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An asset depletion mortgage lets you qualify on liquid assets instead of W-2 income — using 60- or 84-month divisors that produce far more qualifying income than the 360-month math most write-ups quote. Built for tech founders, recently-exited business owners, retirees, and equity-comp-heavy professionals with $1M+ in brokerage and a balance sheet that doesn't fit a Fannie Mae checkbox.
When traditional underwriting doesn't fit your balance sheet
You earn a $250K base, vest $800K in RSUs a year, and your tax return looks like a riddle. Or you sold your company last year, deposited eight figures, and now have zero W-2 income. Or you retired at 54 with $4M in a brokerage and a private banker who wants you on the phone every quarter.
None of these profiles fit conforming jumbo underwriting. Fannie and Freddie want two years of W-2s, a 43% DTI, and a story that makes sense to an automated underwriting system. Your story doesn't.
That's not a credit problem. That's a documentation mismatch — and the non-QM market exists specifically to solve it. Asset depletion, no-ratio jumbo, and equity-comp programs are how borrowers like you actually close. Not slower. Not more expensive than a private-bank AUM relationship. Just structured around what you actually have, not what a 1003 form expects you to have.
Asset depletion done right: 60- and 84-month divisors
Most articles you'll find on asset depletion describe it as "your liquid assets divided by the loan term, usually 360 months." That math is wrong for the program that actually exists in the wholesale market — and it's why so many HNW borrowers walk away thinking asset depletion doesn't work.
Real non-QM asset depletion programs use much shorter divisors. The two most common: 60 months (5 years) and 84 months (7 years). Some programs use 120 months as a middle option. The shorter the divisor, the more aggressive your qualifying income.
The math, with real numbers
$2,500,000 liquid brokerage
÷ 84 months
= $29,761/mo qualifying income
Supports roughly a $4M loan at 7% on a 30-year term, before factoring property taxes and insurance.
Compare that to the 360-month "internet version" of asset depletion: $2.5M ÷ 360 = $6,944/mo. That qualifying income supports about an $850K loan. Same assets, completely different outcomes. The difference is the wholesale lender you have access to — and most retail loan officers, including the ones at depository banks, don't have access to the shorter-divisor programs.
Eligible assets and the haircuts that apply
- Cash, checking, money market: 100% counted
- Brokerage (stocks, bonds, mutual funds, ETFs): 100% counted
- Retirement accounts (401k, IRA, pension), borrower under 59½: 70% counted
- Retirement accounts, borrower over 59½: 100% counted
- Crypto holdings: 70% of 12-month average value, only at a smaller subset of lenders
- Vested RSUs sitting in brokerage: 100% counted
- Restricted/unvested equity: typically excluded from asset depletion (may count as future income on RSU programs)
Lenders also subtract estimated closing costs and the down payment from the eligible asset pool before dividing. So a $3M brokerage on a $1.5M purchase with 25% down ($375K + ~$25K closing) leaves you with $2.6M in eligible assets to depleting — not the full $3M.
No-ratio jumbo: when assets and credit alone qualify
Asset depletion still calculates a DTI ratio — it just uses the asset-derived income to do it. No-ratio jumbo skips DTI entirely.
On a no-ratio program, the lender doesn't calculate qualifying income. You have $5M+ in post-close liquid assets, a 740+ FICO, and a clean credit profile. That's the file. The lender's underwriting is essentially: assets cover the loan, credit covers the risk, the property covers the collateral. Done.
This is the structure private banks compete in — the difference is private banks lock you into AUM commitments, and portfolio non-QM lenders don't. No-ratio jumbo is most useful for:
- Tech executives pre- or post-IPO with low W-2 base + heavy unvested equity
- Founders drawing minimal salary while reinvesting in the company
- Recently-retired professionals with 8-figure portfolios and no current employment
- Family-office trustees buying real estate in a trust where personal income isn't applicable
- Professional athletes with concentrated career earnings and complex agency structures
Loan amounts on no-ratio jumbo run from $2M to $10M+ depending on the lender. LTV typically caps at 70–75%, occasionally 80% with the strongest credit profiles. Pricing runs roughly 0.75%–1.50% over standard jumbo, depending on credit and LTV.
RSU and equity-comp income — what actually counts
If you work at a publicly-traded tech, biotech, or finance company, RSUs are probably 40–70% of your real comp. Conforming jumbo lenders mostly don't know what to do with that. Non-QM lenders who specialize in equity comp do.
Vested RSUs already paid out
Sitting in your brokerage as cash or shares — these count at 100% as liquid assets for asset depletion. Treated identically to any other brokerage holding.
RSU income (ongoing vesting)
To count future RSU vesting as qualifying income, lenders typically require:
- Public company stock (private-company RSUs almost never count as income)
- 12–24 month track record of regular vesting events
- Grant agreement showing the next 36 months of scheduled vesting
- Trailing 24-month average of RSU income, often haircut 25–30% for stock-price volatility
- Vesting that continues past the loan close date (a cliff vest 6 months after closing won't qualify)
A typical example: $400K average annual RSU vesting over the trailing 24 months × 75% = $300K/year qualifying RSU income. Stacked on top of W-2 base salary, this often unlocks a conforming jumbo or near-prime non-QM at much better pricing than asset depletion alone.
Stock options (ISOs/NSOs)
Trickier than RSUs. Exercised and sold options in your brokerage = liquid assets. Unexercised options = generally excluded. ESPP shares typically count as liquid assets once vested and held.
Pre-IPO equity
Doesn't count as income. May count as an asset at a steep discount (often 50–70% haircut) on a small subset of portfolio lenders, and only with a recent 409A valuation or secondary-market price. Most commonly: pre-IPO borrowers qualify on cash + vested public-company stock from a previous employer + asset depletion math, then refinance after IPO when the new equity becomes liquid.
Liquidity event borrowing — post-sale, post-IPO, post-inheritance
You just had a big cash event. The W-2 game is over for now. Three common scenarios:
Post-business sale
You sold a company. Wire hit the bank account in Q2. Now you're shopping for a primary residence in Westlake or a Hill Country ranch and conforming lenders want two years of W-2s you no longer have. Asset depletion uses the sale proceeds directly. Lenders verify the closing statement, the wire receipt, and the 30–60 day seasoning of the funds. The proceeds become liquid assets, divided by 60 or 84 months, and you're qualified.
Post-IPO
Lockup expired, you sold a tranche of shares, and you have $3M–$15M sitting in a brokerage. Asset depletion handles this cleanly. If you also have ongoing RSU vesting at the same company, you can layer RSU income on top — though some lenders haircut concentrated single-stock holdings if the brokerage is 80%+ in the IPO company stock.
Inheritance or trust distribution
Inherited assets become eligible after they've been seasoned in your name (typically 60 days). Trust distributions follow the same rule. If you're buying inside a trust rather than personally, lender selection matters — most non-QM lenders allow trust vesting; almost no agency lenders do.
Foreign-domiciled assets: a smaller subset of portfolio lenders accept verified foreign brokerage and bank statements for asset depletion, typically requiring documentation translated to English and statements showing 60-day seasoning. Common scenario: a US-citizen executive returning from an overseas posting with assets at HSBC London or Standard Chartered Singapore.
Programs and rate context
Pricing on HNW non-QM programs depends on credit, LTV, loan size, and how aggressive the qualifying math has to be. Rough 2026 ranges:
| Program | Typical LTV | FICO Floor | Rate vs. Conforming Jumbo |
|---|---|---|---|
| Asset Depletion (84-mo divisor) | Up to 80% | 680 | +0.50% to +1.00% |
| Asset Depletion (60-mo divisor) | Up to 75% | 700 | +0.75% to +1.25% |
| No-Ratio Jumbo | Up to 75% (80% strong files) | 720 | +0.75% to +1.50% |
| RSU-Income Jumbo | Up to 85% | 700 | +0.25% to +0.75% |
| Foreign-Asset Portfolio | Up to 70% | 720 (or no US credit, doc-heavy) | +1.00% to +1.75% |
Loan amounts run from agency-jumbo limits up to $10M on most programs, and higher with portfolio-lender exceptions. 30-year fixed and 7/6 ARM structures are both available. Most programs allow primary residence, second home, and 1–4 unit investment property.
Why not just use your private bank?
If your private banker can offer you a sharp pledged-asset rate without a real AUM commitment, take it. That's a fair deal and they're rare.
What's more common: the private-bank mortgage is bundled with a relationship. You move $3M–$10M into their RIA. You sign multi-year agreements. You agree to a quarterly portfolio review. The mortgage rate looks great — and the cost is showing up in the 1.0%–1.25% AUM fee on millions you didn't necessarily want to move in the first place.
That math sometimes works. Plenty of HNW borrowers are happy with a single banking relationship that handles everything. The asset depletion path is for borrowers who want a different trade:
- 21–30 day close instead of 45–60 days while AUM paperwork moves through compliance
- No AUM commitment — your brokerage stays at Fidelity, Schwab, or wherever it lives now
- No ongoing relationship requirement — close the loan, move on
- Portfolio flexibility — the lender you close with on this house isn't trying to also manage your money
- Refinance optionality — without a pledged-asset structure, refinancing later is straightforward
Both paths work. Which one fits depends on whether you actually want a deeper relationship with the bank — or whether you just need the loan closed.
HNW Mortgage FAQ
Asset depletion underwriting is built for this. After a business sale, your liquid proceeds become qualifying income. A $5M brokerage balance divided by 84 months produces about $59,500/month in qualifying income — enough to support a $7M+ loan at current jumbo rates. No tax returns required on most programs. Lenders verify source of funds (closing statement, wire receipts), then treat the assets the same as any other brokerage balance.
Vested RSUs already paid out and sitting in your brokerage count as assets at 100%. Future vesting RSUs can count as income on some programs if you have a 12–24 month track record of grants vesting and the next 36 months are scheduled in your grant agreement. Lenders typically average the trailing 24 months, sometimes haircut it 25–30% for stock-price volatility, and require the company stock to be publicly traded. Pre-IPO RSUs don't count as income but can sometimes count as assets at a discount.
Yes — they need to verify the assets you're qualifying on. But the review is narrow. Lenders look at balances, asset types, and any large unexplained transfers. They are not auditing your trades, your tax basis, or your other holdings. On most programs there's no 4506-C IRS transcript pull and no review of tax returns. If privacy matters, portfolio (non-agency) lenders are tighter and more discreet than depository banks doing pledged-asset deals.
Private banks offer pledged-asset mortgages — sometimes with sharp pricing — but they almost always require AUM commitments. You move $3M–$10M into their RIA, sign a multi-year relationship agreement, and accept ongoing portfolio reviews. Asset depletion mortgages don't require any of that. Your brokerage stays where it is, you don't sign over assets, and you close in 21–30 days instead of 45–60. If your private banker can beat the rate without a real AUM lock, take it. If they can't, asset depletion is faster, cleaner, and reversible.
Asset depletion and no-ratio jumbo rates typically run 0.50%–1.25% above conforming jumbo, depending on credit, LTV, and loan size. The premium narrows at lower LTV — 60% LTV or below often prices very close to standard jumbo. Above $3M loan size and on no-ratio programs, the premium widens to 1.00%–1.50%. The trade-off is real: you pay for the documentation flexibility. For borrowers with the assets but not the W-2 to fit a conforming jumbo, the alternative isn't a cheaper loan — it's no loan at all.
Most online articles describe asset depletion as assets divided by 360 months. That math kills the program — $2M ÷ 360 = $5,556/month, barely enough for a $700K loan. Real asset depletion programs use much shorter divisors: 60 months (5 years) or 84 months (7 years). Example: $2.5M liquid ÷ 84 = $29,761/month qualifying income, supporting roughly a $4M loan at 7% rates. Some programs use 120 months as a middle option. The shorter the divisor, the more aggressive the qualifying income.
Yes, but at a haircut. Retirement accounts (401k, IRA, pension) typically count at 70% if you're under 59½, since the lender is acknowledging early-withdrawal penalties and the lock-up. Once you're over 59½, retirement accounts count at 100%. Roth IRA contributions (not earnings) can sometimes count at 100% even pre-59½ on some programs.
Practically, $1M in liquid assets is the floor where asset depletion math starts working — and that's for modest loan amounts. The program shines from $2M of liquid assets and up. No-ratio jumbo (no DTI calc at all) typically requires $5M+ in post-close liquid assets and is more about portfolio-lender discretion than a hard formula. Crypto holdings often count at 70% of a 12-month average value at a smaller subset of lenders.
Your assets stay fully liquid and exactly where they are. Asset depletion is a documentation method, not a pledge or lien. The lender verifies balances at application and again right before closing — that's it. You can trade, withdraw, or move accounts after closing without affecting the loan. This is the structural difference from a private-bank pledged-asset mortgage, where your assets are encumbered and often must stay with that bank for the life of the loan.
All three. Asset depletion underwriting is most aggressive on primary residences (highest LTV, best pricing). Second homes price slightly higher, typically with 25% down minimum. Investment properties can use asset depletion but the math gets compared against DSCR — for cash-flowing rentals, DSCR is usually faster and cheaper. Asset depletion shines on non-cash-flowing real estate purchases: a Hill Country ranch, a vacation home, a land deal with a custom build, or an investment property where rental income wouldn't otherwise qualify.
Related programs
HNW borrowers often qualify for more than one structure. The right call depends on the specific income and asset profile:
- Bank statement loans — for self-employed borrowers whose deposits tell a stronger story than their tax returns
- Self-employed mortgage — P&L-only and 1099 programs for business owners
- Non-QM loans hub — full overview of alternative documentation programs
- DSCR loans — for investment property where rental income covers the payment
- DSCR loans across Texas — statewide DSCR for second homes and STR portfolios outside Austin
- DSCR loans in Fredericksburg — wine-country STR financing for HNW second-home plays
- DSCR loans in Dripping Springs — wedding-venue economy STRs in the Hill Country
- Investor loans — portfolio, fix-and-flip, BRRRR, and 5–8 unit financing
Run your scenario directly
Tell me your liquid assets, your loan size, and the property type. I'll run the asset depletion math at 60- and 84-month divisors and tell you which lenders compete for the file. Most HNW borrowers prefer a 15-minute call over a form — same answer either way.
Schedule 15-Minute Call Apply NowOr call (512) 956-6010 — NMLS #513013