The Quick Read: A lender can count the vested, delivered shares you already hold as assets instead of trying to turn your stock awards into paycheck income. Through select asset-based programs, subject to underwriting, you qualify either because your eligible assets cover the entire loan, or because those assets are converted into a monthly qualifying income. Unvested stock counts on neither path, and the loan is still fully underwritten with your statements.
- Asset qualifier path: eligible assets must equal or exceed the whole loan, and no traditional personal-income documentation, pay stubs or employment verification are used.
- Asset depletion path: usable assets divided by 60 months become qualifying income that runs through the debt-to-income test.
- Only vested, delivered shares count. Unvested restricted stock units and stock options are out.
- You are on one path at a time. The two sets of percentages never blend.
- Rules are the same in Indiana as anywhere else. State facts such as taxes and insurance are context, not program parameters.
Why Does a Stock-Heavy Paycheck Look So Small to a Lender?
Because a lender sees what hit your account, not what your offer letter promised. An offer letter may show a big total compensation number. Most of it is stock that has not vested yet, and unvested stock is a promise. It is not income and it is not an asset.
Picture an engineer with a modest base salary and a large grant that vests in pieces. Her W-2 may look strong. Her pay stubs look thin. Her brokerage account may hold real money. A conventional file struggles to square those three documents.
Conventional underwriting converts stock into income, and the conversion is strict. According to Blueprint’s explainer on RSU income, only vested units count. Income is figured from the market value on the vest date, not today’s price. Underwriters look for evidence the vesting will continue. They may use the lower year if the trend is declining. Performance-based awards generally need a longer history.
That is a hard test when most of your pay is equity. It is also why the asset route exists. Instead of asking what you earn, it asks what you own and can document.
Key Terms Defined
Vested shares are shares you now own outright. They have been delivered to your brokerage account.
Unvested units are awards you have not yet earned. They can be taken back if you leave.
Asset qualifier is the path where your eligible assets, after the credit percentages, must equal or exceed the entire loan amount.
Asset depletion is the path where usable assets are divided by 60 months to create a monthly qualifying income.
Haircut is the share of an account’s balance a lender refuses to count, because values can fall or access can be restricted.
Seasoning is how long money has sat in your account, shown by statements.
Debt-to-income (DTI) compares your monthly debts, including the new housing payment, to your qualifying income.
Business-purpose loan is a loan made for investment or commercial use, not personal housing.
What Does a Mortgage on Assets Actually Mean?
It means your balances do the qualifying work. You keep the assets. The mortgage is secured by the home, not by your portfolio. The lender reviews statements to confirm the balances exist, are yours, and have been in place long enough.
This is not a shortcut around the review. Every file is fully underwritten. What changes is the evidence: statements instead of traditional personal-income documentation, pay stubs or employment verification, on the qualifier path.
Lendmire is a broker. It arranges these loans through select lenders in its network, and the lender reviews and decides. Indiana is one of the 16 states where Lendmire’s consumer mortgage lending is licensed. The figures below describe typical program ceilings and floors on files placed through Lendmire’s asset-based mortgage programs. They are not offers, and each file is subject to underwriting.
How Does the Asset Qualifier Path Work?
The qualifier path is the simplest idea in the program. Add up your eligible assets after the credit percentages. If the total equals or exceeds the entire loan, you qualify on assets alone. No employment or income is documented.
On a principal residence or second home, leverage typically runs up to 80% loan-to-value on a purchase and 75% on a refinance. Loan amounts go up to $4,000,000. The credit floor is 600, subject to underwriting. Whether cash-out proceeds are allowed on this path is set by the individual lender, so ask before you plan around it.
Here is how the percentages work. Brokerage accounts, certificates of deposit, money market and savings count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and 100% at 59½ or older. Accounts combine.
Run the numbers on an $800,000 loan. You hold $330,000 in brokerage accounts, which counts at 100%, or $330,000. You hold $300,000 in a 401(k) while under 59½, which counts at 90%, or $270,000. You hold $200,000 in savings, which counts at 100%, or $200,000. Together that is $800,000 of usable assets, so the file is reviewed on assets alone. This is illustrative, and the lender’s own calculation governs.
For a tech employee, the notable line is brokerage. Vested shares sitting in a brokerage account fall in that category. The lender still reviews the account and its source of funds.
Seasoning is 60 days, with two months of statements for each qualifying account. Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them.
How Does the Asset Depletion Path Work?
Depletion turns a pile of assets into a monthly income figure. The lender applies a haircut to each account type, adds the results, and divides by 60 months. That income must then carry the full housing payment and your other debts through the debt-to-income test.
Take $1,500,000 in securities, which counts at 80%, or $1,200,000. Add $300,000 in cash, which counts at 100%, or $300,000. 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 cover the housing payment and other debts. Again, this is illustrative and the lender’s calculation governs.
The depletion path has more moving parts than the qualifier path:
- Leverage on a principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Leverage on an investment property: up to 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: from $125,000 to $3,500,000.
- Minimum assets: the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, never below $250,000 in liquid assets.
- Credit: the lender’s score and loan-amount matrix applies. A first-time investor needs 700. Housing history is 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs 4 years of seasoning.
One feature suits working tech professionals. Asset-derived income can supplement documented income, up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived. If you still draw a salary but it falls short, this blend may help, subject to underwriting.
The two paths side by side:
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| What is tested | Assets cover the whole loan | Assets become monthly income |
| Purchase leverage (residence) | Up to 80% | Up to 80% |
| Refinance leverage (residence) | Up to 75% | 80% rate-and-term, 60% cash-out |
| Investment property | Not offered | 65% purchase, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Statements | 2 months, 60-day seasoning | 120-day-old plus one within 45 days |
What Counts, and What Doesn’t?
Vested shares in a regulated brokerage account count. Unvested units, stock options and anything you cannot document as yours do not. Here is the full picture, using the figures for each path.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage and securities | 100% | 80% |
| Cash, savings, money market | 100% | 100% (cash and CDs) |
| Certificates of deposit | 100% | 100% |
| Retirement accounts | 90% under 59½, else 100% | 70% at any age |
| Private company stock | Not published | 75% |
| Real-estate equity | Not published | 60% |
| Unvested RSUs, stock options | Do not count | Not eligible |
Also not eligible on the depletion path: custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, and funds from non-regulated financial companies.
Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. Do not assume they count at some percentage. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
How Does This Differ From the Conventional Route?
Conventional lending treats stock as income, which means a vesting history, proof of continuance and averaging. Asset-based programs skip that conversion. They never ask whether your RSU grants will keep arriving. They ask whether the vested assets exist today.
Conventional is often the cheaper route when you qualify, and some borrowers with stable salaries and long vesting histories do. If your salary is solid and your vesting history is long, ask for both comparisons. The asset route earns its place when stock is most of your pay, your history is short, or your grants are performance-based and hard to average.
Where the General Rule Breaks
Most of the surprises come from edge cases. These are the ones that matter most for stock-paid employees.
Unvested RSUs. They count as nothing, on any route. A total-compensation figure on an offer letter does not qualify.
Stock options. Options are not eligible assets until you exercise and sell. The sale proceeds then become cash, and the cash is what the file counts.
Concentration risk. If your account is mostly one employer’s stock, the price can fall between your statement date and closing. On the depletion path, securities already count at only 80% of their value, so a 20% haircut is applied before any price drop. The lender reviews what the account looks like at the time of underwriting, so a drop can shrink what counts.
Borrowing against shares. Margin credit depends on the type and value of your securities and is subject to regulatory and broker limits, according to Fidelity’s margin borrowing guide. Margin loans also carry maintenance-call and forced-sale risk, as Mintos explains. Pledged or borrowed funds are not published as eligible on either path. Treat this as a conversation to have with your broker before you borrow, not after.
A new employee. A short vesting history hurts you on a conventional file. On the asset route, history matters less than what has already vested and been delivered. Delivered shares still need seasoned statements.
Retirement accounts. They count, but at a haircut, and you stay responsible for any penalties or costs of withdrawing. Many borrowers never need to touch them.
Rentals. Investment property is available only on the depletion path, with lower leverage. It is a business-purpose loan. Per the CFPB’s TILA summary, credit extended primarily for business purposes is exempt from Regulation Z’s consumer rules, and a checked box with no documentation of how the proceeds will be used may not be enough. If you plan to live in the property, it is not an investment loan. A dedicated DSCR loan is designed for non-owner-occupied investment properties. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, so your stock never enters the test.
How Should You Sequence a Vest, a Sale and a Mortgage?
Plan backward from the statement requirements. A down payment must arrive as cash, even though a brokerage statement proves you own assets. If you will sell vested shares to fund the purchase, the sale needs to happen early enough for the cash to season.
- Qualifier path: 60 days of seasoning and two months of statements for each qualifying account.
- Depletion path: statements at least 120 days old at application, plus the most recent statement within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning. A share sale is not on that list.
Do not count the same dollar twice. Money used for the down payment and closing costs cannot also sit in the balance that qualifies you. Model it both ways before you sell. Selling shares can create a tax bill, and tax treatment varies, so consult a qualified tax professional before you sell.
Gather these before you apply:
1. Brokerage statements showing vested, delivered shares and their custodian.
2. Statements for every cash, savings, CD and retirement account you plan to use.
3. Records showing where any large deposit came from.
4. Proof of identity and the property details.
5. For depletion with a salary, your documented income.
Which Route Fits Your Situation?
Start with the property, then the balance.
- Buying a home to live in, with assets that cover the whole loan: the qualifier path.
- Buying a home to live in, with assets that fall short of the loan but are large: the depletion path.
- Buying a rental: the depletion path at lower leverage, or a dedicated rental-focused loan where stock stays out of the test.
- Still mostly unvested: wait. Neither path counts what you do not yet own.
- Strong salary and a long vesting history: compare a conventional file alongside.
Honestly, the asset route is the wrong tool for many early-career employees. If your vested balance is small, the minimums will block you before the math starts.
Does Indiana Change Any of This?
No. The program figures are identical for an Indiana borrower. The percentages, seasoning periods and loan limits do not shift at the state line. Indiana is simply one of the 16 states where Lendmire’s consumer lending is licensed.
What does vary is local: property prices, insurance and taxes. Treat those as inputs to your budget, not as program rules. They affect how much house you want, not how your assets are counted.
Two tech employees in Indiana can still land on different paths. The one who already sold shares and holds cash has an easier file than the one holding a concentrated stock position. Sequence matters more than geography.
Frequently Asked Questions
Do unvested RSUs count toward a mortgage on assets?
No. Non-vested restricted stock units are ineligible on the depletion path, and they are not assets on the qualifier path either. Only shares that have vested and been delivered to a brokerage account can be documented with statements. Once they vest, they can count, subject to underwriting.
Do I have to sell my vested shares?
Not to qualify, since a lender can count a brokerage balance. You do need cash for the down payment and closing costs, so many borrowers sell some shares for that. Sale proceeds then need to appear as seasoned cash. Plan the timing around the statement requirements for your path.
Does stock in a private company count?
It can on the depletion path, at 75% of its balance. It is not published as eligible on the qualifier path. The program reviews how the stock is held and valued. A private-company position adds documentation work.
Is this a no-documentation loan?
No. Every file is fully underwritten. On the qualifier path there are no traditional personal-income documentation, pay stubs or employment verification, but your assets are documented with statements and your credit is reviewed. Approval is never promised.
Can I use a stock-secured loan for my down payment?
The documented route is converting assets to a seasoned cash balance in a regulated account. If you are considering margin, raise it with your broker before you borrow.
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.
Stock pay is not unique to one state, and the same question comes up for tech workers elsewhere.
Lendmire’s asset-based mortgage in Indiana page presents the program for Indiana 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 tax returns understate their income, and each application is reviewed individually by the lender. 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.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
2. Fidelity – Borrowing on margin
3. Mintos – Borrowing against stocks
4. CFPB – Truth in Lending Act summary
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 Georgia Trust Beneficiary Qualify for a Mortgage on Trust Assets? · How Much Does a Startup Founder Need in Assets to Qualify for a Mortgage? · Can a Georgia Buyer Qualify for a Mortgage on IRA Assets Without Withdrawals?
Guides: Asset-Based Mortgage in Indiana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.