The Quick Read: A California tech employee paid in stock can qualify for a mortgage on assets by using vested shares that have been sold or seasoned in a brokerage account, either to cover the whole loan outright or to be converted into monthly qualifying income, while unvested restricted stock units never count toward either path. The route you pick depends on the property type, the loan size, and whether you still draw a salary. Lendmire, a mortgage broker, places these files through select lenders in its wholesale network.
- Vested shares sitting in a brokerage account count. Unvested restricted stock units and stock options do not.
- The asset qualifier path uses assets to cover the entire loan and documents no employment or income.
- The asset depletion path divides usable assets by 60 months to create qualifying income, which then runs through a debt-to-income test.
- Investment property is available only on the depletion path, at lower leverage.
- Rental purchases often fit a rent-based investor loan better than either asset path.
Why Stock Pay Is Hard for a Standard Mortgage File
A standard salary-based file struggles with equity pay because the income arrives in lumps. It must be vested, documented, averaged, and shown to continue. Underwriting software vendor Blueprint says that when RSUs are treated as traditional employment income, only vested units count. It adds that underwriters may reduce or drop the income if vesting is shrinking or the grant program is ending.
That leaves many California tech workers in an odd spot. Their net worth may be high, but their documented, continuing income looks thin on paper. A mortgage on assets answers that mismatch directly. Instead of asking whether the stock will keep paying, it asks what you hold today.
What a Mortgage on Assets Means
A mortgage on assets is reviewed around what you own rather than on what you earn. Across Lendmire’s wholesale network, two distinct paths exist, and a borrower is qualified on one path at a time.
The asset qualifier path requires eligible assets, after the credit percentages applied to each account type, to equal or exceed the entire loan amount. No employment or income is documented. The lender’s ability-to-repay review rests on the assets.
The asset depletion path takes usable assets after haircuts, divides by 60 months, and treats the result as monthly income. That income must carry the full housing payment and your other debts through the debt-to-income test.
Neither path is “no documentation.” The assets are fully documented on both. Only the income file goes away on the qualifier path.
How Underwriting Treats Your Stock, Step by Step
1. Vesting comes first. Shares become yours only when vesting conditions are met. NerdWallet’s RSU explainer describes the unit as a promise until then. Unvested RSUs are not eligible on the depletion path, and they are not part of any asset count.
2. Shares land in your account, usually net of withholding. NerdWallet describes three ways to handle the withholding at vest: give back shares, pay out of pocket, or sell to cover. In its example, 300 RSUs vest and you keep 234 after 66 are withheld. The net count that reaches your brokerage account is what a lender can see.
3. The balance is valued and credited. The lender applies a percentage to each account type. Brokerage holdings count at 100% on the qualifier path and securities count at 80% on the depletion path.
4. Seasoning is checked. Funds need history. The qualifier path asks for 60 days of seasoning and two months of statements for each qualifying account. The depletion path asks for statements at least 120 days old at application, plus the most recent statement dated within 45 days.
5. Credit and the property are reviewed. The qualifier path has a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix. A first-time investor on the depletion path needs 700, subject to underwriting.
Freshly vested shares are the catch. If a large vest landed in your account last month, the qualifier path’s 60-day seasoning clock is still running. Many tech employees gain an easy win by waiting for the statements to catch up before applying.
The Two Paths Side by Side
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| What assets do | Cover the entire loan | Become monthly income |
| Primary or second home | 80% purchase, 75% refinance | 80% purchase or rate-and-term, 60% cash-out |
| Investment property | Not offered | 65% purchase or rate-and-term, 60% cash-out |
| Brokerage and securities | 100% credit | 80% credit |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Statements | 60 days seasoning, two months | 120 days old plus one within 45 days |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
Figures are ceilings and floors for select programs, subject to underwriting, and are not offers.
Worked Examples With the Network’s Math
Qualifier path. Picture an employee who has sold vested shares into a brokerage account holding $330,000, with $300,000 in a 401(k) at age 45 and $200,000 in savings. The brokerage counts at 100%, which is $330,000. The 401(k) counts at 90% under age 59½, which is $270,000. The savings count at 100%, which is $200,000. That is $800,000 of usable assets, enough to qualify an $800,000 loan on assets alone. The lender’s own calculation governs.
Depletion path. Say a senior engineer holds $1,500,000 in securities and $300,000 in cash. Securities count at 80%, which is $1,200,000. Cash counts at 100%, which is $300,000. Together that is $1,500,000 of usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the debt-to-income test.
The depletion path has minimums too. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid when depletion is your only income source. If you still draw a salary, asset-derived income may supplement documented income up to a 45% debt-to-income ratio. In that case the minimum-assets rule is waived.
What Counts, and What Does Not
Vested public shares in a brokerage account are the cleanest asset. A few other classes need care.
- Private company stock counts at 75% on the depletion path. Pre-IPO holders should expect extra lender review of valuation and how the holding is documented.
- Stock options and non-vested RSUs are not eligible on the depletion path.
- 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.
- Pledged or borrowed funds do not count.
- Cash-out proceeds never count as qualifying assets on the depletion path.
Where the General Rule Breaks
Several edge cases catch tech borrowers off guard.
You are on the wrong path for the property. The qualifier path covers principal residences and second homes. If you want to buy a rental, only the depletion path applies, at 65% leverage on a purchase or rate-and-term refinance and 60% on a cash-out. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
The vest is too fresh. Seasoning applies to deposits as well as balances. Recently delivered shares may need to season in the account first.
The holding is concentrated. A portfolio made up mostly of one company’s stock is a real risk to you, even if the lender counts it. If the price drops before your loan is reviewed, the usable balance drops with it. Some borrowers diversify the way they fund a purchase, and the same-day-sale option NerdWallet describes converts vested shares to cash in one step.
Layoffs and forfeiture. An unvested grant disappears with a layoff. A file built on assets already in your account is not affected by that risk, which is one reason asset paths appeal to tech workers.
Tax timing. Withholding at vest is only an estimate so budget for a possible shortfall so your reserves stay intact. Tax treatment varies; consult a qualified professional.
Which Path Fits Which Borrower?
| Your situation | Likely fit |
|---|---|
| Large liquid balance, buying a home | Asset qualifier path |
| Salaried, with assets as a supplement | Depletion supplementing income |
| Buying a rental with big liquid assets | Depletion path or rent-based loan |
| Founder with private stock only | Depletion path, private stock at 75% |
| Income shows in deposits, not W-2 | Bank statement program |
| Vesting history is long and steady | Salary-based file may be enough |
If a long and steady vesting record fits a standard W-2 file, that route may cost less than either asset path. Asset-based programs tend to require more liquidity and lower leverage on rentals. The flip point comes when your stock income is too lumpy to document, or when you would rather keep the shares than sell them to show income.
Some tech workers are paid as contractors or founders and show income through deposits instead. Lendmire’s piece How Executives Paid in Stock Qualify for a Jumbo Mortgage With Bank Statements covers that route. Borrowers with very large loans can also read how a super jumbo mortgage works for executives paid in stock.
When the Property Is a Rental
Many tech borrowers buying a rental find neither asset path is the best fit. 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.
A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your stock compensation is not part of that calculation. Your credit, reserves, and the property itself are still fully reviewed. Sub-1.00 coverage is available through select lenders in the network, but leverage and terms adjust to match.
The stock still matters for the down payment and reserves. Proceeds from sold shares, the transfer into your closing account, and the brokerage statements become the paper trail. The complete DSCR loans guide covers how coverage ratios, leverage, and reserves work on those files.
The rule of thumb is that a rental you want to own for its rent usually belongs on a rent-based loan. A rental you want to finance on the strength of a large portfolio is a depletion-path question, at the lower investment-property leverage shown above.
Key Terms Defined
Vesting: The point at which a stock grant becomes yours to keep or sell.
RSU: A restricted stock unit, which is a promise of shares delivered after vesting conditions are met.
Seasoning: The time funds have sat in an account, which lenders use to confirm the money is really yours.
Haircut: The share of an asset’s balance a lender does not count when valuing it.
Debt-to-income ratio: Your monthly debts, including the new housing payment, divided by your monthly qualifying income.
Sell to cover: A method where some vested shares are sold automatically to pay the withholding due at vest.
Mistakes to Avoid
Building the file on projected grants is a common error. Only what has vested and sits in your account counts.
Moving money around right before applying is a close second. New deposits and transfers trigger source reviews and can reset seasoning. Pulling statements early and keeping balances steady makes the review cleaner.
Finally, do not assume one path beats another. Qualifier and depletion paths use different percentages and leverage, so compare your own numbers before choosing.
Frequently Asked Questions
Do unvested RSUs help me qualify for a mortgage on assets?
No. Unvested restricted stock units are not eligible on the depletion path, and they are not part of any qualifier-path asset count. Only shares that have vested and sit in your account count, subject to underwriting.
Can I use vested stock without selling it?
Often yes. The shares still need two months of statements on the qualifier path, or the statement-age rules on the depletion path.
Does my salary still matter?
On the qualifier path, no income is documented at all. On the depletion path, if you still draw a salary, asset-derived income may supplement it up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Can I buy a rental property with an asset-based mortgage?
Only on the depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Many investors compare that with a DSCR loan, which qualifies primarily on the rent covering the payment.
What if most of my wealth is private company stock?
Private stock counts at 75% on the depletion path. Expect lenders to scrutinize the valuation and documentation, and expect that converting some of it to seasoned cash in a regulated account can make the file simpler.
Next Steps
Start by listing what is vested and where it sits, then check each account’s age against the seasoning rules above. 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’s consumer mortgage lending is licensed in 16 states, California among them, and every file is subject to underwriting and is not a commitment to lend.
Lendmire’s asset-based mortgage in California page presents the program for California borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages 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. Blueprint: RSU income review
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Asset Qualifier vs Asset Depletion for a Tech Employee · How Assets-Only Mortgage Loan Limits Work · How Asset Depletion Mortgage Eligible Assets Work for Rental Investors
Guides: Asset-Based Mortgage in California
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.