Qualify on what you’ve saved — not a paycheck.
An asset depletion loan (also called an asset qualifier) lets you use your savings, investments, and retirement accounts to qualify for a mortgage — no job, no income, and no tax returns required. It’s built for retirees, business owners between ventures, and anyone whose wealth sits in the bank rather than in a paycheck.
Asset depletion loan terms at a glance
80%
maximum LTV
$3.5M
maximum loan amount
Mid-600s
minimum credit score
$0
income or employment required
Retirement OK
IRAs, 401(k)s & brokerage count
Investment OK
primary, 2nd home & investment eligible
All figures shown are maximums, with exceptions considered on a case-by-case basis. Final terms are quoted per deal and depend on the property, your assets, and your profile.
How an asset depletion loan works
Instead of looking at a paycheck, we add up your eligible liquid assets, subtract your down payment, closing costs, and required reserves, and convert what’s left into a monthly qualifying income — spread over a set number of months. That figure stands in for employment income, so there’s nothing to verify from an employer and no tax returns to produce. The larger your asset base, the more you qualify for.
What counts
Checking, savings, and money-market accounts, brokerage holdings, and retirement accounts — counted in full once you’re 59½.
Built for retirees and asset-rich borrowers
If your net worth is in your accounts rather than a W-2, this is your program. Retirees living off savings, business owners between ventures, and high-net-worth buyers who keep their cash invested can all qualify on assets alone. Retirement accounts count toward your qualifying assets — in full once you reach 59½ — and you can use it for a primary residence, second home, or investment property.
Asset depletion loan requirements
Every program sets its own guidelines, but most asset depletion files are reviewed against the same core items.
Seasoned, documented assets
Expect to provide recent consecutive statements, usually the last two to three months, for every account you are using. We want to see that the money has been in your control for a while. Large deposits that do not match your normal activity need a paper trail, such as a closing statement from a property sale, a business sale agreement or a transfer from another documented account.
Enough left over after closing
Qualifying income is calculated on what remains after the down payment, closing costs and required reserves. A borrower who puts a large amount down has less left to count toward income, so the down payment and the qualifying income have to be balanced together.
Credit history
Asset depletion is a Non-QM program, so it is flexible on income, but your credit profile still drives pricing and maximum leverage. Stronger credit generally opens up more program options.
Debt-to-income ratio
The income that depletion creates is run through a standard debt-to-income test with your other monthly obligations. Car payments, other mortgages and credit card minimums all count against it.
Retirement accounts
Retirement accounts are counted in full once you are 59½. Before that, many programs count a reduced percentage, so the same balance can produce noticeably different qualifying income depending on your age and the program.
Documents to have ready
- Two to three months of complete statements for each asset account, with every page included
- A government-issued photo ID
- An explanation and source documents for any large or unusual deposits
- Retirement account terms showing whether you can withdraw, if you are using those accounts
- Details of your current debts and any properties you own
- The purchase contract, or the current mortgage statement for a refinance
If you also need to show proof of funds for an offer, the same statements usually work. See our guide to proof of funds letters for a mortgage.
Common mistakes that stall approval
- Moving money right before applying. Consolidating accounts can feel tidy, but it creates transfers we have to trace. Leave accounts where they are until you have talked with us.
- Sending partial statements. A missing page, even a blank one, can hold up a file.
- Counting the same dollars twice. Money set aside for the down payment cannot also generate qualifying income.
- Assuming every program treats retirement funds the same way. Program differences here can change your qualifying income substantially.
Asset depletion vs. other Non-QM options
Asset depletion is not the only path if your documented income is light. Self-employed borrowers with steady deposits often qualify through bank statement loans. Investors buying rentals can qualify on the property’s rent with a DSCR loan. Some borrowers combine sources, for example a pension or Social Security income plus depletion income from assets. The right structure depends on your complete financial picture. For a deeper walkthrough of the calculation, read how an asset depletion mortgage works.
See what your assets qualify you for
No income, no employment — just a quick look at your accounts.
Borrowers with real assets are often quoted the wrong program. Someone with a large portfolio and modest documented income can do far better on an asset-based calculation than on any income test — but the structure gets chosen before anyone has seen the statements. Why the loan you were quoted isn’t the loan you have to close →
Asset depletion loan FAQs
What is an asset depletion loan?
It’s a mortgage that qualifies you on your liquid assets instead of employment income. Your eligible savings and investments are converted into a monthly qualifying figure, so you can buy or refinance without a job, income, or tax returns.
Do I need a job or income to qualify?
No. Qualification is based entirely on your assets. There is no employment to verify and no income documentation or tax returns required.
What assets count?
Checking, savings, and money-market accounts, brokerage holdings (stocks, bonds, and mutual funds), and retirement accounts. Funds generally need to be liquid and seasoned; retirement accounts count in full once you reach age 59½.
How is my qualifying income calculated?
We total your eligible assets, subtract your down payment, closing costs, and required reserves, and divide the remainder over a set number of months to produce a monthly qualifying income. A larger asset base produces a higher qualifying figure.
Can I use the loan for an investment property?
Yes. Asset depletion can be used for a primary residence, second home, or investment property. On investment property it’s sometimes structured as asset utilization, but the principle is the same — your assets qualify you, with no income or employment required.
Do I have to spend my assets to repay the loan?
No. The calculation only shows that your assets could support the payment. You keep the money invested and make your payments however you choose.
Can I combine asset depletion with other income?
Often, yes. Many programs let you add depletion income to documented income such as Social Security, a pension or W-2 wages to reach the qualifying number.
How long do my assets need to be seasoned?
Most programs look at the last two to three months of statements. Recent large deposits need documentation showing where the money came from.