Non-QM Loan Program
Asset Depletion Loans: Qualify Using Your Assets, Not Your Paycheck
Asset-based mortgage qualification — also called asset depletion or asset utilization — converts your eligible liquid assets into an imputed monthly income for underwriting. This path may fit retirees, high-net-worth borrowers, and others whose income documentation does not reflect their financial strength.
- No W-2 or pay stub income required
- Eligible assets may include savings, brokerage, and retirement accounts
- Can be used alone or combined with other income
- Available for primary residence, second home, and investment scenarios
Program availability, eligible asset types, income calculation methods, and LTV limits vary by lender and are subject to underwriting. National Mortgage Center is powered by Stride Bank. Not a commitment to lend.
What is an asset depletion loan?
An asset depletion loan is a Non-QM mortgage that uses eligible liquid or near-liquid assets to create an imputed monthly income. Lenders divide your net qualified assets by a set number of months — commonly 36 or 60 — to calculate what monthly income that asset base could support.
This approach does not require you to have W-2 income, pay stubs, or business revenue. Instead, it recognizes that accumulated wealth can serve as a measure of repayment ability. Qualification still depends on credit, equity, reserves, and overall file strength — not assets alone.
National Mortgage Center is powered by Stride Bank. This page is educational and not a commitment to lend.
How Asset Depletion Income Is Typically Calculated
The basic formula converts a lump-sum asset value into a monthly income figure for underwriting. The specific rules vary by program and lender.
Standard calculation
Used when the borrower's DTI before adding asset income is 60% or below, and other income sources are also present.
Assets as primary income
Used when assets are the sole income source or the DTI before asset income exceeds 60%. Results in a lower monthly income figure.
Super jumbo (illustrative)
Very large loan programs may use a longer divisor. This results in a lower monthly income but allows very high asset balances to support large loan requests.
Example (illustrative only): A borrower with $900,000 in eligible liquid assets divided by 36 months produces an imputed monthly income of $25,000. At a 43% DTI, that could potentially support a large mortgage payment — though actual qualification depends on complete underwriting, credit, LTV, and program guidelines. Not a rate quote or approval.
Assets That May Qualify
- Checking and savings accounts
- Money market accounts
- Certificates of deposit (CDs)
- Taxable brokerage and investment accounts
- Retirement accounts (IRA, 401k — often with a discount for tax obligations)
- Business accounts (if borrower has 100% ownership on select programs)
- Foreign accounts (on specific programs for eligible borrowers)
- Proceeds from a documented asset sale if properly seasoned
Assets That Generally Do Not Qualify
- Real estate equity (the property you are buying or currently own)
- Unvested stock options or restricted stock
- Assets pledged as collateral elsewhere
- Cash held outside of documented accounts
- Unseasoned assets (recently transferred or deposited)
- Foreign assets on programs that restrict non-U.S. account usage
- Assets held in accounts the borrower does not have legal access to
Eligible asset types, haircuts on retirement accounts, and business asset rules vary by program and lender. A specialist can confirm which of your assets may be used.
Who May Consider Asset Depletion?
Illustrative scenarios — not verified customer stories.
Retiree with pension and investment portfolio
- Situation
- Retired professional with a modest pension but a $1.5M brokerage portfolio. W-2 income alone falls short of traditional qualification thresholds.
- Consideration
- Eligible liquid assets spread over 36 months could produce a meaningful imputed monthly income when combined with existing pension income.
- What to do next
- Document all eligible accounts and confirm which assets are liquid vs. retirement (retirement may be discounted). Calculate an estimated income range before applying.
Executive with equity compensation
- Situation
- High earner whose compensation includes stock grants or restricted stock. Vested shares are substantial but variable income may not qualify conventionally.
- Consideration
- Eligible liquid securities may support asset depletion income as a supplement to base W-2 income, depending on program guidelines.
- What to do next
- Segregate vested liquid assets from unvested grants and confirm 3-month seasoning on the accounts to be used.
Business sale proceeds
- Situation
- Business owner recently sold their company. Proceeds are in a brokerage or savings account but no ongoing W-2 income.
- Consideration
- Asset depletion may be the primary income path depending on the size of proceeds and program divisor. Note that money received within 90 days of application may not be considered fully seasoned.
- What to do next
- Confirm seasoning timing, document the source of funds from the sale, and model income using 36 or 60-month divisors to understand the qualifying range.
Foreign national with U.S. assets
- Situation
- International buyer purchasing a U.S. second home or investment property with substantial assets held domestically.
- Consideration
- Some programs permit foreign national borrowers to use asset utilization as a sole income source, subject to stricter asset and reserve requirements.
- What to do next
- Confirm which assets are eligible (foreign accounts may qualify on specific programs), confirm 3-month seasoning, and review reserve requirements for your loan amount.
Estimate Your Non-QM Scenario
The Non-QM calculator on our main program page includes an asset depletion path. Model your eligible assets and review estimated qualifying income ranges before requesting a specialist review.
What to Prepare
Asset documentation
- 30-day or 60-day statements for all eligible accounts
- Documentation of large deposits (source-of-funds letters)
- Statements showing 3-month seasoning prior to application
- Rollover or transfer documents if assets were recently moved
General application documents
- Government-issued photo identification
- Social Security number or ITIN
- Property details and purchase contract (for purchases)
- Any other income documentation to supplement asset income
- Explanation of any significant credit events
Asset Depletion Loan FAQ
Get an Asset Depletion Scenario Review
Not sure if your assets support a mortgage qualification? A specialist can walk through your eligible assets, estimated income, and program options — at no obligation.
Last updated: June 2026. Educational guidance only.
Not a commitment to lend. Equal Housing Lender. Loan terms vary by lender and underwriting.
National Mortgage Center is powered by Stride Bank. Non-QM program availability, pricing, and documentation requirements are subject to change and final underwriting approval.