Michigan Asset Depletion Mortgage Center
An asset depletion mortgage lets you qualify for a home loan based on what you own instead of what you earn. If you have retired, sold a business, or simply keep your wealth in savings and investments rather than a paycheck, conventional debt-to-income math often says no even though you can clearly afford the house. Asset depletion programs available through our lending partners fix that by converting your account balances into monthly qualifying income.
This page covers the non-QM version, which comes in two flavors: the Asset Qualifier program, where employment and income are not disclosed at all and there is no debt-to-income ratio, and Asset Based Income, where your assets are converted into a monthly income stream for standard qualification. Riverbank Finance LLC arranges these loans across Michigan, from Grand Rapids to the entire state, for purchases and rate and term refinances. Your portfolio stays exactly where it is. The lender simply counts it. If you are a strong candidate for agency financing, we also offer a conventional asset depletion loan with agency pricing.
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How does an asset depletion mortgage work?
The mechanics are simpler than the name suggests. The lender totals your eligible liquid assets after any percentage adjustments, subtracts your down payment, closing costs, and required reserves, then divides the net qualified balance by a set number of months to create a monthly qualifying income figure. Under the Asset Qualifier program, the divisor is 60 months. Under the Asset Based Income calculation, eligible assets are amortized over 60 months for primary residences and second homes, and 240 months for investment properties.
Here is a plain example. Suppose you have $1,000,000 in net qualified liquid assets left after funds to close. Divided by 60, that produces roughly $16,700 per month in qualifying income, even if your tax return shows almost nothing. The underwriter uses that figure the same way a conventional lender would use a salary.
Two things surprise most borrowers. First, you never spend, liquidate, or pledge the money. Asset depletion is a calculation, not collateral. Your investments stay in your accounts and keep working for you. Second, the two features handle other income differently. Under Asset Qualifier, employment and income are not disclosed at all and there is no debt-to-income ratio. Under Asset Based Income, you can blend asset-based income with other documented income streams, but if you do, other reported earnings from capital gains or interest and dividends may not also be used.
Asset depletion loans are a type of non-QM loan, the same family of alternative documentation mortgages that includes bank statement loans for self-employed borrowers. You can compare the full lineup on our Michigan non-QM loans page, or call 800-555-2098 and a licensed loan officer will run the math on your accounts.
Assets as income: what counts toward qualification?
Not every asset counts at full value. Lenders apply percentage adjustments, often called haircuts, based on how liquid and how stable each account type is. Guidelines vary by lender and are subject to change, but a typical breakdown looks like this:
- Checking, savings, CDs, and money market accounts: counted at 100% of value
- Publicly traded stocks, bonds, and mutual funds: 85% of value under Asset Qualifier, 90% under Asset Based Income
- Retirement accounts such as IRAs and 401(k)s: 85% (Asset Qualifier) or 90% (Asset Based Income) for borrowers of retirement age (at least 59½); borrowers under retirement age can still use fully vested retirement accounts at 50% under Asset Qualifier
- Cryptocurrency: Bitcoin, Ethereum, and U.S.-listed crypto ETFs at a 50% allowance; fiat-backed stablecoins at 90%, with no liquidation required
Real estate equity, business ownership interests, and restricted stock generally do not count. The formula also nets out any early withdrawal penalties, your down payment, closing costs, and reserve requirements before the division happens, so the number that becomes income is the money genuinely available to carry the mortgage.
If a meaningful share of your wealth sits in accounts that take a haircut, do not rule yourself out. A loan officer can restructure the file, extend the divisor, or blend in documented income sources to make the numbers work.
Key benefits of Michigan asset depletion loans
- Your portfolio does the qualifying: No job, pay stubs, tax returns, or employment history are required on asset qualifier programs. The account statements are the income file.
- Nothing gets spent or pledged: The lender does not take your investments as collateral and you do not liquidate anything. Asset depletion is math on paper, and your money stays invested.
- Built for real situations: Retirees, recent business sellers, investors living off a portfolio, and high-net-worth borrowers between ventures all fit this program naturally.
- Purchase and rate & term refinance: Both transaction types are available on primary residences and second homes. Cash-out refinances are not permitted under the Asset Qualifier program.
- Income blending under Asset Based Income: You can combine asset-based income with other documented income to strengthen the file, though blended files may not also count reported earnings from capital gains or interest and dividends.
Asset-rich but paperwork-poor? That is exactly the borrower this program was built for. See What Your Assets Qualify For
Michigan asset depletion loan requirements
Guidelines vary by lender and are subject to change, but asset qualifier programs available through our lending partners generally look for the following:
- At least $500,000 in net assets for the total liquid assets calculation
- Assets sufficient to cover the loan amount, monthly debts times 60, funds to close, and 3 months of reserves on typical asset qualifier programs
- Eligible accounts: checking, savings, retirement, and investment accounts
- Loan-to-value up to 80% on primary residences and second homes for loan amounts up to $2,000,000 (cooperative properties capped at 70%)
- Where a debt-to-income ratio applies, typically 43% to 50%
The pure asset qualifier structure requires no employment, no income documents, and no DTI calculation at all. Pricing on these loans depends on your credit score, down payment, and documentation type, so two borrowers with the same balance can see different terms. A conversation with a loan officer is the fastest way to see where your file lands.
Apply for an asset depletion loan in Michigan
Getting started takes one phone call or one short form. Call our team at 800-555-2098 and tell us about your accounts and the home you have in mind. A licensed loan officer will run the asset depletion calculation with you, explain which programs fit, and outline your documentation, usually just recent account statements.
Prefer to start online? Fill out the quote form above and we will review your information and reach out promptly with a clear picture of your options.
Can I get a mortgage with assets but no income?
Yes. That is precisely what an asset depletion mortgage is for. Asset qualifier programs available through our lending partners require no employment, no income documents, and no debt-to-income calculation. Your eligible liquid assets are converted into monthly qualifying income using a set formula.
How does the assets as income calculation work?
The lender totals your eligible assets after any percentage adjustments, subtracts funds to close and required reserves, then divides the net balance by a set number of months. Under the Asset Qualifier program the divisor is 60 months; under Asset Based Income, assets are amortized over 60 months for primary and second homes and 240 months for investment properties. For example, $1,000,000 in net qualified assets divided by 60 produces roughly $16,700 per month in qualifying income.
Do I have to cash out or pledge my investments?
No. Your assets stay in your accounts and are never pledged as collateral or liquidated. Asset depletion is a qualification calculation, not a lien on your portfolio. Your investments keep growing while the mortgage is in place.
What assets count for asset depletion?
Checking, savings, CDs, and money market accounts count at 100% of value. Publicly traded stocks, bonds, and mutual funds count at 85% under Asset Qualifier and 90% under Asset Based Income. Retirement accounts count at 85% to 90% for borrowers at least 59½, and fully vested retirement accounts count at 50% under Asset Qualifier for younger borrowers. Bitcoin, Ethereum, and U.S.-listed crypto ETFs count at 50%, and fiat-backed stablecoins at 90%, with no liquidation required. Real estate equity, business interests, and restricted stock generally do not count.
Is an asset depletion loan only for retirees?
No. Retirees are a natural fit, but the program also works for borrowers who recently sold a business or a home, investors living off a portfolio, and high-net-worth buyers between ventures. If your wealth is in accounts rather than a paycheck, this program deserves a look.
Can I combine asset income with Social Security or a pension?
Under the Asset Based Income calculation, yes: asset-based income can be blended with Social Security, pension payments, or other documented income sources, though blended files may not also count reported earnings from capital gains or interest and dividends. Under the Asset Qualifier program, employment and income are not disclosed at all and there is no DTI. Call 800-555-2098 and we'll run both scenarios for you.
How is this different from a conventional asset depletion loan?
Fannie Mae's conventional program, formally called employment-related assets as qualifying income, offers agency pricing but is stricter: net documented assets are divided by the loan's full amortization term (360 months on a 30-year loan), a standard DTI applies, and only retirement-sourced assets are eligible. The non-QM programs on this page divide by just 60 months and accept a wider range of assets. See our Michigan conventional asset depletion loan page for the full comparison.
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