The Quick Read: It depends on how much of your stock has vested and been delivered to you. Only vested, distributed shares count as income, and lenders usually average them over a look-back period. Little down is possible on some jumbo lanes, with leverage up to 90% on the headline program, subject to lender guidelines and full file review.
To qualify, you prove three things: the shares have vested and landed in your account, the history is steady, and the income will likely continue. Then the lender runs the same checks as on any jumbo file: credit, debt ratio, reserves and appraisal. Lendmire is a mortgage broker, so it arranges these loans through wholesale lenders. It does not lend.
Key Takeaways
- Unvested grants are not income. Vested, delivered shares are.
- Lenders typically average RSU income over a period of time, so the amount they count can sit below your latest paycheck.
- Your loan is jumbo only if it exceeds your county’s conforming limit.
- Lower down payments exist on jumbo, but they raise the bar on credit, reserves and ratios.
- Vested shares in a brokerage account can often help with reserves, depending on the lender.
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.
What Makes a Loan “Jumbo”?
A jumbo loan is any loan larger than the conforming limit for the county where the home sits. Per the FHFA’s published limit methodology, the one-unit baseline is $832,750. High-cost counties can go up to 150% of that baseline, or $1,249,125.
The test uses the loan amount, not the price. A bigger down payment can pull a loan under the limit and out of jumbo territory. Check your county’s figure, because it varies by location and unit count.
In practice, a jumbo loan begins one dollar above that limit. Each investor behind the loan sets its own rules, and those rules differ from lender to lender. The jumbo loan programs Lendmire arranges run through wholesale lenders with their own guidelines.
What Counts as RSU Income?
Only RSUs that have vested and been delivered to you without restrictions count as income. A restricted stock unit is a grant of company stock (or its cash equivalent) that usually vests over several years. Fannie Mae’s guidance on restricted stock says the stock must be vested and distributed to the borrower without restrictions. It must also be publicly traded.
Here is how that sorts out:
| Item | Counts as income? | Why |
|---|---|---|
| Vested, delivered shares | Yes, if documented | Cash-like, with a track record |
| Unvested grants | No | Still restricted and could be forfeited |
| Large brokerage balance | Not by itself | Lenders look at distribution history |
| Sign-on stock that vests over time | Generally no | Treated as one-time, not recurring |
Notice the third row. A big pile of vested shares feels like wealth, and it may help with reserves. But the income side works from what was actually delivered to you over time.
Private-company or pre-IPO stock is the hard case. The Fannie Mae benchmark requires public trading, so pre-IPO RSUs generally cannot be used as income there. Some jumbo lenders treat them differently. That is lender-specific, so ask before you assume.
How Do Lenders Turn Vests Into a Monthly Number?
They average your delivered shares, price them, and spread the total over a set period. Fannie Mae’s RSU section is the benchmark many lenders borrow from. For share-paid awards it uses the 200-day moving average stock price times the vested shares delivered, before tax, averaged over a look-back period. Jumbo lenders may be stricter or looser, so treat this as a guide.
The 200-day average matters. It smooths out price spikes. If your stock has jumped lately, the qualifying figure will lag behind. If it has dropped, the figure falls too.
Here is a modeled example, with made-up inputs. Say you vest the same number of shares each quarter for two years. The lender totals every delivered share, prices them at the averaged price, and divides by the months in the look-back. That monthly figure is added to your base pay and any bonus. Then the lender runs your debt ratio.
Two traps show up here. First, the average can sit below your most recent year’s pay. Second, an underwriter can misread the file, for example by multiplying future vesting shares by today’s price and calling the income unstable. Hand over a clean vesting schedule so the file shows delivered shares in dollars over time.
History and continuance
A track record matters. Mortgage-insurer training material suggests lenders like to see a multi-year record for performance-based awards, and a shorter one for time-based awards. Shorter histories can work with offsetting strengths, such as future vesting at least equal to past vesting. Details differ by lender, so ask early.
Continuance means the income will likely keep coming. Fannie Mae says the lender need not verify it for recurring awards unless something casts doubt. A job change, a change in grant pattern or a new vesting schedule can raise that doubt.
What Documents Will You Need?
Expect to provide proof of delivery, proof of the plan and proof of employment. Under the Fannie Mae benchmark, the lender gets either a completed Form 1005 (a written employment verification) showing restricted stock distributions, or your latest paystub showing the stock income plus two years of W-2s. The lender also documents:
- Evidence the stock is publicly traded.
- Your current vesting schedule, past and future.
- The 200-day average price, when you are paid in shares.
- A brokerage or bank statement showing prior distributions.
- A verbal verification of employment.
Jumbo lenders often ask for more. Gather grant agreements and brokerage statements before you apply, so the file does not stall on a missing page.
How Does Little Down Work on a Jumbo?
It works on a handful of lanes, with tradeoffs. Across the wholesale programs Lendmire places files with, the headline lane starts at a 660 decision score and goes up to 90% leverage. Several lanes reach 89.99% combined loan-to-value, which counts all loans on the home. The rest stop at 80%. Loans on the largest lanes reach $5,000,000. Every figure here is subject to lender guidelines and full file review, and none is a commitment to lend.
Higher leverage tightens everything else. Ratio ceilings run at 50% on the fixed lanes, 45% on the adjustable lanes and 43% on the interest-only lanes. Reserves are counted in months of the full payment, and they rise with the loan amount. Larger loans can also bring two appraisals above a lane’s threshold amount.
| Feature | What to expect |
|---|---|
| Leverage | Up to 90% on the headline lane; some lanes stop at 80% |
| Decision score | 660 on the headline lane |
| Ratio ceiling | 50% on fixed lanes, 45% on adjustable lanes, a lower ceiling on interest-only lanes |
| Reserves | Months of full payment, rising with loan size |
| Appraisals | Two above a lane’s threshold amount |
RSU borrowers have one edge. Vested shares in a brokerage account can often count toward reserves, depending on the lender. Selling shares for the down payment cuts both ways, though. It lowers the assets you hold, and it can shorten the delivery history that supports your income. Sort out the order before you sell anything.
The numbers can also work together. A larger down payment may drop you below the county limit, which avoids jumbo status. That is plain arithmetic, not a program feature.
Where the Rules Bend or Break
Short RSU history. A new hire with only a few vests may fall short. Some lenders accept shorter histories with offsetting strengths.
Sign-on RSUs. Stock granted as a sign-on bonus that vests over time generally does not count as qualifying income.
Pre-IPO stock. Public trading is the usual requirement, so private-company equity is lender-specific at best.
Falling stock price. Share-priced income uses an averaged price. A slide lowers your qualifying figure even if your share count holds steady.
Job change before closing. Lenders re-verify employment late in the process. A new employer or a changed grant pattern can reopen the continuance question.
Cash-out or refinance. The same RSU documentation logic applies. Cash-out runs at lower leverage than purchase, with a cash cap on the largest lanes. Lendmire’s piece How to Qualify for a Jumbo Cash-Out on RSU and Bonus Income covers that case.
Occupancy. This article is about a primary residence. For a second home or investment property, occupancy decides the leverage on each lane.
A practitioner note: files built on RSUs stall most often on paperwork, not on credit. A vesting schedule that doesn’t match the brokerage statements, or a paystub that lumps stock into a single line, forces explanations. Clean up the paper trail first.
Do the Rules Apply to Jumbo Loans the Same Way?
Mostly yes, with one difference. Lenders must make a good-faith determination that you can repay. The CFPB’s ability-to-repay guidance requires them to consider your debts, your assets and your mortgage-related expenses. Jumbo underwriting often asks for more on top of that. That usually means stronger credit, more assets and tighter ratios than a conforming loan.
Key Terms Defined
RSU (restricted stock unit): Company stock promised to you that you receive as it vests.
Vested: The shares are yours with no remaining forfeiture conditions.
Distributed: The shares were delivered to your account.
Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Loan-to-value (LTV): The loan amount divided by the home’s value or price, whichever applies.
Reserves: Liquid assets left over after closing, counted in months of the full housing payment.
Debt-to-income ratio: Your monthly debts divided by your monthly income.
What Does Your Decision Look Like in Practice?
Start by sorting your stock into vested and unvested. Next, pull two years of delivery records. Then decide how much you can put down while keeping reserves intact. A borrower with steady vests, strong credit and ample reserves has the most room. A borrower relying on a fresh grant or an unusually high stock price has the least.
Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
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.
Frequently Asked Questions
Can unvested RSUs count toward my income?
No. Under the Fannie Mae benchmark, only vested stock distributed to you without restrictions counts. Unvested grants may still show a lender your future earning power, but they do not enter the income figure.
Can I use vested shares for my down payment or reserves?
Often yes, depending on the lender. Vested shares held in a brokerage account are commonly counted as assets. Selling shares for the down payment lowers your remaining assets, and lenders will want a paper trail for the proceeds.
What if I just started a new job with RSUs?
It is harder. Lenders usually want a history of delivered stock, and a brand-new grant has none. Shorter histories can work on some files with offsetting strengths, but that is lender-specific.
Does pre-IPO or private-company stock work?
Rarely. The agency benchmark requires publicly traded stock. A few jumbo lenders look at private equity differently, so ask before you rely on it.
Does my RSU income change which loan structure I can use?
Not by itself. Fixed, adjustable and interest-only structures exist across the jumbo lanes. Each carries its own ratio ceiling and reserve rules, subject to lender guidelines.
For your own numbers, request a scenario review with Lendmire.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving homeowners and home buyers in 16 states. FHA, VA, conventional and jumbo purchase and refinance loans are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. FHFA – Addendum: Calculating 2026 Conforming Loan Limit Values Under HERA
2. Fannie Mae Selling Guide Announcement SEL-2023-11
3. Fannie Mae Selling Guide B3-3.3-07, RSU and Restricted Stock Employment Income
4. CFPB – ATR/QM Small Entity Compliance Guide
This article is part of Lendmire’s jumbo loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can an Early Retiree Qualify for a Jumbo Loan Without W-2 Income? · Can You Get a Jumbo Loan on a Second Home With Little Down? · 15-Year vs. 30-Year Jumbo Loan for a High-Income Buyer
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.