounts before the move. List each account, who owns it, and what type it is. Joint ownership and retirement accounts are the usual snags.
2. Season the money. Funds should sit in the accounts you plan to use, for at least the 60 days the qualifier path asks. On the depletion path, plan for statements that are 120 days old.
3. Move money once. Shifting funds between institutions late in the process creates a paper trail the lender has to review. Do it early or not at all.
4. Decide the path. Assets covering the loan, or assets becoming income. Choose before you shop, because the leverage caps differ.
5. Get a review with your statements in hand. A preliminary review shows how much of each balance counts.
6. Shop with a defined budget. Then make offers.
7. Handle occupancy honestly. If this is your home, it is your home. If it is a rental, it is a rental.
8. After closing, update your records. That includes your address, your accounts and your homestead paperwork.
Buying From Out of State
You can generally start before you arrive. Pre-review, documents and even offers do not require you to be in Florida. Whether you can sign remotely depends on the lender, the title company and the property, so ask early.
Two things stay in your hands wherever you live: your statements and your signature. Keep your documents current, and keep the accounts you rely on intact. A lender that sees a large unexplained withdrawal will ask about it.
Domicile and Homestead: What Buying Does Not Do
Closing on a Florida home does not by itself make Florida your legal home for every purpose. Domicile is a separate legal question that covers your license, voter registration and where you actually live. Homestead filing is separate again.
This is where a Florida attorney or accountant earns the fee. Tax treatment varies; consult a qualified professional. For the financing, the point is narrower: the lender cares about occupancy intent on the loan, not your domicile paperwork.
Florida Costs That Move Your Numbers
Insurance, flood coverage, property taxes and condo or HOA charges all land inside the monthly obligation. They can matter more than the price. Two similar homes can carry very different monthly costs.
On the depletion path, those costs must fit inside your derived income, so they can decide how much house you can buy. On a rental, they sit inside the payment in the DSCR math. A thin margin there is the usual reason a Florida rental deal fails. Get real insurance and flood quotes early, and ask about condo reserves and special assessments before you fall in love with a unit.
Selling the Old Home While You Buy
Sale proceeds can become your assets once they sit in a regulated account and meet seasoning rules. Funds from a business sale, an inheritance or a legal settlement are excused from the depletion path’s statement seasoning. Home-sale proceeds are not on that list, so ask how the lender treats them.
If the sales will overlap, tell your broker before you write offers. That affects the path, the timing and how your old mortgage counts against you.
The Rental Route: Where DSCR Fits
DSCR is the tool for a Florida investment property, not the house you move into. The lender divides the property’s monthly rent by its full monthly payment, including taxes, insurance and any HOA dues. Rent comes from an appraisal rent schedule, or from the lease on a refinance. Your credit, identity and assets are still reviewed. Your employer and traditional personal-income documentation is not part of that file.
Coverage at or above 1.00 means the rent covers the payment. Select lenders in the network will review coverage below 1.00, but leverage and terms adjust when they do. Everything is subject to lender guidelines and property review.
You sign a certification that you and your family will not live there. House-hacking, where you live in one unit of a duplex or fourplex, does not fit a DSCR loan. Vesting the property in an LLC does not change that, subject to lender program eligibility. For the full picture, read Lendmire’s complete DSCR loans guide.
Some buyers run two files at once. Asset-based financing handles the home. DSCR handles the rental. They are underwritten separately.
Edge Cases and Mistakes
Marking it as an investment now and moving in later. This is occupancy misrepresentation. CNN’s explainer on occupancy fraud puts the federal penalties at up to 30 years in prison and fines of up to $1,000,000. The reverse, claiming a home as your residence when it is a rental, is the classic version. A false investor certification is also a false statement.
“I will live there part-time.” On a long-term rental, personal use is not allowed.
Mixing the paths. Quoting a leverage cap from one path against the other path’s asset percentages. They do not blend.
Counting on eligibility that is not published. Crypto and business funds are examples.
Skipping reserves and closing costs. Budget the down payment, closing costs and cushion separately. Reserves are not part of the down payment.
Assuming “no income documentation” means “no documentation.” Assets are fully documented on both paths. Credit is reviewed. Approval is never promised.
Who This Fits, and Who It Doesn’t
It fits you if you have large, seasoned balances, documented income that is light or zero, and a credit profile at or above the program minimums. It also fits if you would rather keep your portfolio invested than pay cash.
It does not fit you if your wealth sits mostly in crypto, collectibles or a business account, if your credit has recent housing events or multiple bankruptcies, or if your balances fall short of the minimums. In those cases, renting, a co-borrower, or documenting income another way may be better. For example, if you work remotely for clients, read Lendmire’s guide Can You Buy a Home on 1099-NEC Income From One or Multiple Clients?.
If you are denied, the usual causes are credit, balances that fall short, undocumented large deposits, or ownership problems on an account. Most are fixable with time and cleanup.
Key Terms Defined
Asset qualifier path: the route where your eligible assets, after credit percentages, must equal or exceed the entire loan amount.
Asset depletion path: the route where usable assets divided by 60 months become qualifying monthly income.
Seasoning: the waiting period that shows funds are really yours and not a recent deposit.
Haircut: the share of an account’s balance a lender does not count, such as the 30% left out of a retirement account on the depletion path.
Debt-to-income (DTI): your monthly debts compared to your monthly income.
Owner-occupied: a home you intend to live in, as opposed to a rental.
Frequently Asked Questions
Do I need a Florida job or a Florida bank account to qualify?
No. Neither is required by the programs described here. The lender relies on your assets and credit, and it verifies them with statements. Keep your existing accounts intact so the seasoning clock is not reset.
Can I use a DSCR loan for the Florida home I plan to live in?
No. DSCR is built for non-owner-occupied rentals, and you certify that you will not live there. A home you will occupy needs an owner-occupant program, such as one of the two asset paths.
Do I have to sell my investments to buy?
Usually not. Balances are counted toward qualification, not liquidated. You still need cash for the down payment and closing costs, and the lender sets how that money is treated in the count.
What if my wealth is in crypto or a business account?
Neither is published as eligible on either path. The documented route is converting the funds to a seasoned cash balance in a regulated account. The lender then reviews the source.
Can I buy before my old home sells?
Sometimes, depending on how the lender treats your current mortgage and where proceeds will sit. Raise the overlap before you write offers so the file is built around it.
Next Steps
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. Florida’s rental and primary-home markets reward the buyer who sorts out occupancy and asset seasoning before the first offer goes in.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida borrowers.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB Regulation Z § 1026.43, official interpretation
3. CNN, mortgage occupancy fraud explainer
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 Asset Depletion Income Is Calculated From Your Portfolio · Can You Get a HELOC With No Income by Qualifying on Assets? · Asset Depletion Income Formula and Haircuts
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.