The Quick Read: The core job is to prove that your stock has vested, been delivered to you, and will likely keep arriving. Underwriters count shares you already own, not grants still waiting on a vesting date. Most files need a vesting schedule, paystubs, two years of W-2s, and brokerage statements showing delivery. Jumbo lenders set their own rules, so the exact test depends on the program.
Key Takeaways
- Only vested, delivered stock counts. Unvested grants are not income.
- Lenders use an averaged stock price, not today’s price.
- Most underwriters want a documented history of receipt and a reason to believe the income continues.
- Jumbo loans are not bound by Fannie Mae or Freddie Mac rules, so overlays vary by program.
- A clean, matching paper trail does more for your file than any single number.
Why Jumbo Lenders Treat RSUs Differently
RSUs are not a salary. They are a promise of stock that arrives on a schedule, and the value moves with the market. That makes them harder to underwrite than base pay.
Jumbo payment estimate
The starting figures are an example price in the jumbo range with ten percent down on a thirty-year fixed. Replace them with yours.
Editable benchmark: 7.40% as of October 15, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a jumbo loan quote.
Illustrative starting assumptions: a $1,000,000 price in the jumbo range, ten percent down on the top-leverage lane, a thirty-year fixed structure at the current Freddie Mac conforming benchmark, and property taxes and insurance estimated at typical national rates. Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conforming benchmark, a market reference and not a jumbo loan quote; jumbo rates are set by the lender and the lane at lock and differ from the conforming benchmark. An adjustable-rate scenario is shown at the benchmark for the whole term; the rate after the initial period is unknown. Reserve months and appraisal counts follow the lane sheet for the amount band; the automated finding may require more. Taxes, insurance and dues are editable estimates; closing costs are not included. On most lanes the conforming limit for the county decides whether a loan is jumbo at all; two lanes start at a stated dollar floor instead. Licensed in sixteen states for consumer mortgages.
A jumbo loan starts one dollar above the county’s conforming limit, which changes yearly, so check yours. Because these loans sit outside the Fannie Mae and Freddie Mac framework, each wholesale lender writes its own guidelines. Many follow the agency baseline. Some tighten it. That is why two lenders can look at the same RSU file and reach different answers.
Across the wholesale programs Lendmire places files with, the headline jumbo loan programs reach a 660 decision score, leverage up to 90%, and loan amounts up to $5,000,000, subject to lender guidelines and full file review. Several lanes stop at 80% leverage. Larger loans also bring bigger reserve requirements, counted in months of the full payment, and two appraisals above a lane’s threshold amount. None of that changes how RSUs are documented, but bigger files get looked at harder.
What Does an Underwriter Need to See?
Three things: that the stock has vested, that you can prove you received it, and that it is likely to continue. Everything you gather should serve one of those three points.
Per the Fannie Mae Selling Guide, restricted stock must have vested and been distributed to the borrower without restrictions. Sign-on bonuses paid as restricted stock that vest over time cannot be used as qualifying income under that baseline. The same logic shows up in jumbo files: income that has been received counts, and income that might arrive does not.
Your employer matters too. The agency documentation calls for evidence that the stock is publicly traded. Private-company RSUs generally don’t fit that baseline, though some jumbo lenders may look at them differently.
The Document Checklist
| Document | What it proves | Where to get it |
|---|---|---|
| RSU grant agreement | Terms of the award | HR or equity portal |
| Vesting schedule | Past and future vesting | Equity portal |
| Recent paystub | Current stock income received | Payroll portal |
| Two years of W-2s | History of receipt | Payroll or employer |
| Brokerage statements | Shares delivered or sold | Brokerage account |
| Employment verification | Employer confirms the income | Lender orders it |
Per the Fannie Mae guide, the file also includes a current vesting schedule showing past and future vesting, and a brokerage or bank statement showing receipt of prior distributions. Freddie Mac’s guide asks for similar items, including documentation of how vesting works, evidence of prior payouts, and a 200-day average price.
Step by Step: Building the File
1. Pull the records before you apply. Download grant agreements and the full vesting schedule from your equity portal. Save them as PDFs.
2. Gather your pay records. You want your latest paystub and two years of W-2s. The W-2 should show stock income in the earnings.
3. Get brokerage statements. They should show shares landing in your account, and any sales, for the same period.
4. Match the numbers. Check that share counts on the vesting schedule, the paystub, and the brokerage statement line up.
5. Note any gaps. A job change, a missed vest, or a new grant all deserve a short written explanation.
6. Submit everything together. A complete file avoids back-and-forth requests that can stall underwriting.
How the Monthly Number Is Built
The lender turns your vested stock into a single monthly figure and adds it to base pay. That total is then compared with your proposed housing payment and other debts.
Under the Fannie Mae baseline, share-based income uses an average price times the pre-tax vested shares distributed over the most recent 24 months, divided by 24. Cash payouts use the pre-tax cash distributed over the same 24 months, divided by 24. Freddie Mac’s version uses the 200-day average price times vested shares from the past year, divided by 12. Jumbo lenders may use either approach or their own.
Two points matter most.
Averaging, not spot price. The lender does not use today’s quote. A falling stock price lowers qualifying income even if your grants haven’t changed.
Shares, not dollars. Your brokerage balance and your unvested grant value are not income. The lender counts shares actually delivered, then prices them with its averaging method. When a file confuses shares with dollars, the income gets miscounted. Keep the share counts clear on every document.
The qualifying figure is a lender calculation. It is not a forecast of take-home pay, since stock income is taxed when it vests. Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
History and Continuance
Underwriters want to see that the income is a pattern, not a one-time event.
For history, the agency baselines vary by award type. Fannie Mae’s guide recommends a minimum of two years for performance-based awards. Freddie Mac, for performance-based awards, requires at least 12 months of receipt with the current employer. Time spent before a company went public generally doesn’t count.
For continuance, Fannie Mae asks the lender to document that vesting from a one-time, time-based award is expected to continue for at least three years from the application date. For recurring awards, it doesn’t require that check unless something raises doubt. Freddie Mac asks that continuance be likely for the next three years. Confirm the current history figures with your lender, since agency guides get updated; Fannie Mae, for example, restructured its income chapter in a recent announcement.
Where the Standard Rules Break
Some situations don’t fit the usual test. These are the common ones.
| Situation | What usually happens |
|---|---|
| Recent IPO | May lack history and a 200-day average; may need an exception |
| New job | History is measured with the current employer |
| Sign-on RSUs | Not counted under the Fannie Mae baseline |
| Private company | Generally doesn’t fit the agency baseline |
| One-time vs. recurring | One-time awards face the three-year test |
| Performance-based | History rules differ; lender wants proof vesting is performance-based |
| Falling stock price | Averaged income drops |
A job change is the most common snag. Both agencies measure history with the current employer. Freddie Mac allows compensating factors for shorter history, such as five years of restricted stock receipt from a prior employer. Whether a jumbo lender accepts something similar depends on that lender.
For private-company stock or a very new IPO, expect a harder conversation. Some jumbo lenders have their own alternatives, and some don’t. Ask before you assume.
When the Documents Don’t Match
Mismatches slow files down more than low income does. Fix them before the underwriter finds them.
- W-2 doesn’t match the brokerage statement. Withheld shares and sold shares can make totals look different. Add a short note showing how the two reconcile.
- Vesting schedule is outdated. Pull a fresh copy from the equity portal.
- Share count and dollar value disagree. State both and show the average price used.
- A vest was missed or delayed. Get a letter from your employer.
Missing vesting schedules and grant letters are among the most common causes of delay, so gather them early.
Writing the Letter of Explanation
A good letter is short and factual. Say what changed, when, and what the documents show. For example, explain a job change, a gap between grants, or why shares were sold at vest. Attach the supporting page for each point. Skip opinions about the stock’s future.
Does the Appraisal Matter for RSU Income?
No. The appraisal sets the home’s value, which drives leverage. Income documentation runs on a separate track. They only meet when your qualifying income and your loan amount are compared.
What the Decision Looks Like in Practice
If most of your pay is stock, the question isn’t whether RSUs count. It’s how much counts once averaging and history rules apply. A borrower with a long, steady vesting record and a clean paper trail is in good shape. A borrower with a new grant or recent job change may need to adjust: put more down, reduce the loan amount, or pay down debt to bring the ratio in line. Ratio ceilings vary by lane; on the fixed lanes the ceiling is 50%, with lower ceilings on the adjustable and interest-only lanes.
Occupancy matters too. Primary residence, second home, and investment property each carry lane-specific leverage, so tell your broker how you’ll use the home up front.
If you are buying a home and want to see whether a jumbo loan fits your file, Lendmire can help you compare the options and what each one asks of the file.
Key Terms Defined
RSU: A restricted stock unit is a promise of company shares delivered after you meet a vesting condition.
Vesting: The point when your right to the shares becomes yours without restriction.
Continuance: Evidence that the stock income is likely to keep coming.
200-day average: An average of the stock’s price over roughly 200 trading days, used instead of today’s price.
Overlay: A lender’s rule that is stricter than the agency baseline.
Jumbo loan: A mortgage above the county’s conforming loan limit.
Frequently Asked Questions
Can RSU income be used to qualify for a jumbo loan?
Often yes, if the stock has vested, been delivered, and has a documented history. Jumbo lenders set their own rules, so the details vary. Unvested grants don’t count. Subject to lender guidelines and full file review.
Do lenders use today’s stock price?
No. They use an averaged price, typically a 200-day average under current agency guides. That smooths short-term swings, but it also locks in a lower figure after a price drop.
What if I just changed jobs?
Agency baselines measure RSU history with the current employer. Compensating factors, such as a long record of receiving stock at a prior employer, may help. A jumbo lender may treat this differently, so ask early.
Do RSUs from a private company count?
Under the agency baseline, generally not, since the documentation calls for evidence the stock is publicly traded. Some jumbo programs may have alternatives, and that depends on the lender.
Do sign-on RSUs count?
Not under the Fannie Mae baseline, even if they vest over any length of time. A jumbo lender may be stricter or more flexible, so check before relying on them.
For your own numbers, request a scenario review with Lendmire.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving homeowners and home buyers in 16 states. FHA, VA, conventional and jumbo purchase and refinance loans 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. Fannie Mae Selling Guide B3-3.3-07
2. Freddie Mac Guide Section 5303.1
3. Fannie Mae Selling Guide Announcement SEL-2026-02
This article is part of Lendmire’s jumbo loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How Many Months of Reserves Does a Jumbo Loan Require? · Jumbo Cash-Out Documentation for Business Use When Income Is RSUs · Jumbo Cash-Out for High-Balance Owners Whose Returns Understate Income
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.