The Quick Read: If most of your pay arrives as stock, you can qualify on the vested shares and cash you already hold instead of on salary history. Eligible assets either cover the whole loan outright, or they convert into monthly income. Unvested shares never count.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no employment or income is documented. Leverage runs up to 80% on a purchase and 75% on a refinance, subject to underwriting.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which runs through a debt-to-income test.
- Vested and held only: brokerage shares you own count. Non-vested restricted stock units and stock options do not.
- Documented, not undocumented: you provide asset statements. You skip traditional personal-income documentation, pay stubs and employment verification on the qualifier path.
What Does “A Mortgage on Assets” Mean for a Stock-Paid Employee?
It means the lender looks at what you own instead of what you earn on paper. For a tech employee whose pay is mostly stock, that is a real advantage. Your documented income may look thin or lumpy. Your brokerage balance may be large.
Through the asset-based mortgage program Lendmire places with select lenders, there are two ways to use that balance. Each path has its own rules. You are qualified on one path at a time, never a blend.
This is a consumer mortgage for a principal residence or second home. Lendmire is the broker. It arranges the loan through select lenders in its network, and the lender underwrites every file individually. Lendmire’s consumer mortgage lending covers 16 states, and Washington is one of them. The program figures below do not change by state.
Key Terms Defined
Vesting: the point at which shares become yours. NerdWallet’s RSU explainer notes that restricted stock units don’t belong to you until the vesting requirements are met.
Seasoning: how long money has sat in an account before the lender will count it. Fresh deposits draw questions. Old balances don’t.
Usable assets: the share of each balance the lender credits after its percentages. A savings account may count at 100%. A retirement account may count at less.
Debt-to-income ratio: your monthly debts, including the new housing payment, divided by your monthly income. The asset depletion path produces income to feed this test.
Loan-to-value (LTV): the loan amount as a share of the home’s value. Lower LTV means more of your own money in the deal.
How Does Underwriting Treat Your Stock, Step by Step?
Underwriting sorts your equity by what it is today, not by what it might become. Here is the order a lender works through.
1. Vested or not. Delivered shares in your account are assets. Unvested units are a promise. The program does not credit non-vested restricted stock units, and stock options are not eligible on the depletion path.
2. Where the shares sit. Vested shares in a brokerage account count as securities. Shares you sell and park in a regulated cash account count as cash. Both can work. Cash is simply easier.
3. Statements. You document the assets. On the qualifier path, the lender wants two months of statements for each qualifying account and 60 days of seasoning. On the depletion path, statements must be at least 120 days old at application, plus the most recent statement within 45 days.
4. Credit percentages. The lender applies a percentage to each balance. The next section shows them.
5. The test. On the qualifier path, usable assets must cover the entire loan. On the depletion path, derived income must carry the housing payment and your other debts.
6. Credit and property. Both paths still review credit, housing history and the appraisal. Nothing here skips underwriting.
Most programs Lendmire places files with follow this sequence. The strictest overlays add questions about where large recent deposits came from. Expect to explain any lump sum that landed in the last few months.
Which Path Fits: Assets That Cover the Loan, or Assets That Become Income?
Pick the qualifier path if your usable assets can cover the whole loan. Pick the depletion path if they can’t, but they are large enough to produce income that carries the payment. The two paths treat each asset differently.
| Asset | Qualifier path counts | Depletion path counts |
|---|---|---|
| Brokerage / securities | 100% | 80% |
| Cash, savings, money market | 100% | 100% |
| Certificates of deposit | 100% | 100% |
| Private stock | Not published | 75% |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Real-estate equity | Not published | 60% |
All figures are subject to underwriting and apply through select programs.
Leverage differs too. On the qualifier path, you can borrow up to 80% on a purchase and 75% on a refinance of a principal residence or second home. Loans run up to $4,000,000. Reserves are not required at or below 75% LTV. Above that, the lender sets them. The credit floor is 600. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
On the depletion path, a principal residence or second home goes up to 80% on a purchase or rate-and-term refinance. It goes up to 60% on a cash-out refinance. An investment property goes up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. Loans run from $125,000 to $3,500,000. Credit follows the lender’s matrix. A first-time investor on this path needs a 700 score.
The depletion path also sets asset minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When assets are your only income source, liquid assets must never fall below $250,000. If you also have documented income, asset-derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived.
Two Sets of Numbers
These examples are illustrative. The lender’s own calculation governs.
Qualifier path. Say your loan is $800,000. You hold $330,000 in brokerage accounts, $300,000 in a 401(k) and $200,000 in savings. You are under 59½.
- Brokerage counts at 100%: $330,000.
- The 401(k) counts at 90%: $270,000.
- Savings counts at 100%: $200,000.
That totals $800,000 of usable assets, which equals the loan. The file is reviewed on assets alone, subject to underwriting. No income or employment is documented.
Depletion path. Say you hold $1,500,000 in securities and $300,000 in cash.
- Securities count at 80%: $1,200,000.
- Cash counts at 100%: $300,000.
Usable assets are $1,500,000. Divide by 60 months and you get $25,000 of monthly qualifying income. That income then carries the housing payment and your other debts through the debt-to-income test.
Notice what the shares did. They were the engine in both examples. Your RSU history, vesting schedule and job tenure never entered the math.
Where the General Rule Breaks
The rule is simple: vested, held, documented assets count. These edge cases are where files stall.
Unvested units. They don’t count on either path. A large grant that hasn’t vested is not an asset yet. Wait until it vests and the shares are delivered.
Private-company stock. Some private-company units use a double trigger, so they may not vest until a liquidity event, as Darrow Wealth Management explains. Until shares are delivered, there is nothing to count. Once delivered, private stock counts at 75% on the depletion path.
Trading windows and concentration. Empower flags employer-stock concentration risk, trading windows and liquidity limits, especially at private firms. If your window is closed, you may not be able to turn shares into cash when you need it. Check the window before you sign a contract.
Share-price drops. The lender works from your statement balance. If the price falls before the file is reviewed, your usable assets fall with it. A thin margin is a risk. Build a cushion.
Crypto, metals, collectibles. None of these is published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account. The lender reviews the source.
Pledged or borrowed funds. Also not published as eligible. A loan against your shares is not the same as owning them outright. Cash-out proceeds from the new loan never count as qualifying assets either.
Double counting. The same dollar can’t do two jobs. Shares used for your down payment leave the balance. Assets turned into depletion income are already spoken for. Plan the whole file before you move money.
Mixed profiles also exist. If you have a base salary and a large portfolio, asset income may supplement documented income. That is a lender-by-lender question.
Sell, Hold, or Season?
You do not always have to sell. Vested shares held in your brokerage account count as they are: 100% on the qualifier path, 80% as securities on the depletion path. Selling converts them to cash, which counts at 100% on the depletion path. That can raise your usable figure.
Selling has costs, though. Tax treatment varies; consult a qualified professional before selling shares.
Sequencing matters more than most borrowers expect. Sale proceeds landing in a new account start a fresh seasoning clock on the qualifier path. Statements must show two months of history and 60 days of seasoning. Moving money late in the process is the most common way a clean file gets complicated. A practitioner’s tip: decide before you sign a purchase contract, not after.
Experience across files like this points one way. Stock-paid borrowers often hold their wealth in one account at one brokerage. The strongest files show that balance steady across several statements. The weakest show transfers in and out right before application. Leave the money alone.
How Is This Different From Income-Based Underwriting?
Conventional underwriting converts vested stock into income using vesting history, continuance and averaging. That is how conventional lenders treat it. It works when your history is long and steady. It breaks when you are a recent hire, you changed jobs, or your grants are irregular. Shares counted as income generally can’t double as reserves.
Asset-based paths skip that translation. A new hire with a large vested balance can qualify on the same terms as a ten-year veteran. The employer’s schedule doesn’t matter once the shares are in your account.
| Route | What the lender tests | How stock counts |
|---|---|---|
| Conventional full-doc | Documented income, history | Vested stock averaged into income |
| Asset qualifier | Assets vs. the whole loan | Held shares at 100% |
| Asset depletion | Assets ÷ 60 months as income | Securities at 80%, private stock 75% |
| Rental purchase | Property-level rental income | Shares fund down payment and reserves |
What If the Property Is a Rental?
Rentals use a different tool. For a pure rental purchase, DSCR financing usually fits better. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Your shares then fund the down payment and reserves instead of acting as income.
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 rule lists credit extended primarily for a business purpose as an exempt transaction. That is the reason a rental loan doesn’t ask for your personal income.
Assets still matter on a rental. You still document them. The asset depletion path can also finance an investment property, at lower leverage: 65% on a purchase and 60% on a cash-out. If you plan to live in the home, that is a different file entirely. A residence needs an asset path or a conventional file.
The same rules apply to Washington tech employees paid in stock, who have asset-based mortgage options.
A Pre-Approval Checklist That Holds Up
Pre-approvals fail when assets move or documents go stale. Run this list first.
- Confirm every share you plan to count is vested and delivered.
- Gather two months of statements per qualifying account, with 60 days of seasoning for the qualifier path.
- For the depletion path, make sure statements are at least 120 days old, plus one within 45 days.
- Note any large deposits and keep the paper trail for each.
- Check your credit against the path you chose.
- Leave a cushion for share-price movement.
- Check your trading window before contract.
Frequently Asked Questions
Do I have to sell my shares to qualify?
No. Vested shares sitting in a brokerage account count as they are. They count at 100% on the qualifier path and 80% on the depletion path, subject to underwriting. Selling can raise the depletion figure because cash counts at 100%. It also restarts the seasoning clock on the qualifier path.
Do unvested RSUs or stock options count?
No. Non-vested restricted stock units are not eligible, and stock options are not eligible on the depletion path. Once units vest and shares are delivered to your account, those shares count like any other held securities.
What if I just changed jobs?
A job change matters far less on an asset path. The lender looks at your statements, not your employer history. On the qualifier path, no employment is documented. Your credit and assets still get a full review.
Can I combine a salary with asset income?
Yes, on the depletion path. Asset-derived income can supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived. Whether it fits depends on the lender’s matrix and your file.
Can I use this to buy a rental?
Only on the depletion path, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. First-time investors need a 700 score. For most rental purchases, DSCR financing fits better, since it qualifies primarily on property-level rental income.
Your 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. Call 828-256-2183 or request a quote, and bring your last two statements. For a Washington tech employee with a vesting schedule that looks nothing like a paycheck, the real question is which of your accounts is ready to count.
Lendmire’s asset-based mortgage in Washington page presents the program for Washington borrowers.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Investors who want the broader program framework can review how DSCR loans work.
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References
2. Darrow Wealth Management – Restricted Stock Units
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: How to Buy Before You Sell in Washington Using an Asset Qualifier Mortgage · How Much Does a Startup Founder Need in Assets to Qualify for a Mortgage? · How Florida Tech Employees Paid in Stock Get a Mortgage on Assets
Guides: Asset-Based Mortgage in Washington
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.