The Quick Read: Colorado tech employees paid largely in stock can usually qualify on the shares they already own rather than on paycheck income, as long as the stock has vested and sits in a brokerage account. Through select programs in Lendmire’s network, assets either cover the whole loan outright or convert into a monthly qualifying income. Unvested units do not count on either path, subject to underwriting.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become qualifying income, which runs through the debt-to-income test.
- Vested and delivered shares only: unvested restricted stock units are not eligible on the depletion path.
- Paper trail matters: statements must show the shares or sale proceeds sitting in the account for a set period.
- Consumer purpose: the program applies to a principal residence or second home, and investment property only on the depletion path, where the loan is business-purpose.
Lendmire is a mortgage broker. It arranges these loans through select lenders and does not lend or approve them itself. The program is licensed for consumer lending in 16 states, and Colorado is one of them.
Why Stock Pay Confuses a Standard Loan File
A tech worker with a modest salary and a large vesting grant looks thin on paper. Underwriters reading a pay stub see base pay. They may treat vested stock as variable income that needs a history. That is a fair rule for income. It just misses what the borrower actually owns.
Vesting is the taxable event. Bankrate explains that no tax is due when units are granted, that the vested value generally shows up as ordinary income on the W-2, and that unvested units are forfeited if you leave. Once shares vest and land in your brokerage account, they stop being a promise and become an asset.
An asset-based mortgage reads those shares as what they are. The borrower is not asked to prove a salary that covers the loan. The lender instead tests whether the assets can.
How Does Underwriting Treat Vested Stock, Step by Step?
Underwriting treats vested, delivered shares as brokerage assets and applies a percentage to the balance, depending on the path. Unvested units and options are left out. The rest is documentation: statements, seasoning and a clean source trail.
1. Classify the stock. Vested shares delivered to a brokerage account are assets. Unvested restricted stock units and stock options are not eligible on the depletion path.
2. Choose the path. The borrower is reviewed on one path at a time, never a blend of the two.
3. Apply the credit percentages. Each asset type counts for a share of its balance. Those shares differ by path.
4. Document and season the assets. The assets are fully documented with statements. What the borrower skips is traditional personal-income documentation, pay stubs and employment verification.
5. Underwrite the file. Credit, property, leverage and the lender’s own calculation all still apply. Every file is underwritten individually.
The Asset Qualifier Path
The asset qualifier path covers the entire loan with eligible assets. After the credit percentages are applied, the total must equal or exceed the loan amount. No employment or income is documented. The lender’s ability-to-repay review rests on the assets.
Leverage reaches up to 80% loan-to-value on a purchase and 75% on a refinance, for a principal residence or second home. Loans run up to $4,000,000, through select programs. Whether cash-out proceeds are allowed is up to each lender, so treat that as a question for the file rather than an assumption.
Here is how assets count on this path:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- Retirement accounts count at 90% if you are under 59½ and 100% at 59½ or older.
- Accounts combine.
Consider an $800,000 loan. A borrower holds $330,000 in brokerage accounts, which counts at 100%, or $330,000. They also hold $300,000 in a 401(k) while under 59½, which counts at 90%, or $270,000. Finally, they hold $200,000 in savings, which counts at 100%, or $200,000. That adds up to $800,000 of usable assets, so the file is reviewed on assets alone. This is illustrative, and the lender’s own calculation governs.
The credit score floor on this path is 600, subject to underwriting. Seasoning is 60 days, with two months of statements for each qualifying account. No reserves are required at or below 75% loan-to-value, and above that the lender sets them.
For the Colorado employee, this path fits best when vested shares have already been sold or can be sold into cash. A large brokerage balance plus savings can cover the loan with no income documented at all. The trade-off is plain: you need balances large enough to match the loan, not just a share of it.
The Asset Depletion Path
The asset depletion path turns assets into monthly income. Usable assets are divided by 60 months. That figure then has to carry the housing payment and your other debts through the debt-to-income test.
Take $1,500,000 in securities, counted at 80%, which is $1,200,000. Add $300,000 in cash at 100%, or $300,000. That is $1,500,000 in usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income. The lender’s own calculation governs, but the mechanics look like this.
The haircuts on this path are different from the qualifier path:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%. Vested shares in a brokerage account sit here.
- Private stock counts at 75%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Not eligible here: custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options and non-vested restricted stock units.
Leverage on this path reaches 80% on a purchase or rate-and-term refinance for a principal residence or second home, and 60% on a cash-out. For an investment property, the ceilings are 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Loans run from $125,000 to $3,500,000. These figures are ceilings, never offers. Cash-out proceeds never count as qualifying assets.
The minimum assets are the lesser of $1,000,000 or 1.25 times the loan balance. They never fall below $250,000 liquid when asset depletion is the only income source. If the borrower also has documented income, asset-derived income can supplement it up to a 45% debt-to-income ratio, and then the minimum-assets rule is waived.
Statements must be at least 120 days old at application, plus the most recent one within 45 days. A first-time investor needs a 700 credit score. Otherwise, the lender’s matrix sets the score. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Many Colorado tech employees fit this path better than the qualifier path. A decent salary plus a heavy brokerage account is a classic supplemental case. You may not need to match the whole loan in assets. You only need the extra income to get your debt-to-income ratio into range.
Which Path Fits Your Situation?
| Your situation | Likely fit | Why |
|---|---|---|
| Large vested balance, purchase sized to the assets | Asset qualifier | Assets alone cover the loan |
| Moderate salary, large brokerage account | Asset depletion | Assets supplement documented income |
| Mostly stock pay, balance smaller than the loan | Asset depletion | Converts assets into income |
| Buying an investment property | Asset depletion | Qualifier path is residence or second home only |
| Mostly unvested units | Neither yet | Wait for vesting and delivery |
The qualifier path is cleaner but demands more. The depletion path is more flexible but runs through the debt-to-income test and carries tighter leverage. Neither is better in the abstract. It depends on how much you hold and what you are buying.
If you are buying a pure rental and would rather qualify on the property’s rent than on your balances, a DSCR program may fit better. That is a different path, and the property’s income carries the file there. This article stays with asset-based mortgages.
Where the General Rule Breaks
Unvested or sign-on stock. It is a promise, not an asset. Wait until it vests and is delivered.
Private-company shares. Double-trigger units, common at private companies, are not taxed or owned until both conditions are met. JPMorgan Workplace Solutions describes the pattern. Before that event there is nothing to count. After it, private stock counts at 75% on the depletion path.
Double counting. Do not assume the same shares can be both income and reserves. Asset-based paths test the assets themselves, once.
The withholding gap. Carta notes that employers withhold 22% federal on the first $1 million of supplemental income and 37% above that. That may not cover the full tax bill. A borrower who sells shares to fund a purchase should expect that to reduce real cash on hand.
Price swings. A concentrated position can move between vest and application. Statements set the value, so a drop shrinks usable assets.
Other asset classes. Cryptocurrency, precious metals, collectibles, pledged funds and borrowed funds 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.
Selling Versus Holding Your Shares
Neither path requires a sale. On the depletion path, the 60-month division is a math model, not a liquidation. On the qualifier path, shares in a brokerage account count at 100% while they sit there.
Still, selling can make sense. Cash is the cleanest asset on both paths. Selling also locks in the value before a price swing. Tax treatment varies; consult a qualified professional before relying on any deduction.
For documentation, keep brokerage statements and sale confirmations together. Money that moves from a sale into a bank account needs a clear trail. Last-minute deposits invite questions.
What to Do Before You Apply
- Confirm which units have vested and been delivered to your brokerage account.
- Pull two months of statements for each account you plan to use.
- Note account ages against the 60-day and 120-day seasoning windows.
- Move shares or proceeds into one regulated account if they sit in several places.
- Decide whether you are buying a primary home, a second home or an investment property.
- Check your credit report before the lender does.
Colorado Context
Colorado is one of the 16 states where this program lends. Program figures do not change by state. A Front Range employee and a mountain-town buyer face the same ceilings and haircuts. Local prices, taxes and insurance shape the property side of the file, not the program parameters.
Lendmire’s asset-based mortgage program page lays out how these files are placed.
Key Terms Defined
Vested: shares you own outright because the vesting conditions have been met.
Unvested: shares still subject to forfeiture if you leave the company.
Seasoning: the time funds or statements must be on record before the file counts them.
Haircut: the percentage of an asset balance that the program counts toward qualifying.
Asset depletion: a method that divides usable assets by 60 months to produce qualifying income.
Double trigger: a vesting rule with two conditions, such as time plus a company liquidity event.
Frequently Asked Questions
Can unvested RSUs count toward an asset-based mortgage?
No. Unvested restricted stock units are a promise, not an owned asset, and they are not eligible on the depletion path. They can be forfeited if you leave. Once they vest and are delivered to your brokerage account, the shares count, subject to underwriting.
Do I have to sell my shares to qualify?
No. On the qualifier path, brokerage balances count at 100% while held. On the depletion path, securities count at 80% and the 60-month division is only a calculation. Selling is a choice, not a requirement, and the tax impact is worth discussing with a professional.
Does this mean no documentation?
No. Every file is fully underwritten and the assets are documented with statements. What you skip is traditional personal-income documentation, pay stubs and employment verification. Credit, the property and leverage still get reviewed.
Which credit score do I need?
The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor there needs 700. Housing history of 0x30x12 is the standard, with one late payment reviewed case by case.
Can I use this for a rental property?
Only on the depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out, subject to underwriting. If you would rather qualify on the property’s rent, a DSCR program is built for that.
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. You can reach the team at 828-256-2183.
Lendmire’s asset-based mortgage in Colorado page presents the program for Colorado 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. JPMorgan Workplace Solutions
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 You Refinance a Colorado Home on Assets When Your Income Stops? · How Ohio Tech Employees Paid in Stock Get a Mortgage on Assets · How to Buy Before You Sell in Colorado Using an Asset Qualifier Mortgage
Guides: Asset-Based Mortgage in Colorado
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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.