Arizona · No job or income needed
Asset Depletion Mortgage in Arizona
Retired early? Living off investments? Sold a business? You can buy or refinance a home in Arizona using what you have, not what you earn. No pay stubs, no tax returns, no job to list.
Short answer: An asset depletion mortgage lets you qualify with savings and investments instead of a job. Your eligible assets, minus your cash to close, are divided by 60 months to create a monthly income figure. You need at least $500,000 in net assets, and a credit score of 700 or higher for a primary home.
Who it fits
Who is an asset depletion mortgage for?
This loan is built for people with real wealth but little or no paycheck. Think early retirees in Scottsdale, snowbirds buying a second home in Tucson or Prescott, or a business owner in Phoenix who just sold and has cash in the bank.
You do not disclose employment or income at all. Instead, you sign a letter saying you plan to draw on your assets to pay your living costs.
How it works
How do lenders turn assets into income?
- 1
Count your eligible assets
Each type of account counts at a set percentage of its value (see the list below).
- 2
Subtract your cash to close
Your down payment, closing costs, and prepaid items come off the top.
- 3
Divide by 60 months
The result is your monthly qualifying income.
- 4
Check what is left over
Subtract your total monthly debts, including the new house payment. The leftover amount, called residual income, must meet the family-size minimum.
Example from the guidelines: $2,500,000 in qualified assets, minus $170,000 cash to close, leaves $2,330,000. Divided by 60, that is $38,833 a month. After $7,000 in monthly debts, residual income is $31,833.
What counts
Which assets count, and how much?
Retirement accounts (401(k), 403(b), Individual Retirement Account (IRA))
How much of a 401(k), 403(b), or Individual Retirement Account (IRA) counts depends on your age.
85% of the account value counts toward qualifying.
50% of the account value counts. The account must be fully vested.
Assets that do not count
Your accounts must be personal, not business, and seasoned for at least six months. You show your latest statement and a statement from the same accounts six months ago. There is no limit on how many accounts you can use.
See if your assets qualify you.
At a glance
Asset depletion mortgage limits
As of guidelines published August 13, 2026. Subject to change.
| Home type | Units | Loans allowed | Max loan | Min credit score | Max loan-to-value |
|---|---|---|---|---|---|
| Primary home | 1–4 | Purchase, rate-and-term refinance | $2,000,000 | 700 | 80% |
| Second home | 1 | Purchase, rate-and-term refinance | $2,000,000 | 720 | 80% |
Loan-to-value (LTV) is your loan amount compared to the home's value; 80% LTV means at least 20% down. Minimum loan amount is $100,000. Co-ops are capped at 70% loan-to-value (LTV).
Eligibility
Do I qualify for an asset depletion mortgage?
What you need
- At least $500,000 in net assets
- Enough assets to cover the down payment, closing costs, and 60 months of all monthly debts
- No late housing payments in the last 12 months
- At least 5 years since any bankruptcy, foreclosure, short sale, or similar event
- A signed letter stating you intend to use your assets for living costs
- U.S. citizen, permanent resident, or revocable living trust; non-permanent residents on a primary home only
What is not allowed
- Investment or rental properties
- Cash-out refinances
- First-time homebuyers on a second home
- Two-unit second homes
- Rental income to offset your house payment
- Paying off debts just to qualify
Minimum leftover (residual) income by family size
| Family size | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Monthly minimum | $2,000 | $2,500 | $3,000 | $3,300 | $3,500 |
Add $150 for each family member over five.
The perks
What makes this loan different?
No debt-to-income limit. Most loans cap your debt-to-income ratio (DTI). This program has no debt-to-income (DTI) cap; the residual income test replaces it.
No separate reserves. Since your assets already cover 60 months of debts, no extra savings cushion is required on top.
No tax returns. No income tax transcripts or tax return forms are needed.
Flexible terms. Choose a 30-year fixed rate, an interest-only fixed option, or an adjustable-rate mortgage (ARM) with a 5- or 7-year fixed start. There is no prepayment penalty.
Crypto stays put. Qualifying crypto does not have to be sold to count.
Compare
Asset depletion vs. a bank statement loan: which fits?
A bank statement loan uses your deposits to prove ongoing income, so it suits self-employed people with steady business cash flow. An asset depletion mortgage ignores income and looks at the size of your savings and investments.
Verdict: If you have a large nest egg but little monthly income, asset depletion is usually the better fit. If money comes in every month from work, a bank statement loan may make more sense.
Free calculator
Asset income calculator
Estimate your monthly qualifying income and residual income using the 60-month method.
Count everyone in your household who depends on this income, including you. Example: you, a spouse, and two kids = 4.
Your estimate
Monthly qualifying income
Enter your numbers to see your estimate.
Estimate only, not a loan approval. Final numbers depend on full review.
Start my preapprovalFAQ
Asset depletion mortgage questions
Your assets can open the door.
Mortgage Brothers is an Arizona mortgage broker. We will review your accounts and tell you plainly where you stand.
Related: DSCR loans · Physician home loans · Home equity loans
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