The Quick Read: It depends on how you will use the home: if you will live in it, select programs in Lendmire’s wholesale network can review your assets alone or by turning them into monthly income, subject to underwriting, with no North Carolina job required, while a rental you will not occupy is reviewed on its rent through a DSCR loan.
- Living in the home: an asset-based mortgage looks at your balances, credit and the property, not a local paycheck.
- Renting the home out: a DSCR loan (debt service coverage ratio, meaning the rent measured against the full monthly housing payment) qualifies the property rather than you.
- Moving in later: the plan has to be honest at application, so a “rental” you intend to occupy belongs in the first group.
- Your assets are still documented. Skipping income documents never means skipping documents.
Does a New State Change Whether You Qualify?
No. Lenders in this space do not ask for a North Carolina employer. They ask what you will use the home for, how much you are borrowing, and whether your credit and verified assets support it. Your prior state of residence is not a qualifying factor.
That surprises people because the usual mortgage path runs through pay stubs and traditional personal-income documentation, and a gap between jobs breaks that path. An asset-based mortgage is built for the gap. It suits retirees, people who sold a business, inheritance or settlement recipients, early-retired professionals, and households living off a portfolio. Their balances are large and their documented income is small.
Lendmire is a mortgage broker, not a lender. It places these files with select lenders in its network. Its consumer mortgage lending is licensed in 16 states, and North Carolina is one of them, so a North Carolina borrower is within that footprint. Every file is underwritten individually, and nothing here is a commitment to lend.
Path One: Can Your Assets Cover the Whole Loan?
Yes, on the asset qualifier path, if your eligible assets add up to at least the entire loan amount. The lender counts a set share of each account, and no employment or income is documented. Qualification rests on the assets, subject to underwriting.
Here is how the pieces work through select programs:
- 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.
- What counts: brokerage accounts, certificates of deposit, money market and savings count at 100%. Retirement accounts count at 90% if you are under 59½ and 100% at 59½ or older. Accounts combine.
- Seasoning: seasoning is the waiting period that proves money is really yours. Here that means 60 days, with two months of statements for each qualifying account.
- Reserves: none required at or below 75% loan-to-value. Above that, the lender sets them.
Take an illustrative case. An $800,000 loan is supported by $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) held under age 59½ (90% counts, so $270,000), and $200,000 in savings (100% counts, so $200,000). That totals $800,000 of usable assets, which is reviewed on assets alone. The lender’s own calculation governs.
Whether cash-out proceeds are allowed on this path is set by the lender and is not published, so plan a purchase or a refinance without counting on it.
Path Two: Can Your Assets Become Monthly Income?
Yes, on the asset depletion path. The lender adds up your usable assets, divides by 60 months, and treats the result as monthly qualifying income. That income must carry the housing payment and your other debts through the debt-to-income test. You qualify on one path at a time, never a blend.
The haircuts are steeper than on the qualifier path. Cash accounts and certificates of deposit count at 100%, securities at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%. Custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options and non-vested restricted stock units are not eligible.
Here is the sanctioned arithmetic. $1,500,000 in securities counts at 80%, so $1,200,000. Add $300,000 in cash at 100%. That gives $1,500,000 usable, and divided by 60 months it becomes $25,000 of monthly qualifying income.
The other terms, through select programs and 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. Cash-out proceeds never count as qualifying assets.
- Loan size: $125,000 to $3,500,000.
- Credit: the lender’s score and loan-amount matrix. A first-time investor needs 700.
- Minimum assets: at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid when assets are your only income source.
- 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.
Assets can also supplement documented income up to a 45% debt-to-income ratio. When they do, the minimum-assets rule is waived.
Which Assets Count, and Which Don’t?
Cash-like accounts count most, and everything else counts less or not at all. The table shows how each path treats the common holdings.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage accounts | 100% | Securities 80% |
| Savings, money market | 100% | Cash accounts 100% |
| Certificates of deposit | 100% | 100% |
| 401(k) and IRA | 90% under 59½, 100% after | 70% at any age |
| Real-estate equity | Not published | 60% |
Cryptocurrency, precious metals, collectibles and borrowed or pledged funds are not published as eligible on either path. The documented route is to convert them into a seasoned cash balance in a regulated account, with the lender reviewing the source. Do that early, because seasoning takes calendar time.
What About Buying a Rental Instead?
If you will not live in the home, a DSCR loan can be the better tool. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, so a new state or a missing local job does not block it. Lendmire’s complete DSCR loans guide covers the mechanics in full.
The file shifts rather than disappears. Expect a lease or an appraiser’s market rent estimate, an appraisal, credit, asset statements, funds to close with a documented source, and a business-purpose and occupancy statement. Most programs in the network want to see credit and reserves behind the property. Select lenders will review coverage below 1.00, but leverage and terms adjust when they do.
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. That is also why occupancy intent matters so much for a relocator. The federal commentary on business-purpose credit draws a line at expected occupancy of more than 14 days in the coming year, and each loan’s purpose is judged case by case. A buyer who plans to move in eventually cannot treat the purchase as a pure investment loan.
One contrast is worth a paragraph. Agency programs also allow assets to count as income, but narrowly. Fannie Mae’s Selling Guide limits that treatment to employment-related assets such as retirement funds or severance, and only for a principal residence or second home. That is the agency’s rule, not the rule of the programs described above, which also count brokerage and cash holdings.
How Do the Three Paths Compare?
Match the path to your intent and your balance sheet.
| Factor | Asset qualifier | Asset depletion | DSCR loan |
|---|---|---|---|
| Use of home | Residence or second home | Residence, second home, investment | Rental only |
| What qualifies | Assets cover the loan | Assets become income | Property rent |
| Income documented | None | Derived from assets | Property income |
| Max loan | $4,000,000 | $3,500,000 | Varies by lender |
The qualifier path suits you when your liquid balances exceed the loan. The depletion path suits you when you want to keep some assets and still show income. DSCR suits you when the house is a rental, whatever your balance sheet looks like.
What Order Should You Do Things In?
Sequence matters more than speed. This order protects you from the most common relocation stumbles.
1. Decide the use. Residence, second home or rental. Everything else follows from this.
2. Inventory your accounts. List balances, account types, and your age against the 59½ line for retirement funds.
3. Season the money. Move anything unusual into a regulated cash or brokerage account and let it sit. Keep statements.
4. Check your credit. Pull your report and fix errors before any inquiry.
5. Talk to a broker before you tour. A broker can compare programs across lenders and tell you which path fits your balances.
6. Shop with a real number. Know the loan size and leverage your assets can support, then search North Carolina areas inside that range.
7. Keep funds untouched. Do not shift money between accounts mid-file without telling your broker, since each transfer needs a paper trail.
8. Sell elsewhere on a planned schedule. Sale proceeds count once they land in a documented account, subject to lender review.
What Trips Up Relocating Buyers?
Four mistakes show up again and again. Each is avoidable.
- Treating a primary home as a rental. Occupancy is attested at application. A DSCR loan for a home you intend to live in is the wrong product.
- Assuming no income documents means no documents. Both asset paths document your assets. You still provide statements, source of funds, and credit.
- Mixing the paths. You qualify on assets alone or on assets-as-income, never a blend of both tables.
- Counting assets that do not count. Cash on hand, stock options and borrowed funds are out. Cryptocurrency and collectibles need conversion to seasoned cash first.
One more tradeoff deserves honesty. Qualifying on assets means the lender is relying on balances you may then spend on the down payment. On the depletion path, a large purchase shrinks the pile that generates your qualifying income. The strongest files leave comfortable assets standing after closing. Tax treatment varies; consult a qualified professional before selling investments to fund a purchase.
Three Quick Scenarios
The retiree. Picture a 63-year-old with a large brokerage balance, a rolled-over IRA and savings, and no wages. If those accounts, after the percentages above, cover the loan, the qualifier path fits. Being past 59½ lifts the retirement account to 100%.
The business seller. Say you sold a company and the proceeds sit in a regulated account. Statement seasoning is excused for sale-of-business funds on the depletion path, so that route can work even though the money arrived recently, subject to the lender’s review.
The couple between jobs. Consider two remote workers who left employers to move and have savings plus a taxable portfolio. They want to live in the house. An asset-based mortgage fits. They also plan a spare unit someday, and that is a separate rental purchase on a separate path.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, must equal or exceed the whole loan, and no income is documented.
Asset depletion: a path that divides usable assets by 60 months to create qualifying income, which then runs through the debt-to-income test.
Seasoning: the period money has to sit in your account so the lender can confirm it is yours.
Debt-to-income ratio: your monthly debts divided by your monthly income, used to test whether you can carry the payment.
Non-QM: a mortgage that falls outside standard qualified-mortgage rules, defined against the federal ability-to-repay framework rather than being a government program.
Frequently Asked Questions
Can I buy in North Carolina before I have a job there?
Yes, if the loan is qualified on assets or on the property’s rent. Neither path asks for a North Carolina employer. You still need strong credit, verified and seasoned funds, and a clear statement of how you will use the home.
Do I have to sell my investments to buy?
Not necessarily. Eligible assets count toward qualification at a set percentage, and you keep them as long as you have enough for the down payment, closing funds, and the lender’s asset tests. The depletion path converts balances to income on paper without liquidating the whole portfolio.
Can I use a DSCR loan for the home I will live in?
No. A DSCR loan is for non-owner-occupied investment property. If you will occupy the home, an owner-occupant program such as an asset-based mortgage is the right category.
Does rental income from my current home help me qualify?
It can help on a different path. A rental you own can feed a DSCR file for another rental. For an owner-occupied purchase on assets, the file is built on your balances and credit, not on rent.
Which asset path has the lower hurdle?
It depends on your balance sheet. The qualifier path needs usable assets that equal or exceed the whole loan, while the depletion path needs a minimum asset level and a debt-to-income pass. A broker can run both against your statements.
What Should You Do Next?
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. Reach the team at 828-256-2183. The strongest relocation moves start with the account statements and end with the keys, in that order.
Lendmire’s asset-based mortgage in North Carolina page presents the program for North Carolina 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 tax returns understate 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 with commentary
2. Fannie Mae Selling Guide B3-3.4-06: Employment Related Assets Qualifying Income
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 Big Can an Assets-Only Mortgage Be? · How to Refinance a Jumbo Loan in Retirement on Assets · How to Qualify for a Mortgage on Liquid Assets Alone
Guides: Asset-Based Mortgage in North Carolina
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.