The Quick Read: Stock-paid tech workers can typically qualify on assets by counting vested, documented holdings either against the whole loan or as monthly income, while unvested units do not count, all subject to lender guidelines and full underwriting.
- Unvested stock units do not count as assets on the asset depletion path, because the borrower does not yet own them. Vested shares delivered to a brokerage account are the strongest stock-based asset.
- On the asset qualifier path, eligible assets must cover the entire loan and no income is documented. On the asset depletion path, usable assets divided by 60 months become qualifying income that runs through the debt-to-income test.
- Credit percentages differ by path. Brokerage accounts count at 100% on the qualifier path, while securities count at 80% on the depletion path.
- Asset-based does not mean undocumented. Both paths still require statements, seasoning, sourcing and a credit review, and recently vested shares often stall on seasoning.
Here, New Mexico tech employees means people who work for technology employers in the state. It does not mean the university in Socorro.
Why the Paycheck Understates a Stock-Paid Tech Worker
A stock-heavy compensation package produces wages that move with the share price and the vest schedule. An underwriter who needs a steady monthly income figure sees a moving target.
The mortgage file has a second problem. Stock that has not vested is not yours yet. IRS Publication 525 treats stock subject to a substantial risk of forfeiture as not income until it becomes substantially vested. Lenders follow the same logic. A grant you could lose by leaving the company is a promise, not a balance.
Once units vest, the picture changes. Schwab’s guide to RSU taxes explains that RSUs are taxed like wages at vest and delivery, which is why vested units show up on a W-2. A lender that counts RSU pay as income looks for that vest history and for evidence the grants will continue.
Asset-based lending takes a different route. It ignores the vest history and asks one question: what do you own today, in documented form?
Key Terms Defined
Restricted stock unit (RSU): A promise of company shares that become yours as you meet a vesting schedule.
Vested: The shares are yours and are delivered to your brokerage account.
Asset qualifier path: A program path where eligible assets, after the credit percentages, must equal or exceed the entire loan amount.
Asset depletion path: A program path that divides usable assets by 60 months to create a monthly qualifying income.
Seasoning: The period an account or balance has been in place and documented before the lender will count it.
Sourcing: The paper trail that shows where a deposit came from, such as a brokerage sale followed by a transfer to your bank.
How Underwriting Treats Stock Pay, Step by Step
Across the select programs Lendmire places files with, the sequence is consistent. Each step is subject to underwriting.
1. Pick the path. A borrower is qualified on one path at a time. The qualifier path is for people whose assets cover the loan outright. The depletion path is for people whose assets are large but whose documented income is thin.
2. Sort the holdings. Vested shares in a brokerage account, cash from sold shares, savings and retirement accounts each carry a different credit percentage. Unvested units and stock options carry none on the depletion path.
3. Apply the percentages. Each balance is reduced to its usable share. The usable total is what the lender tests against the loan or converts into income.
4. Check the statements. Every account counted needs statements. The age and number of statements depend on the path, covered below.
5. Review credit and the property. Credit is still pulled and scored. The loan amount, leverage and occupancy are reviewed against the program’s limits.
6. Run the test the path requires. On the qualifier path, usable assets must equal or exceed the entire loan. On the depletion path, derived income carries the full housing payment and other debts through the debt-to-income test.
The lender’s own calculation governs in every case. The examples here are illustrative.
Two Paths: Assets Cover the Loan, or Assets Become Income
The qualifier path is the cleaner fit for a worker who has already sold shares or holds a large vested position. The depletion path suits a worker whose portfolio is large but who prefers not to liquidate all of it. The table keeps the two paths separate.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| How assets are used | Must cover the entire loan | Usable assets ÷ 60 months = income |
| Income documented | None | Derived from assets |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | The lender’s matrix |
| Statements | 60 days seasoning, two months per account | Statements 120+ days old, plus one within 45 days |
Leverage differs as well, and it depends on the transaction and the occupancy.
On the qualifier path, leverage reaches up to 80% on a purchase and 75% on a refinance of a principal residence or second home. This path does not cover investment property, and the lender sets any cash-out terms, which are not published.
On the depletion path, a principal residence or second home can reach 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Cash-out proceeds never count as qualifying assets.
Worked example: qualifier path
Run the numbers on an illustrative borrower seeking an $800,000 loan. The borrower holds $330,000 in brokerage accounts (counted at 100%, so $330,000), $300,000 in a 401(k) under age 59½ (counted at 90%, so $270,000) and $200,000 in savings (counted at 100%, so $200,000). That adds up to $800,000 of usable assets, which meets the loan amount, so the file can qualify on assets alone, subject to underwriting.
Worked example: depletion path
Say a borrower 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. Usable assets total $1,500,000. Divided by 60 months, that is $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 also has floors. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They can never fall below $250,000 in liquid assets when depletion is the only income source. If the borrower has documented income, derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
What Counts and What Does Not for a Stock-Paid Employee
Vested shares are the strongest stock-based asset. Once delivered to a brokerage account, they are brokerage holdings like any other.
On the qualifier path, brokerage accounts count at 100%, along with certificates of deposit, money market and savings. Retirement balances count at 90% under age 59½ and at 100% from 59½ on. Accounts combine.
On the depletion path, the haircuts are steeper:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%.
- Private stock counts at 75%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Some holdings do not count on the depletion path at all. That list includes stock options, non-vested restricted stock units, deferred compensation, custodial accounts, escrow accounts, foreign funds and cash on hand.
Other asset classes, such as cryptocurrency, precious metals and collectibles, are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account, with the source reviewed by the lender. Pledged or borrowed funds are not published as eligible either.
The practical rule is simple. If you can sell it and show the deposit, the lender can see it. If you can only point to a grant letter, the lender cannot count it.
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.
Where the General Rule Breaks
The mechanics above hold for most files. These cases bend them.
Unvested units. They are not eligible on the depletion path, and they are not an asset on any file. A worker with a large grant and little vested stock has a large future and a small balance sheet today.
Stock that just vested. Seasoning is the catch. Shares delivered recently have a short statement history. The qualifier path wants 60 days of seasoning and two months of statements per account. The depletion path wants statements at least 120 days old plus one within 45 days, with sale-of-business, inheritance and legal-settlement funds excused. A fresh vest is not excused. Files built on shares that arrived last month often stall here.
Concentrated employer stock. A balance made up of a single company’s shares can fall in value after the lender counts it. A worker paid partly in employer stock could see pay and holdings move together. Lenders review the balance as documented, and a borrower who needs the margin should consider converting some stock to cash.
Private-company equity. On the depletion path, private stock counts at 75%. On the qualifier path, private shares are not a published asset class. Illiquid equity that has not been sold generally cannot support sourced funds.
Stock options. They do not count on the depletion path. Exercised and sold options become cash, which does count once it is seasoned.
Cash-out proceeds. They never count as qualifying assets on the depletion path. A borrower cannot borrow against one property to qualify for the next.
First-time investors. A first-time investor on the depletion path needs a 700 credit score, subject to lender guidelines and a complete review of property type, leverage, and credit.
Housing events. A housing event needs 4 years of seasoning on the depletion path. Multiple bankruptcies are not eligible. Housing history is read at 0x30x12, and one 30-day late in the last twelve months is considered case by case.
Large late transfers. Moving a large balance between accounts right before application creates a sourcing question. Keep the proceeds in the account that will be documented.
The Rental Purchase: Where DSCR Fits
The asset programs above are consumer mortgages. Investment property is allowed only on the depletion path, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Those figures make most pure rental purchases a better fit for a different product.
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. RSU income, vest history and the employee’s debt-to-income ratio are not the test. The coverage ratio divides monthly rent by the full monthly payment, including taxes, insurance and association dues.
Stock still matters on a DSCR file in three ways. Sold shares can fund the down payment. Liquid brokerage holdings can count toward reserves. And the funds must be sourced, with brokerage statements showing the sale and the deposit to the borrower’s bank account.
That sourcing work is the same paperwork the asset programs ask for. A borrower who has documented the stock once has done most of the work for either route. For borrowers on much larger loan sizes, Lendmire’s piece on how a super jumbo mortgage works for executives paid in stock covers that structure.
What the Decision Looks Like in Practice
For a stock-paid New Mexico borrower, the choice usually comes down to a handful of questions.
Are the shares vested and delivered? If not, they do not count yet. Wait for the vest, or plan around the shares you already own.
Is this a home or a rental? A principal residence or second home can use either asset path. A pure rental purchase is typically a DSCR file, with stock supporting the down payment and reserves.
Do you want to sell? The qualifier path counts brokerage balances at 100% and does not require income. The depletion path counts securities at 80% and turns them into monthly income without requiring a full sale of the portfolio.
How large is the loan? The qualifier path reaches $4,000,000. The depletion path runs from $125,000 to $3,500,000 and carries minimum-asset floors.
Gather these before the file goes in:
- Brokerage statements showing vested and delivered shares.
- Statements for each account at the age the path requires.
- Records showing any sale of shares and the deposit that followed.
- Entity documents if the property will be vested in an LLC, subject to lender program eligibility.
- Credit and housing history.
Consumer mortgage lending through Lendmire’s network is licensed in 16 states, and New Mexico is one of them. The program figures here are the same for a New Mexico borrower as for a borrower in any other licensed state, and they are ceilings and floors, not offers.
Frequently Asked Questions
Do unvested RSUs count toward qualifying for a mortgage on assets?
No. Unvested units are a forfeitable promise, and non-vested restricted stock units are not eligible assets on the depletion path. Once the units vest and are delivered to a brokerage account, they become a documented balance that the program can review.
Do I have to sell my shares to qualify?
Not always. On the qualifier path, brokerage balances count at 100% as long as they are documented and seasoned. On the depletion path, securities count at 80% and convert to income through the 60-month divisor, so a portion of the portfolio can stay invested. Selling shares is only necessary when the borrower wants cash for a down payment.
Can I use this to buy a rental property?
Investment property is allowed only on the depletion path, at up to 65% on a purchase and 60% on a cash-out, subject to underwriting. Most rental buyers use a DSCR loan instead, where the property’s rent is the main test and the stock supports the down payment and reserves.
What credit score do I need?
The qualifier path publishes a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix, and a first-time investor on that path needs 700. A housing history of 0x30x12 is expected, and one 30-day late in the last twelve months is considered case by case.
Is this the same as a no-doc loan?
No. Skipping traditional personal-income documentation, pay stubs and employment verification does not mean skipping documentation. Every counted account needs statements, the funds need sourcing, and credit is reviewed. Only the income test changes.
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. Reach the team at 828-256-2183 or request a quote. Current guidelines and terms are on the asset-based mortgage programs page.
A stock-paid worker’s balance sheet is usually stronger than the pay stubs suggest, and the borrowers with the cleanest files are the ones who documented their vested holdings before they needed them.
Lendmire’s asset-based mortgage in New Mexico page presents the program for New Mexico borrowers.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
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 California Buyer Qualify for a Mortgage on IRA Assets Without Withdrawals? · How Much Does a Retiring Physician Need in Assets to Qualify for a Mortgage? · Can a California Trust Beneficiary Qualify for a Mortgage on Trust Assets?
Guides: Asset-Based Mortgage in New Mexico
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.