The Quick Read: Usually yes, though not by counting your total compensation. Lenders count only vested shares you actually hold, and they count variable pay as income only when it has a documented history that will continue. If your income file is messy, an asset-based mortgage can be reviewed against brokerage balance instead. For a rental purchase, a DSCR loan looks at the property’s rent rather than your paycheck.
- Unvested stock never counts. Non-vested restricted stock units are not eligible assets on the asset-based programs in Lendmire’s network.
- Vested shares in a brokerage account count as assets. On the qualifier path they count at 100%, subject to underwriting.
- Variable pay is an income problem, not an asset problem. The asset-based route sidesteps it.
- Each file runs one path at a time. Assets cover the loan outright, or assets convert into monthly income.
- Rentals are different. DSCR loans qualify primarily on property-level rental income covering the payment, subject to lender guidelines.
Why Does a Tech Paycheck Confuse Underwriters?
A tech paycheck confuses underwriters because it arrives in three stages, and only the later stages are real money. A grant is a promise. A vest turns the promise into shares. A brokerage balance is shares you hold. Each stage gets treated differently.
An RSU (restricted stock unit) is a promise of company shares that arrive on a vesting schedule. Vesting is the date a promise becomes shares you own. Before that date, the units are not assets and they are not income.
Base salary is easy. A lender sees a paystub and a steady number. Bonuses and stock vests are lumpy. They move with the stock price, the review cycle, and your employer’s mood. (Underwriters hate lumpy.) So the question becomes which kind of file hides the lumps best.
Here is the practical split. If you document income, every variable dollar needs history and proof it will continue. If you document assets, the lumps disappear because a balance is a balance. Shares you hold in a brokerage account are already past the hard part.
The Asset-Qualifier Route: Let the Balance Cover the Loan
The asset qualifier path covers the entire loan with eligible assets and documents no employment or income. It suits a tech employee with a large vested portfolio and a thin or inconsistent income file. Through select programs in Lendmire’s wholesale network, it works on a principal residence or second home, subject to underwriting.
The core test is simple. Eligible assets, after the credit percentages, must equal or exceed the whole loan amount. Here is how balances count on this path:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- 401(k) and IRA balances count at 90% if you are under 59½, and 100% at 59½ or older.
- Accounts combine, so several balances can add up to the loan amount.
Leverage reaches up to 80% loan-to-value on a purchase and 75% on a refinance, both on a principal residence or second home. Loan amounts run up to $4,000,000. The credit floor is 600. Reserves are not required at or below 75% loan-to-value; above that, the lender sets them.
Seasoning is the waiting period assets must sit in an account before they count. This path wants 60 days of seasoning and two months of statements for each qualifying account. You still document the assets. “No income documentation” never means no documentation. Every balance gets reviewed, and every large deposit gets sourced.
Here is the basic shape of the math, and it is illustrative only. The lender’s own calculation governs. Take an $800,000 loan with $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) under 59½ (90% counts, so $270,000), and $200,000 in savings (100%, so $200,000). That totals $800,000 of usable assets, which covers the loan on assets alone.
The Asset-Depletion Route: Turn the Portfolio Into Income
The asset depletion path divides usable assets by 60 months to create a monthly qualifying income. That income then runs through the debt-to-income (DTI) test, which compares your monthly debts to your monthly income. Pick this path when you want to keep more assets after closing or when the loan is larger than your portfolio.
Haircuts are steeper here because the lender wants a margin for market swings. Here is what counts on this path:
- Cash accounts and certificates of deposit count at 100%.
- Securities, including vested shares in a brokerage account, count at 80%.
- Private stock counts at 75%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Several asset types do not count at all on this path. Those include non-vested restricted stock units, stock options, deferred compensation, custodial accounts, escrow accounts, foreign funds, cash on hand, and funds from non-regulated financial companies. Cryptocurrency, precious metals, and collectibles are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Leverage on this path is up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance, both on a principal residence or second home. For an investment property, the limits are 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets. Loan amounts run from $125,000 to $3,500,000.
The paperwork differs too. Statements must be at least 120 days old at application, plus a most recent statement within 45 days. Minimum qualified assets are the lesser of $1,000,000 or 1.25 times the loan balance. When assets are your only income source, you also need at least $250,000 liquid. Credit follows the lender’s matrix. A first-time investor on this path needs a 700 score.
The sanctioned example: $1,500,000 in securities (80% counts, so $1,200,000) plus $300,000 in cash (100%) gives $1,500,000 usable. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the DTI test. Illustrative only.
Asset income can also supplement documented income, up to a 45% DTI. When it supplements, the minimum-assets rule is waived. That matters for tech employees. Your base salary plus a portfolio can beat either one alone.
Which Path Fits Your File?
Pick by what you have and what you plan to buy. The table below gives the shape of the choice. All figures are program ceilings and floors through select programs, subject to underwriting, never offers.
| Your situation | Best-fit path | Main tradeoff |
|---|---|---|
| Large vested balance, messy income | Asset qualifier | Assets must cover the whole loan |
| Large balance, loan bigger than balance | Asset depletion | Haircuts shrink the usable total |
| Steady base pay, supplemental stock | Depletion as supplement | DTI cap of 45% applies |
| Rental purchase, strong rent | DSCR loan | Property carries the file, not you |
| Long W-2 history, stable vests | Income-based loan | Heavy documentation of variable pay |
For a tech employee with both a strong income history and a big portfolio, the choice is a genuine toss-up. The income-based route may cost less in haircuts, though it demands the paperwork. The asset route trades convenience for a smaller usable pool.
What Happens When You Document the Paycheck Instead?
Documenting variable pay works, but the bar is high. Agency-style underwriting treats stock as income only when the grant is vested, public, and documented. Fannie Mae’s selling guide lays out that contrast case. It asks for an employment verification showing restricted-stock distributions, or the latest paystub plus two years of W-2s. It also wants evidence the stock is publicly traded and the current vesting schedule covering past and future vesting.
The same guide values share-based income with a 200-day moving-average stock price. It also wants a brokerage or bank statement showing prior distributions. One-time, time-based awards must show on the vesting schedule continuing for at least three years from application. Those are that program’s rules. They are not the asset-based program‘s rules, and they do not govern DSCR loans.
Here is why that matters for you. A new hire has no vesting history. A volatile stock lowers the averaged number. A layoff cuts continuance. Every one of those hurts an income file. None of them changes a seasoned brokerage statement. A drop in share price lowers your balance, though, and the haircuts apply to whatever the balance is on the statement.
One more reason tech workers move off income files: a vest creates a lump of shares, but the bonus, the base, and the grant refresh each need their own paper trail. Stack three variable streams and the file gets heavy.
Buying a Rental? Your Stock Is Not Your Qualification
For a rental purchase, a DSCR loan usually fits better than either route above. DSCR stands for debt service coverage ratio. It is the property’s monthly rent divided by its full monthly payment, which covers principal, interest, taxes, insurance, and any HOA dues. Lendmire’s complete DSCR loans guide walks through the mechanics.
DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. The CFPB’s Regulation Z commentary treats credit to acquire non-owner-occupied rental property as business purpose. It also says that frame stops applying if you expect to occupy the property more than 14 days in the coming year. A compliance trade publication adds that the purpose of the loan matters, not just the property type. So a home you plan to live in is not a DSCR deal.
Your RSUs and bonus do not get underwritten as income on a DSCR file. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Credit, reserves, rent evidence, and entity documents still matter. Many programs are built around rent covering the payment at about 1.00x. Select lenders in the network review below that, with leverage and terms adjusting. Borrowing in an LLC is possible, subject to lender program eligibility.
Your vested stock still shows up in two places on a DSCR file. It funds the down payment, and it may count toward reserves under the lender’s policy. How and at what discount varies by program. Lendmire’s piece Do a Tech Employee’s Vested RSUs Count as Jumbo Loan Reserves? covers the reserve question in more depth.
DSCR is a fit tool, not a bargain. A W-2 borrower with one rental and a clean income file may find an income-based loan fits better. A tech employee scaling to a third or fourth rental often finds DSCR easier, because each property stands on its own rent.
Vested Shares Do Three Jobs (But Not at Once)
Vested shares can serve as income, as down-payment money, and as reserves. You cannot count the same shares twice. If you sell shares to fund a down payment, those dollars are no longer sitting in the account as a qualifying asset.
On an income file, shares count only through documented history. On the asset-qualifier path, the held balance counts toward the entire loan amount. On the depletion path, the held balance becomes the monthly income figure. Plan the order before you sell anything.
Here is a practitioner point about sell-to-cover vests. Many employers withhold taxes by selling a slice of each vest automatically. The lender sees net shares landing in the brokerage account, not gross. So build your file from what the statement shows, not from the grant letter. Count only what has landed.
Another quirk: vests often cluster at quarter-ends or year-ends. A statement taken just before a vest looks thinner than one taken just after. Across the wholesale network Lendmire places files with, the cleanest tech files show a steady balance with each vest documented. The messiest ones show a big deposit with no trail. Source every large deposit before the underwriter asks.
Selling shares can trigger a tax bill. Tax treatment can depend on how the funds are used and how the property is held; borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
What Can Go Wrong
Three risks matter most. Each can sink a file or strain your life after closing.
A falling stock price. Your balance is whatever the statement says on the day the lender reviews it. A drop before application lowers usable assets. A drop after closing does not change the loan, but it changes your cushion.
Concentration. A balance made mostly of your employer’s stock is a bet on one company. The lender may review that risk, and the published haircuts do not address it. Ask about it up front. Skip assuming it will be waved through.
A layoff. On an asset file, a layoff matters less to the application. It matters a lot to your life. Size the loan to a payment you can carry without the stock. Qualifying for a number is not the same as being comfortable at it. Run your own stress test.
A short history is a different matter. A new job or a fresh grant program hurts income files, because continuance cannot be shown. It matters much less on asset files, since only the balance is reviewed.
Employee stock purchase plan shares become ordinary securities once they sit in your brokerage account. Performance-based units count only after they vest and land. Private-company shares count at 75% on the depletion path, and they still need statement support.
Documents to Gather
Gather these before you talk to anyone. The list shifts a little by path.
- Two months of statements for each qualifying account on the qualifier path.
- Statements at least 120 days old plus one within 45 days on the depletion path.
- Vesting schedule and grant letters, so the lender sees what has vested and what has not.
- Sale confirmations and the trail from brokerage to bank for down-payment funds.
- Paystubs and W-2s if you are supplementing with documented income.
- Entity documents if the loan involves an LLC on a rental, depending on program guidelines.
Key Terms Defined
Asset qualifier path: the program route that qualifies you when eligible assets cover the whole loan amount.
Asset depletion path: the program route that divides usable assets by 60 months to create qualifying monthly income.
DTI: debt-to-income ratio, your monthly debts compared to your monthly income.
Haircut: the share of an asset’s balance the lender does not count.
Reserves: liquid funds left over after closing, kept as a cushion.
Frequently Asked Questions
Do unvested RSUs count toward qualifying?
No. Non-vested restricted stock units are not eligible assets on the asset-based programs in Lendmire’s network. They are promises, not shares. Once they vest and sit in your brokerage account, they become securities that count, subject to underwriting.
Do I have to sell my shares to use them?
Not on the asset paths. Held shares count where they sit, at 100% on the qualifier path or 80% on the depletion path. You only sell if you need the cash for a down payment or closing costs. Remember that sold shares leave the balance, so plan the order.
Does private-company stock count?
Sometimes. On the depletion path, private stock counts at 75%, subject to underwriting and statement support. It is not an income source on its own. Publicly traded shares in a brokerage account are simpler to document.
What if I just started at a new company?
A short history hurts an income file because the lender cannot show that pay will continue. It matters far less on an asset file, where the seasoned balance is what gets reviewed. On a DSCR rental loan, your employment history is not the qualifying factor.
Can stock options or ESPP shares help?
Stock options are not eligible on the depletion path. ESPP shares you have bought and hold in a brokerage account are ordinary securities and count like any other, subject to underwriting. Whether anything beyond that counts depends on the program and the property.
Next Step
If you are qualifying on assets rather than income and want to see how the numbers work, Lendmire can help you compare asset-based mortgage options based on your statements, the property, credit profile, leverage, and your goals. Lendmire is a broker that places these loans through select lenders in its network, and consumer mortgage lending runs in 16 states. You can also read Lendmire’s piece Can You Use a Stock Portfolio to Qualify for a Mortgage? for the broader portfolio picture. Programs change, every file is underwritten individually, and nothing here is a commitment to lend.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of tax returns, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its 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, restricted stock units and restricted stock employment income
2. CFPB, Regulation Z § 1026.3 Exempt transactions
3. Compliance Alliance, Regulation Z and Investment Properties
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Qualify for an Assets-Only Jumbo Loan · How an Asset Depletion Mortgage Works · How to Document an Assets-Only Mortgage
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.