The Quick Read: Usually, yes, but only once the shares have vested and been delivered to you without restrictions. A jumbo lender then converts that history into a conservative monthly figure, and each lender sets its own treatment. Unvested grants, sign-on stock awards, and the headline value of your equity account do not count the way you might hope.
RSU stands for restricted stock unit, a promise of company shares that arrive on a vesting schedule. Below: how lenders handle that promise, where jumbo differs from the agency rulebook, and how to prepare your file.
Key Terms Defined
Vesting: the point when a stock grant becomes yours because you met the schedule or performance goal.
Distributed (delivered): vested shares, or their cash value, actually land in your account with no strings attached.
Time-based award: an RSU that vests on a calendar schedule, such as a set portion each quarter.
Performance-based award: an RSU that vests only when the company or you hit a target.
Jumbo loan: a mortgage above the conforming limit for your county. The limit is set by county and number of units, and it changes yearly.
Qualifying income: the monthly figure a lender actually uses to test your debt-to-income ratio. It can be lower than what hits your bank account.
What Counts and What Doesn’t?
Only vested, delivered, documented RSU income counts. Everything else is a future promise, and lenders don’t underwrite promises.
The reference most lenders borrow from is the Fannie Mae Selling Guide section on restricted stock. It says restricted stock must have vested and been distributed to the borrower without restrictions. Fannie Mae first made RSUs an eligible income source in Selling Guide update SEL-2023-11.
Here is how common situations usually land:
| Your situation | Likely treatment |
|---|---|
| Unvested grant in your offer letter | Not counted |
| Vested, delivered, still held | Can count, if documented |
| Vested and sold | Can count; the income was still received |
| Cash-settled RSU | Counts, via a different calculation |
| Sign-on grant that vests over time | Excluded under the agency guide |
| Private-company stock | Usually a problem; public trading is expected |
| Performance-based award | Needs a longer record |
You do not have to sell shares to use the income. The documentation asks for proof of receipt, not proof of a sale.
Why Does a Jumbo Lender Set Its Own Rules?
Treatment of RSU income is better discussed qualitatively here, since the assumptions behind it vary from lender to lender and from file to file.
Across the wholesale programs Lendmire places files with, the agency treatment is the starting benchmark. Some lenders match it. Others ask for a longer record, apply a haircut, or want more reserves behind the file. No single jumbo-wide RSU rule exists, and anyone who quotes one is guessing.
The FHFA’s annual conforming limit announcement shows the baseline varies, with a higher ceiling in high-cost counties. Check your county’s limit to see whether your loan is a jumbo at all.
Lendmire’s jumbo cash-out refinance program runs through wholesale lenders, and the figures here are subject to lender guidelines and full file review. The headline lane starts at a 660 decision score and reaches up to 90% leverage on its top tier, though cash-out sits at lower leverage than a purchase. Loans reach $5,000,000 on the largest lanes. The fixed lanes use a 50% ratio ceiling, while the adjustable lanes use 45% and the interest-only lanes use 43%. Reserves are counted in months of the full payment and rise with the loan amount. A second appraisal may be required once a loan crosses a lane’s threshold.
RSU income is a qualification factor. Your home’s appraised value, not your stock, sets the maximum loan.
How Do Lenders Turn RSUs Into a Monthly Number?
They average what you actually received, then use a conservative share price. The Fannie Mae guide uses the 200-day moving average share price, multiplied by the shares distributed, averaged over the qualifying period. That applies to income paid in shares.
Picture a borrower whose company stock has dropped lately. The 200-day average still carries the higher past prices, so the drop shows up gradually. But it does show up, and an underwriter can use a lower figure when the trend points down.
Three things follow:
- Your qualifying income can run below your W-2. The lender is averaging, not reading your last vest.
- It can run far below your account value. Shares you hold aren’t monthly income.
- A price drop before underwriting ends can change your numbers. Plan for that.
Agencies don’t all compute RSU income the same way, so the same borrower can get different amounts depending on whose method the lender borrows.
For cash-paid RSUs, the lender uses a different method, usually based on what you were paid.
How Much History Do You Need?
Expect a documented track record, and expect it to be longer for performance-based awards. Agency guidance generally looks for about a year of receipt on time-based awards and a longer record on performance-based ones. A shorter history may be accepted with written support and strong compensating factors. Read the live guide page for the current table, because secondary summaries go stale.
Warning signs include shrinking grants, a changed compensation plan, or a job change.
Two edge cases trip people up:
- New hire. If you’ve received RSUs for only ten months or so, a lender may exclude them until more history exists.
- Recent IPO. The agency guide expects publicly traded stock. History from before the listing may not count toward the record.
What About RSUs and Bonus Income Together?
Lenders treat both as variable income and average them separately. A bonus gets its own history test. Your RSUs get theirs. One can qualify while the other doesn’t.
What Can Shrink or Disqualify the Income?
Here is the short list from files that come back smaller than the borrower hoped:
- Vesting amounts that fall year over year.
- A falling share price pulling down the averaged figure.
- A grant that is mostly unvested, with little delivered history.
- A sign-on award structured as restricted stock.
- A company that’s still private.
- A change of employer, which resets the continuance question.
None of these is automatic. Some lenders will use a lower figure rather than none. That is why the same file can get a different answer from lenders. Lender fit matters as much as eligibility. When one lender says no, the file can often be reviewed under a program with different overlays.
Can Vested Shares Count as Assets?
Once shares vest and sit unrestricted in your account, a lender may count them toward reserves, usually at a discount for price swings. Income use and asset use are separate tests, so a file can pass one and not the other.
Your Document Checklist
Gather these before you apply, since the agency model asks for most of them:
1. Your two most recent years of W-2s.
2. Your latest paystub showing RSU income received.
3. The current vesting schedule, covering past and future vesting.
4. Brokerage or bank statements showing prior share deliveries.
5. Evidence the stock is publicly traded.
6. Your employer’s verification of employment, plus a verbal check by the lender.
Federal ability-to-repay rules require a lender to verify the income it relies on with reliable records. That’s why a screenshot of your equity portal rarely substitutes for the real documents.
Timing helps too. Apply after a vest and after your latest W-2 is available, so the record is as full as it can be. Ask your lender up front which share price and which history window they use.
Quick Self-Check
- Vested, delivered, and documented for a year or more? Likely countable.
- Grants steady or growing? Stronger file.
- Stock falling or grants shrinking? Expect a lower or discounted figure.
- Mostly unvested or pre-IPO? Probably excluded for now.
- Heavy RSU reliance with thin base pay? Expect closer scrutiny and a longer conversation about ratios.
Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Frequently Asked Questions
Do I have to sell my shares to use RSU income?
No. The documentation asks for evidence that vested shares, or their cash value, were delivered to you. Holding the shares is fine. Selling them doesn’t erase the income history either.
Is there a federal debt-to-income cap I have to stay under?
No fixed federal cap applies. The CFPB says its ability-to-repay rule requires lenders to evaluate debt-to-income but sets no mandated ratio. Each program sets its own ceiling, and the jumbo lanes Lendmire works with cap the ratio at 43% to 50% depending on the structure, subject to lender guidelines.
Why did my bank say no when another lender might say yes?
Jumbo lenders set their own RSU overlays, so history requirements and haircuts differ. A no from one lender is a statement about that lender’s guidelines. A broker can review the file against several programs, though approval is never guaranteed.
Can a new RSU program count right away?
Usually not. With only a few months of delivered shares, there’s too little history to average. The income may be excluded until the record builds, or the lender may rely on base pay alone for now.
Does a falling stock price change my qualifying income?
Yes, gradually. The 200-day average lags the market, but a sustained decline lowers the figure, and underwriters can use a lower number when the trend is down. A drop before underwriting finishes can change your result.
For your own numbers, request a scenario review with Lendmire.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging FHA, VA, conventional and jumbo purchase and refinance loans through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
For the program’s current guidelines, see jumbo loan programs.
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References
1. Fannie Mae Selling Guide B3-3.3-07
3. FHFA conforming loan limit announcement
4. CFPB ATR/QM guide (verify only income relied on)
This article is part of Lendmire’s Jumbo Loans series — every loan program’s qualification details, guidelines, and scenarios live on the loan options page.
Related reading: Should a Homeowner Fund a Large Renovation With a Jumbo Cash-Out? · Jumbo Cash-Out Credit and DTI Requirements With RSU Income · Jumbo Cash-Out vs High-Balance Cash-Out for a High-Earning W-2 Homeowner
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.