The Quick Read: Usually, yes, when the RSUs have already vested and the borrower’s total income carries the larger payment. The loan stays a consumer, owner-occupied mortgage, so the lender underwrites the borrower’s personal income, not the business plan. Three things decide the file: which RSU income counts, whether the new payment fits, and how much equity the lender leaves in the home. Every lender sets its own jumbo overlays, and nothing here is a commitment to lend.
What Counts as RSU Income on a Jumbo File?
Only vested, delivered shares count. Unvested grants are upside, not income.
Fannie Mae’s Selling Guide is the public benchmark most jumbo lenders borrow from. It requires restricted stock to have vested and been distributed without restrictions. It excludes sign-on bonuses paid as restricted stock that vest over time. For documentation, it asks for a completed verification of employment or a recent paystub plus two years of W-2s. It also wants proof the stock is publicly traded, the vesting schedule showing past and future vesting, the 200-day moving average share price for income paid in shares, and a brokerage statement showing earlier distributions. A verbal verification of employment is also required.
Jumbo loans are not bound by agency rules. Across the wholesale programs Lendmire places files with, lenders usually ask for the same items, then add their own history requirements. A track record of vesting from the current employer is the common thread. Vesting from a previous employer generally does not carry over after a job change.
A large pile of vested shares is not automatically income. The lender works from the distribution history. The shares themselves can count as assets, which matters for reserves.
Does the Business Purpose Change the Loan?
No. For a home you live in, the loan is a consumer mortgage. The lender asks what the cash is for, but it still underwrites you personally.
That has one practical consequence. Business projections are generally not counted as repayment income. A borrower cannot swap thin documented income for a strong pitch deck. The lender verifies what it relies on using reasonably reliable records, and the business has none yet.
It also means the loan carries the usual consumer disclosures, the Loan Estimate and Closing Disclosure. The borrower does not choose a lighter set of rules by naming a business as the use of funds.
How Much Equity Can You Actually Pull Out?
Less than you think. The CFPB’s home equity guide says no option converts 100% of your equity into cash, and lenders typically require you to keep a cushion of equity in the home.
On Lendmire’s jumbo cash-out refinance program, the envelope looks like this, subject to lender guidelines and full file review:
- A 660 decision score on the headline lane.
- Leverage reaching 90% on the top lane, though several lanes top out near 89.99% combined and the rest stop at 80%.
- Loans up to $5,000,000 on the largest lanes.
- A 50% ratio ceiling on the fixed lanes, 45% on the adjustable lane and 43% on the interest-only lane.
Cash-out sits at lower leverage than a purchase, and the largest lanes carry a cash cap. Reserves are counted in months of the full payment and rise with the loan amount. Above a lane’s threshold amount, two appraisals are required. Those lane details change by lender, so treat them as a range of what to expect, not a promise.
The appraisal sets the value that leverage is measured against. A value that comes in low shrinks the cash available, sometimes enough to change the whole plan. Occupancy matters too. A primary residence gets the best leverage, and second homes and investment properties sit at lane-specific, lower leverage.
What Does a Jumbo Loan Mean Here?
A loan is jumbo when it exceeds the conforming limit for the county. The FHFA announcement explains that the baseline limit is adjusted every year to track average U.S. home prices, and that high-cost areas carry a higher limit, capped at 150 percent of the baseline. Limits differ by county and unit count, so a loan that is jumbo in one county may be conforming in another.
On Lendmire’s lanes, a jumbo loan starts one dollar above the county limit. Check the current limit for your county before you decide which product applies.
Seasoning and Title Rules That Catch Recent Buyers
Cash-out has waiting periods. The agency benchmark in Fannie Mae’s cash-out guidance requires the mortgage being paid off to be at least 12 months old, and at least one borrower on title for six months before disbursement. A home listed for sale must come off the market by the disbursement date.
Jumbo lenders set their own seasoning, but the pattern is similar. A recent purchase or a recent refinance can bar the file. Files that assume seasoning away get kicked back.
Timing against vesting dates also matters. A recent vesting event adds to documented history, so applying after a vest can strengthen the income picture.
The Stress Test That Matters: What If the Stock Drops?
The mortgage is secured by the house. The repayment may depend on your employer’s share price and your vesting schedule. That is the core risk.
A cash-out replaces your whole existing loan with a larger one. The payment may rise, and the term usually resets to 30 years, according to the CFPB guide above. If shares fall or vesting changes, qualifying income falls with them. Missing payments can lead to foreclosure.
Run the file three ways before you apply:
1. Base salary only, with RSUs treated as bonus.
2. Base salary plus vested RSUs at a lower share price.
3. The same payment if the business draws nothing for a long stretch.
If scenario one does not fit, the loan is leaning on stock you cannot control. Size the draw down.
The Founder Problem: What If You Leave the Job?
Employment and income are re-verified near closing. If you quit to run the business before the loan funds, the RSU income stops, and the lender may re-underwrite or decline.
Sequence matters. Close the loan while still employed, and be honest about plans when asked. Lenders do not underwrite a future business salary. Once the loan has funded, the payment stays, whether or not your RSUs keep vesting.
Short vesting history, sign-on RSUs and a newly public employer are all cases where the RSU income may not count at all. Some borrowers qualify on base salary alone and treat the stock as a cushion.
Jumbo Cash-Out vs. the Alternatives
| Option | What happens to your first mortgage | Income reliance |
|---|---|---|
| Jumbo cash-out | Replaced by a new, larger loan | Personal income, vested RSUs |
| Home equity loan or HELOC | Stays in place | Personal income |
| Selling vested shares | Untouched | None |
The CFPB’s research on cash-out refinances notes that home equity loans and HELOCs leave the original first mortgage intact, while a cash-out takes its place. A borrower with a favorable existing first mortgage may be better served by a second lien. A borrower with a large vested position may prefer selling shares, though that carries its own consequences. Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Pre-Application Checklist
- Vesting schedule showing past and future vests.
- Brokerage statements showing delivered shares.
- Two years of W-2s and a recent paystub.
- Proof the stock is publicly traded.
- Current mortgage statement, to check seasoning.
- A plain, documented use of proceeds.
- A reserves picture that does not count the cash-out itself.
Key Terms Defined
Vested: Shares you own outright, delivered to you without restrictions.
Unvested: Shares granted but still subject to a vesting schedule, which do not count as income.
Cash-out refinance: A new, larger mortgage that pays off the old one and gives you the difference in cash.
Reserves: Liquid assets, measured in months of the full payment, that the lender wants left after closing.
Combined loan-to-value (CLTV): All liens on the home divided by its appraised value.
Overlay: A lender’s own rule added on top of agency guidelines.
Frequently Asked Questions
Do I have to sell my RSUs to qualify?
No. Vested shares can count as income through their distribution history, and held shares can count as assets. The lender needs documentation, not a sale.
Do unvested RSUs count?
No. Only vested and delivered stock counts. Unvested grants may help you in practice, but lenders do not credit them.
Can I use the proceeds for a business?
Generally yes on an owner-occupied consumer loan, with the use of funds stated honestly. The loan is still underwritten on your personal income, and business projections are not counted.
What if I leave my job before closing?
The lender re-verifies employment, so quitting can end RSU income and may sink the file. Close while employed, and plan around that.
Does using RSU income affect my loan options?
Yes, it can. Lenders differ on history requirements and documentation, so the same borrower may fit one lane and not another. A broker comparing lanes helps here, subject to lender guidelines.
Next Step
If you are weighing a cash-out refinance against keeping the loan you have, Lendmire can help you compare the programs and the equity each one reaches. Lendmire’s piece Can a Homeowner With RSUs Use Jumbo Cash-Out Proceeds for Reserves? covers the other half of the same file.
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.
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References
1. Fannie Mae Selling Guide, Restricted Stock Units and Restricted Stock Employment Income
2. CFPB, Using home equity to meet financial needs
3. FHFA, 2026 Conforming Loan Limit Values
4. Fannie Mae Selling Guide, Cash-Out Refinance Transactions
5. CFPB Office of Research, Cash-out refinance mortgages and their borrowers
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 Paid-Off Home Get a Jumbo Cash-Out or a Second Lien? · Jumbo Cash-Out Refinance Tiers for a Homeowner With a Low First Mortgage · Should a Condo or Co-Op Owner Fund a Remodel With a Jumbo Cash-Out?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.