If you’re retired or self-employed, you may have asked yourself: “Can I get approved for a home loan without a traditional paycheck?”

The good news is: yes, you can — if you have assets. There’s a lesser-known option called asset depletion (also known as asset utilization), and it’s designed for people who’ve built financial stability but don’t document regular income.

What Is an Asset-Based Mortgage?

An asset-based mortgage is a loan program that lets you use your savings, investments, or retirement accounts to qualify — instead of relying on W-2 income or tax returns. It’s perfect for borrowers who are financially comfortable but currently do not have income documents. Rather than focusing on your job or income, lenders look at your total assets and calculate a monthly income from those funds.

Who Is This Program For?

Retirees

If you’ve stepped away from the workforce and are living off your retirement savings or investments, you may not show “income” in the traditional sense — but you can still qualify using your assets.

Self-Employed Borrowers

Many business owners and entrepreneurs reinvest in their companies or take advantage of tax deductions, which can make their taxable income look lower than it really is. With asset-based lending, your actual financial picture matters more than your documented income tax returns.

What Types of Assets Can Be Used?

Lenders may consider a variety of liquid and semi-liquid assets, including:

• Checking and savings accounts
• Investment accounts (stocks, bonds, mutual funds)
• A portion of your retirement accounts like IRAs and 401(k)s — depends on lender guidelines
• Business accounts (in some cases)

These assets are reviewed and calculated into a monthly “income” that helps you qualify for a mortgage.

Why Asset-Based Mortgages Make Sense

This type of loan can be a smart choice if:

• You’re retired or self-employed with limited taxable income
• You want to buy a new home, refinance, or even access equity through a cash-out loan
• You’d prefer not to hassle with income documentation or tax returns

The approval process usually involves qualifying to lender specific guidelines to calculate a monthly potential income to show how those funds support your ability to repay the loan.

Frequently Asked Questions About Asset-Based Mortgages

Q: Can I qualify for a mortgage if I’m retired and not working?

A: Yes! If you have significant savings or investments, you may be able to qualify using an asset-based mortgage. Your assets are used to show you can afford the loan — even if you don’t have a paycheck.

Q: What’s the difference between asset depletion and regular income qualification?

A: With regular income qualification, lenders look at your job, pay stubs, or tax returns. With asset depletion, they calculate an income based on your savings and investments — allowing you to qualify.

Q: Can I use retirement accounts like my IRA or 401(k)?

A: Yes, as long as the funds are accessible without penalty. Typically, 70% of the account value is used in the calculation.

Q: What types of homes can I buy with this program?

A: You can use this loan to buy or refinance a primary residence, second home, or even an investment property — depending on the lender’s guidelines.

Let Your Money Work for You

An asset-based mortgage allows you to qualify with what you have, not just what you earn. It’s flexible, practical, and designed for people who’ve already put in the work to build financial freedom. If you’re a retiree or self-employed and wondering how to qualify for a mortgage without traditional income — this may be the solution you’ve been looking for.

Do you have questions or want to see if this could work for you? Schedule a free consultation with one of our loan officers.

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Disclaimer: This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker #01821025; NMLS # 135622. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender.