The Quick Read: RSU pay for a tech employee counts toward a jumbo loan only after the shares have vested and been delivered to the borrower. The lender then averages those vests over a look-back period and adds the monthly figure to base pay and bonus. Unvested grants count for nothing, and today’s stock price is not the number used.
Key Takeaways
- Only vested, delivered shares from a publicly traded employer count as income.
- Lenders use an averaged share price and a look-back period, not the latest vest or the current quote.
- Jumbo has no single national rulebook. Two jumbo lenders can count the same pay package differently.
- Sign-on stock, a recent job change and a recent IPO are the three most common reasons RSU income gets dropped.
- A large brokerage balance is not income. It may help with reserves instead.
What a Jumbo Lender Means by “RSU Pay”
A restricted stock unit is a promise of shares that arrive on a vesting date. To a lender, the promise is not income. The shares that actually landed in your brokerage account are. That one distinction explains most of what follows.
Jumbo payment estimate
The starting figures are an example price in the jumbo range with ten percent down on a thirty-year fixed. Replace them with yours.
Editable benchmark: 7.40% as of October 15, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a jumbo loan quote.
Illustrative starting assumptions: a $1,000,000 price in the jumbo range, ten percent down on the top-leverage lane, a thirty-year fixed structure at the current Freddie Mac conforming benchmark, and property taxes and insurance estimated at typical national rates. Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conforming benchmark, a market reference and not a jumbo loan quote; jumbo rates are set by the lender and the lane at lock and differ from the conforming benchmark. An adjustable-rate scenario is shown at the benchmark for the whole term; the rate after the initial period is unknown. Reserve months and appraisal counts follow the lane sheet for the amount band; the automated finding may require more. Taxes, insurance and dues are editable estimates; closing costs are not included. On most lanes the conforming limit for the county decides whether a loan is jumbo at all; two lanes start at a stated dollar floor instead. Licensed in sixteen states for consumer mortgages.
A jumbo loan is a mortgage above the county’s conforming limit. Agency rules do not cap it, so each wholesale lender sets its own income rules. Lendmire’s jumbo loan programs run through wholesale lenders, so the same borrower can see different treatment depending on which lane fits the file.
Here is how each piece of a tech pay package usually lands:
| Pay component | Usually counted? | Why |
|---|---|---|
| Base salary | Yes | Documented by paystub and W-2 |
| Cash bonus | Yes, with history | Averaged over a look-back |
| Vested, delivered RSUs | Yes, averaged | Verified by statements and W-2 |
| Unvested RSUs | No | Not yet delivered |
| Sign-on RSUs | No | Excluded outright by Fannie Mae |
| Future refresh grants | No | Not yet granted or vested |
Key Terms Defined
RSU (restricted stock unit): A grant of company shares that you receive only after meeting a vesting condition.
Vest: The date a portion of your grant becomes yours and the shares are delivered.
Refresh grant: A new equity grant an employer issues, often yearly, on top of your original grant.
Sign-on grant: Stock offered as part of a hiring package, usually vesting over time.
Qualifying income: The monthly figure a lender is willing to count after averaging and verification.
Continuance: Evidence that the income is likely to keep coming, shown through the future vesting schedule.
DTI (debt-to-income ratio): Your monthly debts divided by your qualifying monthly income.
Time-based vs. performance-based award: Time-based shares vest on a calendar. Performance-based shares vest only if targets are met.
The Conditions, Step by Step
Underwriting an RSU file follows a fixed order. Each step can end the conversation early, so the order matters.
1. Screen the stock. The employer’s stock must be publicly traded. Private-company shares generally fail because there is no verifiable price.
2. Check the history. The lender wants a record of past vests. The Fannie Mae Selling Guide looks at distributions over the most recent 24 months. With 12 to 24 months of history, the lender may divide by the actual months of receipt. Time-based awards generally need a shorter track record than performance-based ones. Time spent before the company went public does not count.
3. Check continuance. The vesting schedule must show enough future vesting to keep the income going. The agency guides look for roughly three years in the relevant cases. For recurring awards, Fannie Mae says the lender need not verify continuance unless it has a reason to doubt it.
4. Collect the documents. The usual file includes a verification of employment showing distributions, or a current paystub with restricted-stock income plus two years of W-2s. It also includes the vesting schedule (past and future), proof the stock is publicly traded, and a brokerage or bank statement showing prior deliveries. A verbal verification of employment is also required.
5. Build the monthly number. The lender averages vested value over the look-back and adds it to base pay and bonus.
6. Run DTI and reserves. This is the jumbo lender’s own stage. Score, ratio cap, reserves and down payment come from the lender.
7. Appraise the home. The appraisal is independent of RSU treatment. It sets loan-to-value, not income.
8. Re-verify before closing. Employment is rechecked. A job change or layoff in between can remove the income.
How the Number Is Built
The formula is simple. Fannie Mae’s version, for pay received as shares, is the 200-day moving average share price, times the pre-tax vested shares delivered in the most recent 24 months, divided by 24. For pay received as cash, it is the pre-tax cash from vested shares over 24 months, divided by 24.
Time-based awards use the past year divided by 12. Older web articles that say “52-week average” are out of date.
Run it with modeled numbers. Say a borrower had 2,400 shares vest and deliver over 24 months. That is an average of 100 shares a month. Multiply 100 by the 200-day average price and you have the monthly RSU figure. No dollar amounts needed, because the logic is what matters.
Now flip the stock price. If the shares ran up sharply last month, the monthly figure barely moves, because the average price absorbs it. If the stock dropped, the average cushions that too. The lender uses an averaged price, not today’s price.
Add that figure to base pay and bonus. The total feeds your DTI. On Lendmire’s jumbo lanes, the ratio ceiling is 50% on the fixed lanes, 45% on the adjustable lanes and 43% on the interest-only lanes, subject to lender guidelines and full file review. Pushing qualifying income up can be the difference between fitting under that ceiling and not.
Rising, Flat and Declining Vests
The trend inside the look-back matters, because the average blends old and new.
- Rising vests: The average sits below your latest quarter. The qualifying figure trails actual pay.
- Flat vests: The average roughly matches current pay. Cleanest case.
- Declining vests: The average sits above your latest quarter. A careful lender may use the lower recent figure or ask more questions.
Why Your Vesting Schedule Can Look Like It Is Shrinking
Tech grants are often front-loaded. A new hire might receive a large grant with most shares vesting early. Each year the employer adds a refresh grant, but refreshes start small and build.
The result is a schedule that appears to decline even when total compensation holds steady. A lender looking at the future schedule alone sees fewer shares vesting in later years. The fix is documentation. Bring the grant letters and the current schedule so the underwriter can see how refreshes replace expiring tranches. Share count can also mislead when your pay is set in dollars and the share count floats with the stock price.
Refreshes you have not yet received do not count. Only what has vested and been delivered does.
Where the General Rule Breaks
Most RSU files that fail, fail on one of these edge cases.
Unvested grants. They count for nothing. The Fannie Mae announcement that added RSUs as eligible income requires that the stock has vested and been distributed to the borrower without restrictions.
Sign-on stock. The Selling Guide says sign-on bonuses paid as restricted stock that vest over any length of time cannot be used as qualifying income.
Job change. Vesting history at a prior employer generally does not carry over. A recent switch is a common reason RSU income is excluded. Same industry does not rescue it.
Recent IPO. A stock without 200 days of trading lacks the price average and the public history. The income is likely unusable until that history builds.
Private company equity. Fails the public-stock screen. Other routes may apply, covered below.
Performance-based awards. These need a longer record, because the vests depend on results rather than the calendar.
Double counting. Some lenders will not let the same vested shares count as income and as reserves. This varies by lender.
Jumbo divergence. This is the big one. Jumbo lenders are not bound by agency rules. Some use a discount to the current price instead of the 200-day average. The same file can produce different qualifying income at two lenders. That is why a broker who can place a file in more than one lane is useful here. Borrowers can check their county’s conforming limit on FHFA’s loan limit page to see whether a file is jumbo at all.
Why Two Lenders Give Two Answers
Three layers sit on top of each other. Agency rules are the public benchmark. Jumbo investors may copy them or change them. Then the lender adds its own overlays, such as a cap on how much of your income can come from stock.
One short rules point applies to every lender, jumbo included. Under the CFPB’s ability-to-repay rule, a lender must reasonably determine that you can repay, and it must consider and document income, assets, employment and expenses. It also cannot rely on your say-so about income. It needs third-party records. A lender is not required to verify income it does not rely on, so a file that is reviewed on base pay and bonus may skip RSUs entirely. The rule sets no fixed DTI limit. That limit comes from the lender.
| Myth | Reality |
|---|---|
| Unvested RSUs count because they are promised | Only vested, delivered stock counts |
| Lenders use today’s stock price | An averaged price is standard |
| I have to sell shares to qualify | Qualifying uses documented history |
| Every jumbo lender treats RSUs the same | Jumbo is lender-specific |
| A big brokerage balance is income | It may help with reserves instead |
What Jumbo Leverage and Limits Look Like
RSU income is only one input. The loan itself still has to fit a lane. Across the wholesale jumbo lanes Lendmire works with, the headline lane uses a 660 decision score, leverage reaches up to 90% on the top lane (several lanes allow up to 89.99% combined loan-to-value, and the rest stop at 80%), and loans run to $5,000,000 on the largest lanes. Reserves are measured in months of the full payment and rise with the loan amount. Above a lane’s threshold amount, two appraisals apply.
Occupancy decides leverage too. A second home sits at its own lane-specific leverage. Every figure here is subject to lender guidelines, and none is a commitment to lend.
When RSUs Are Not the Best Route
Sometimes the stock pay does not fit the income rules. A borrower with a short history, a recent job change or pre-IPO equity may do better on a different path. Some jumbo and non-QM lenders offer asset-based routes for borrowers whose stock pay does not fit the income rules. Eligibility is lender-specific.
| Route | What it tests | Main risk |
|---|---|---|
| RSU income route | Vest history and schedule | Short history gets excluded |
| Base pay and bonus only | Salary and bonus records | Lower buying power |
| Asset-based route | Verified assets | Lender-specific availability |
A pile of vested shares is not automatically income, but it may help with reserves or an asset-based program. Ask the lender which it prefers before you choose.
Budget on Take-Home Pay
Qualifying on an averaged figure does not mean cash flow is steady. Vests follow the stock price, and tax withholding at vest is separate from the lender’s pre-tax calculation. Budget on take-home pay, not the qualifying figure. A vest can be cut, a stock can drop or a job can end between application and closing. Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Documents to Pull Before You Apply
Missing paperwork causes more friction than any rule. Pull these first:
- Two years of W-2s and your most recent paystub.
- The grant letters and the current vesting schedule, past and future.
- Brokerage statements showing shares delivered on each vest date.
- Proof your employer’s stock is publicly traded.
- A recent employment verification, if your employer offers one.
Then match the W-2 gross vest value to the brokerage deposits. They will differ because shares are withheld for tax. The underwriter needs to see how one ties to the other.
Questions to Ask a Lender
- Do you use the 200-day average or a discount to the current price?
- How many months of vest history do you need for my award type?
- Do you cap the share of income that comes from stock?
- Can vested shares count as both income and reserves?
- What happens to my file if I change jobs before closing?
Frequently Asked Questions
Do unvested RSUs count toward a jumbo loan?
No. Only shares that have vested and been delivered count. Lenders may still want to see the future schedule to confirm the income will continue.
Does the stock have to be publicly traded?
Yes, in general. Private-company RSUs usually fail because there is no verifiable price. Some lenders offer other routes for borrowers in that spot, and eligibility varies.
Will a recent job change hurt my RSU income?
Usually, yes. Vesting history at a prior employer generally does not carry over, so the clock resets at the new job. Base pay and bonus may still qualify on their own.
Do I have to sell my shares to qualify?
No. Qualifying uses documented income history from your W-2s, paystubs and brokerage statements. Holding or selling after vesting does not change the income record.
Why did two lenders give me different qualifying income?
Jumbo has no single national rulebook. One lender may follow the agency averaging method, while another applies a discount or a cap. Comparing lanes before you commit is the practical answer.
If you are buying a home and want to see whether a jumbo loan fits your file, Lendmire can help you compare the options and what each one asks of the file. Reach the team at 828-256-2183 or request a quote.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps homeowners and home buyers in 16 states with FHA, VA, conventional and jumbo purchase and refinance loans arranged through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and the agency guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Fannie Mae Selling Guide B3-3.3-07 (RSU income)
2. Fannie Mae SEL-2023-11 announcement
3. CFPB: What is the ability-to-repay rule?
This article is part of Lendmire’s jumbo loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How Much a Jumbo Lender Lends a High-Earning W-2 Buyer · How to Choose a Jumbo Lender With RSU Income · How Much Cash a Jumbo Loan Takes for a Tech Employee With RSUs
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.