The Quick Read: Vested shares sitting in a brokerage account can support a mortgage without pay stubs, traditional personal-income documentation or employment verification, but unvested restricted stock units count for nothing. Lendmire arranges these asset-based loans through select lenders in its network. They are subject to underwriting, and every file is reviewed individually.
- Two paths exist. On the asset qualifier path, your eligible assets must cover the entire loan. On the asset depletion path, your assets are converted into monthly income.
- Only vested, unrestricted stock counts. Unvested RSUs and stock options are not eligible on the depletion path.
- Leverage differs by path. The qualifier path allows up to 80% on a purchase. The depletion path allows 65% on an investment-property purchase.
- Assets are documented. Skipping income paperwork never means skipping documentation.
- A pure rental purchase often moves to a different loan. That loan is a DSCR loan, which looks at the property’s rent.
Why Does Stock Pay Confuse Normal Underwriting?
Stock pay confuses normal underwriting because RSU income arrives in lumps tied to vest dates. A big paycheck followed by a thin one looks unstable on paper, even when your net worth is strong.
Think of an RSU grant as a promise of shares. Nothing is yours until a vest date. Then the shares land in a brokerage account, usually minus some shares the employer holds back for withholding. Carta’s RSU explainer describes that share-withholding mechanic, which means fewer shares reach your account than the grant suggests.
Conventional lenders then ask for proof the income will continue. Enact, a mortgage insurer, explains that agency-style treatment of RSUs depends on whether vesting is time-based or performance-based. It also calls for a history of receipt, evidence the income continues, and pay stub and W-2 documentation. A newer employee with a big grant and a short vesting history often falls short.
Asset-based loans skip that fight. They ask a simpler question: what do you own today that is vested, liquid and documented?
What Does “Mortgage on Assets” Actually Mean?
A mortgage on assets means the lender reviews your file on what you hold instead of what you earn. You keep your investments. Nothing is pledged or locked up, and you are not borrowing against the shares.
That last point trips people up. A pledged-asset loan freezes your stock as collateral. An asset-based mortgage only counts the stock as proof you can repay. The home or property is the collateral, as with any mortgage.
Across Lendmire’s wholesale network, these programs come in two forms, and a borrower is reviewed on one path at a time:
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| Core test | Eligible assets cover the whole loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Debt-to-income test | Not used | Yes |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Best fit | Very asset-rich borrowers | Assets that carry the payment as income |
Both paths are subject to underwriting, and the lender’s own calculation governs. These are ceilings and floors, never offers.
How Does the Asset Qualifier Path Work?
On the qualifier path, your usable assets must equal or exceed the entire loan amount. No employment or income is documented. The lender reviews your ability to repay based on the assets themselves.
Each asset counts at a set percentage of its balance, through select programs:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- Retirement accounts (401(k) and IRA) count at 90% if you are under age 59½, and 100% at 59½ or older.
- Accounts combine.
Here is an illustration. Say a borrower seeks an $800,000 loan. She holds $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under 59½ (90%, so $270,000) and $200,000 in savings ($200,000). That adds up to $800,000 of usable assets. She is reviewed on assets alone, subject to underwriting.
Leverage reaches up to 80% on a purchase and 75% on a refinance of a principal residence or second home. Credit starts at a 600 minimum score. Reserves are not required at or below 75% loan-to-value; above that, the lender sets them. Seasoning is 60 days, with two months of statements for each qualifying account.
For a tech employee, the vested-shares brokerage account is the star. A few years of vested RSUs can build a balance that counts in full at 100%.
How Does the Asset Depletion Path Work?
On the depletion path, the lender takes your eligible assets after haircuts, divides by 60 months, and treats the result as monthly income. That income then carries the housing payment and your other debts through the debt-to-income test.
Haircuts here are steeper because the lender is converting assets on paper:
- Cash accounts and certificates of deposit count at 100%.
- Securities (your vested, publicly traded shares) count at 80%.
- Private stock counts at 75%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Not eligible on this path: stock options, non-vested restricted stock units, deferred compensation, custodial accounts, escrow accounts, foreign funds and cash on hand.
Run the example. A borrower holds $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100%). That is $1,500,000 of usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income. That income must then carry the housing payment and other debts through the debt-to-income test.
Other guardrails apply. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They must never fall below $250,000 liquid when asset depletion is your only income source. Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio, and in that case the minimum-assets rule is waived.
Statements must be at least 120 days old at application, plus a most recent statement within 45 days. Credit follows the lender’s matrix. A first-time investor on this path needs a 700 score. Housing history is expected at 0x30x12, though one 30-day late in the last twelve months is considered case by case.
Which Types of Stock Pay Count?
How stock counts depends on its type, whether it has vested, and where it sits. Vested shares in a brokerage account are the cleanest. Everything restricted or illiquid is weaker or excluded.
| Equity type | Asset qualifier path | Asset depletion path |
|---|---|---|
| Vested public shares in brokerage | 100% | 80% (securities) |
| Unvested RSUs | Not an account balance | Not eligible |
| Stock options | Not a listed asset | Not eligible |
| Private-company stock | Not a listed asset | 75% |
| Cash after selling shares | 100% | 100% |
Two notes on that table. First, the qualifier path’s percentage list covers brokerage, deposit and retirement accounts, so private holdings are not published there. Second, an employee stock purchase plan (ESPP) is simply shares once purchased and sitting in your account. At that point it behaves like any vested holding.
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, which the lender then reviews. Borrowed or pledged funds do not count either.
What Does a Tech Employee’s File Look Like?
Picture a software engineer in the Raleigh-Durham area who has vested RSUs for several years. She is considering a primary-residence purchase and holds her shares in a brokerage account. Her W-2 swings year to year, so a conventional file is awkward.
She has two sensible routes. If her usable assets cover the whole loan, the qualifier path asks for no income at all. If her assets are large but not that large, the depletion path can turn them into income that clears the debt-to-income test.
The steps look like this:
1. List what is vested and sitting in an account in your name. 2. Apply each path’s percentages to see what counts. 3. Gather statements: two months per account for the qualifier path, or the 120-day and 45-day set for the depletion path. 4. If you sell shares to raise cash, keep the brokerage sale record and the transfer into checking. 5. Check credit against the lender’s matrix.
Timing matters at the account level. Empower notes that trading windows and liquidity limits, especially at private companies, call for planning. Restricted or illiquid shares are unlikely to count, so check what you can freely sell before you assemble the file.
Where the General Rule Breaks
The rule that vested stock counts has real edges. Knowing them keeps a file from stalling.
Unvested RSUs. They do not count toward the assets on the depletion path, and nothing is in an account for the qualifier path. Leave them out of your math.
Concentration in one stock. Many tech employees hold most of their wealth in one employer’s shares. Empower flags employer-stock concentration as a risk. A price drop between application and closing shrinks the balance that counts, so leave yourself room.
Seasoning on fresh money. A big deposit that just arrived needs a paper trail. Statement history matters on both paths, and sale-of-business, inheritance and legal-settlement funds are excused from the depletion path’s seasoning requirement. Vest proceeds are not on that list.
Private-company equity. It counts only on the depletion path, at 75%, and the lender reviews it closely. Locked-up or restricted shares do not help.
Investment property. The depletion path allows investment property at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. The qualifier path is written for principal residences and second homes. Cash-out proceeds never count as qualifying assets on the depletion path.
The “no income” misunderstanding. Skipping income documents does not mean skipping documents. Your assets are documented on both paths, along with credit, the appraisal and the title work.
What If You Want a Rental Property Instead?
If the property is a pure rental, a DSCR loan often fits better than an asset-based mortgage. 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 page shows that the business-purpose exemption turns on the primary purpose, decided case by case. The eCFR text of § 1026.3 carries the exemption itself. A DSCR loan cannot fund your own home.
A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your vested stock matters there too, but as down payment and reserves instead of income. Programs below 1.00 coverage are available through select lenders in the network, though leverage and terms adjust.
Sell Shares, Borrow, or Use Cash?
Each source of cash has trade-offs. Selling shares turns them into cash that counts at 100% on either path, but it shrinks your stock position. Holding them keeps your upside but counts at a lower percentage on the depletion path. Using other cash avoids the question.
Converting some company stock into property also reduces concentration in a single employer. That is a diversification point, not a program feature.
Tax treatment varies; consult a qualified professional before choosing how to raise cash.
Common Mistakes
- Counting unvested shares. They do not help, so leave them off your asset list.
- Mixing the two tables. The qualifier and depletion paths use different percentages. Apply one set at a time.
- Moving money late. Large recent transfers need explanation, and seasoning clocks are set by each path.
- Ignoring haircuts. An 80% or 70% credit shrinks a balance. Plan with usable figures instead of statement figures.
- Assuming a restricted share counts. Illiquid or locked shares rarely qualify as usable assets.
Key Terms Defined
RSU (restricted stock unit): A promise of company shares that become yours when they vest.
Vesting: The date a granted share becomes yours to keep or sell.
Asset qualifier path: A program where eligible assets must cover the entire loan, with no income documented.
Asset depletion path: A program that divides usable assets by 60 months to create monthly qualifying income.
Haircut: The share of an asset’s balance a lender will not count.
Seasoning: The time money must sit in your account before it counts.
DSCR loan: A business-purpose investor loan that qualifies primarily on the property’s rent covering its payment.
Frequently Asked Questions
Do I have to sell my shares to get an asset-based mortgage?
No. The lender counts vested shares in your account at a set percentage and does not require a sale. Selling only matters if you want cash for the down payment or want assets to count at 100%. Statements must still show the holdings.
Does a short vesting history disqualify me?
Not on an asset-based path. Personal income is not what these programs test. What matters is that your shares have vested, sit in your account and satisfy the seasoning and statement requirements, subject to underwriting.
Are stock options treated differently from RSUs?
Both are excluded until they become shares you hold. On the depletion path, stock options and non-vested RSUs are not eligible. Once you exercise or the shares vest and land in a brokerage account, they count as securities.
Does this work if my base salary is low?
It can work. The qualifier path documents no income at all, and the depletion path builds income from your assets. Your base salary matters mainly if you want to combine documented income with asset-derived income, up to a 45% debt-to-income ratio.
Can I use private-company stock?
Only on the asset depletion path, where private stock counts at 75% of its balance, subject to underwriting. The qualifier path does not publish a percentage for it. Restricted or locked shares generally do not help on either path. Converting shares to cash in a regulated account is the documented alternative, and the program reviews the source.
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 mortgage broker, and its consumer mortgage lending is licensed in 16 states, North Carolina among them. These programs are placed through select lenders in its network, subject to underwriting, and are not a commitment to lend.
Lendmire’s asset-based mortgage in North Carolina page presents the program for North Carolina borrowers.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage with consumer lending licenses in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending partners for borrowers whose traditional personal-income documentation understates their income, and each application is reviewed individually by the lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
2. Enact – Underwriting loans with RSUs as income
3. Empower – Understanding RSUs
4. CFPB – Regulation Z § 1026.3
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can a Florida Buyer Qualify for a Mortgage on IRA Assets Without Withdrawals? · How Florida Tech Employees Paid in Stock Get a Mortgage on Assets · Can a Georgia Divorce Settlement Count as Assets for a Mortgage?
Guides: Asset-Based Mortgage in North Carolina
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.