The Quick Read: Stock pay can raise the loan you can carry, but only the part a lender chooses to count. In general, that means shares that have vested, been delivered to you, and can be averaged over a look-back period. Unvested grants usually count for nothing. Sizing the loan means separating base pay from stock pay, building a conservative qualifying income, and testing the result against a salary-only version. Treatment of RSUs on jumbo loans is set by each lender, and every figure here is subject to lender guidelines and full file review.
What Makes a Loan Jumbo?
A jumbo loan is a loan above the county’s conforming limit. Fannie Mae and Freddie Mac cannot buy it, so the lender or its investor sets the underwriting. The FHFA sets a baseline limit each year. In higher-cost counties the limit rises with local median home values, up to a cap of 150% of the baseline. Limits are set county by county, so look yours up on FHFA’s site rather than relying on a national number.
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.
Two points that confuse buyers:
- The loan amount decides whether a loan is jumbo, not the purchase price. A larger down payment can bring a loan back under the line.
- A jumbo loan does not follow agency rules. It follows the rules of the lender that holds it.
That second point matters for stock pay. Fannie Mae and Freddie Mac publish detailed RSU rules, and many jumbo lenders borrow from them. But no single national jumbo standard exists. One lender may average two years of vests. Another may count only salary. The agency rules are a template, not the rulebook.
Key Terms Defined
RSU (restricted stock unit): A grant of company shares that you receive only after a vesting condition is met.
Vested: The condition has been met and the shares are yours.
Delivered (distributed): The vested shares have actually landed in your brokerage account or been paid out.
Qualifying income: The monthly income a lender agrees to use when it tests whether you can repay.
DTI (debt-to-income ratio): Your monthly debts, including the new housing payment, divided by your monthly qualifying income.
Reserves: Liquid assets left after closing, measured in months of the full housing payment.
Time-based vs performance-based award: Time-based awards vest with continued employment. Performance-based awards vest when corporate or personal targets are hit.
What Do Lenders Actually Count?
Lenders count vested, delivered stock that you can document. They generally do not count unvested grants. The agency template makes the same cut, and jumbo lenders almost always start there.
| Equity type | Typical treatment | What the file needs |
|---|---|---|
| Vested, delivered RSUs (public company) | Often counted as income | Vesting schedule, brokerage deposits, paystubs, W-2s |
| Unvested RSUs | Generally not income | Not counted |
| Performance-based RSUs | Counted with a longer history | Longer receipt history, proof of continuation |
| Sign-on RSUs | Often excluded | Agency guidance excludes them |
| Stock options | Different instrument, usually not RSU income | Lender-specific |
| Pre-IPO or private-company shares | Depends on the lender | Often handled only as assets, if at all |
| Vested shares held in an account | Count as assets, not income | Brokerage statements |
On the agency side, Fannie Mae’s guidance moved the RSU topic into its restructured income chapter. The agency template requires stock that has vested and been distributed without restrictions, plus evidence the stock is publicly traded. Fannie Mae’s rules on employment-related assets also list non-vested restricted stock and stock options as ineligible for the asset-as-income method.
Here’s the catch for jumbo borrowers: a lender is allowed to qualify you on salary alone and ignore RSUs entirely. Federal ability-to-repay rules require a lender to verify only the income it relies on, per the CFPB’s compliance guide. Whatever it does count must be documented.
How Is the Loan Sized, Step by Step?
Sizing runs in a fixed order. Each step narrows the number.
1. Compare the loan to the county limit. If it’s over, jumbo underwriting applies and the lender’s own overlays decide how stock pay is treated.
2. Separate base pay from stock pay. Salary and bonus are documented the usual way. RSUs enter the file as their own line, and only vested, delivered shares are eligible.
3. Classify each award. Time-based and performance-based awards carry different history requirements. Freddie Mac’s guide draws that line and asks for a documented receipt history with the current employer.
4. Build the stock income figure. The agency method averages what vested over two years, valued at a smoothed 200-day average price instead of today’s price, then divides by 24 months. A jumbo lender may use a similar method, or a stricter one.
5. Add it to base income and test DTI. The new monthly income goes into the debt-to-income calculation. The fixed jumbo lanes Lendmire places files with set a 50% ratio ceiling. The adjustable lanes set 45%, and the interest-only lanes set 43%. These are subject to lender guidelines.
6. Test continuance. The remaining vesting schedule has to show the income will continue. The agency template looks for about three years. A thin remaining schedule is among the most common reasons RSU income gets trimmed or dropped.
7. Cross-check down payment, leverage and reserves. Across the wholesale jumbo lanes, leverage can reach 90% on the headline lane with a 660 decision score. Several lanes reach 89.99% combined LTV, and the rest stop at 80%. Reserves are counted in months of the full payment and rise with the loan amount. Loans reach $5,000,000 on the largest lanes.
The result is a maximum payment, which becomes a maximum loan, which becomes a price range. Run it twice: once with RSUs counted, once without.
A Worked Example
Picture a buyer with a base salary, an annual bonus, and a time-based RSU grant that vests on a regular schedule. Assume the buyer has two years of W-2s showing the vests and a vesting schedule with more than three years remaining.
Run the sizing three ways:
- Salary only. The lender uses base pay and ignores everything else. The coverage on the new payment is the most conservative. This is the floor.
- Salary plus bonus. The bonus is averaged over two years if it’s documented and consistent. The ratio improves.
- Salary, bonus and RSUs. The vested shares are valued at a smoothed price, averaged, and added. The DTI drops, and the supportable payment rises.
The gap between the first and third lines is what the stock is worth to the loan. The difference can move a purchase from comfortable to stretched, or push it across the conforming line in either direction.
Treat the salary-only line as your planning number. Treat the third line as the ceiling a lender may allow, not a number to spend.
How Do You Stress-Test the Number?
Stress-test by changing one input at a time and watching the supportable payment move. RSU income is tied to a share price, so it does not behave like salary.
| Change | Effect on the file |
|---|---|
| Share price falls | Lower valued vests, lower qualifying income |
| Grant ends with no refresh | Continuance fails, stock income may drop out |
| Bonus shrinks | DTI worsens |
| Lender excludes RSUs | Sizing falls back to salary only |
| Job change before closing | Employment re-verification can change the file |
A smoothed average price cushions a single bad quarter, but it won’t save a grant that has run out. Households that can carry the payment on salary alone have the least to worry about. Households that need the stock to make the ratio work are exposed to every dip.
Income, Down Payment and Reserves: Don’t Double-Count
Vested shares can do three separate jobs, and each one is a different decision.
| Use of stock | How it’s treated |
|---|---|
| Income | The vested value is averaged into qualifying income |
| Down payment and closing costs | Shares are sold, and the proceeds are sourced and documented |
| Reserves | Shares held in the account count as assets, subject to documentation |
One share cannot do all three. If you sell stock for the down payment, that stock is gone from your reserves. Selling shares also creates a paper trail that must be sourced. Shares you keep, on the other hand, are documentable assets and can support the file.
There is also the matter of gross versus net. Companies withhold shares for taxes at vest, so the shares that land in your account are fewer than the grant headline. Lenders look at what was delivered. Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Where the General Rule Breaks
The standard rule is “vested, delivered, averaged.” These cases bend it.
Private-company stock. The agency template requires publicly traded stock. Pre-IPO RSUs fall outside it, and a jumbo lender may treat them differently or only as assets. No authoritative national rule covers them.
A new job. Agency guidance generally looks for roughly two years of history on performance-based awards. A shorter history may be acceptable with offsetting factors, such as a long record at a prior employer in the same field.
Sign-on RSUs. Agency guidance excludes them as qualifying income.
Front-loaded grants and refresh grants. A grant that vests heavily in early years can make the future schedule look like it’s falling. Refresh grants that haven’t been issued yet don’t show on the schedule. An employer letter that explains the pattern helps the file.
Stock-rich, salary-light buyers. Some borrowers hold large vested balances and modest pay. The asset-as-income route exists, but agency versions are narrow and cover only vested assets, not unvested stock. Jumbo lanes that rely on assets set their own terms. Ask which route fits your file.
Occupancy. This sizing covers a primary residence. A second home carries lane-specific leverage, so don’t carry these numbers across.
Reading Your Vesting Schedule
Pull the equity-plan portal printout before you talk to anyone. Check four things:
- How many shares vest in each of the next several periods.
- Whether the grant is time-based or performance-based.
- How many months remain before the schedule ends.
- Whether refresh grants are typical at your employer.
If fewer than about 36 months remain, expect the lender to question continuance. That doesn’t end the conversation. It means the file needs an explanation or a salary-only structure.
Timing matters too. Applying just after a vest puts fresh deposits in your statements. Applying just before a cliff may leave the file waiting on a vest. Lenders also re-verify employment shortly before closing, so a job change or a missed vest between application and closing can change the outcome.
Documents to Gather
A clean file usually holds:
- Equity grant agreements and the current vesting schedule.
- Brokerage statements showing deposits of vested shares.
- Paystubs with the RSU line visible.
- Two years of W-2s.
- A written employment verification from the employer.
- Proof the stock is publicly traded.
- Statements sourcing any shares sold for the down payment.
Appraisal is a separate track. It sets value, and therefore loan-to-value. Above a lane’s threshold amount, two appraisals are required. Jumbo files often get closer appraisal scrutiny, so the value side of the file deserves as much attention as the income side.
Which Route Fits?
| Your situation | Likely route |
|---|---|
| Steady salary plus a long, documented vest history | Income route with RSUs averaged in |
| Short RSU history or a thin remaining schedule | Salary-only sizing |
| Large vested balance, modest pay | Asset-supported route, lender-specific |
| Pre-IPO or private-company equity | Lender-specific, often assets only |
Which route works depends on the lender’s overlays, your credit profile, reserves and the property. A file review decides it.
Frequently Asked Questions
Do unvested RSUs count toward a jumbo loan?
Generally no. The agency template requires stock that has vested and been delivered, and most jumbo lenders follow that logic. Unvested shares are not income. Non-vested restricted stock is also ineligible under agency employment-related asset rules.
Does the lender use today’s share price?
Usually not. The agency template uses a 200-day moving average price for income paid in shares, which smooths out spikes and dips. Older articles that mention a 52-week average are out of date. A jumbo lender may use its own method.
Can I use vested shares for the down payment?
Yes, subject to documentation. Shares sold for the down payment need a sourced paper trail. Shares you keep in the account can count toward reserves. The same shares can’t serve as both.
What if I just changed jobs?
It depends on the award and your history. Agency guidance generally looks for about two years on performance-based awards, with shorter periods possible when offsetting factors exist. A new-hire sign-on grant is often excluded. Some files get sized on salary alone until a vest history builds.
Does a bigger purchase price automatically mean a jumbo loan?
No. The loan amount against the county limit decides it. A larger down payment can keep a high-priced home inside conforming limits.
Next Step
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. Lendmire’s jumbo loan programs are arranged through wholesale lenders, and lender overlays on stock pay differ. For related reading, see Lendmire’s piece How to Size a Jumbo Cash-Out on RSU and Bonus Income. Nothing here is a commitment to lend.
For your own numbers, request a scenario review with Lendmire.
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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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. FHFA – CY2026 Conforming Loan Limit Addendum
2. Fannie Mae Announcement SEL-2026-02
3. Fannie Mae Selling Guide B3-3.4-06
4. CFPB – ATR/QM Small Entity Compliance Guide
5. Freddie Mac Guide Section 5303.1
This article is part of Lendmire’s jumbo loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Cash-Out Refinance a Jumbo Mortgage · How to Move Up a Jumbo Loan Lane Before You Apply · Jumbo Cash-Out vs. a Business Acquisition Loan for a Practice Purchase
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.