The Quick Read: Vested shares sitting in a brokerage account can qualify you for a mortgage as assets, so the loan does not depend on how a lender would average your restricted stock unit (RSU) paychecks. Through select programs in Lendmire’s wholesale network, the lender looks at what you own, not at what your grant letter promises.
- Only vested shares count. Unvested RSUs are not income and not assets.
- The asset qualifier path covers the whole loan with assets alone, with no employment or income documented.
- The asset depletion path turns usable assets into monthly income by dividing them by 60 months.
- You qualify on one path at a time, and the two never blend.
- Rental purchases usually belong in a separate business-purpose loan, covered near the end.
Why does stock pay confuse mortgage underwriting?
Stock pay confuses underwriting because a conventional lender wants steady, documented, repeating income, and RSU income arrives in lumps tied to vest dates and share prices. A big grant looks impressive on a compensation statement. A big grant is not a paycheck.
Picture a software engineer in Tampa whose base salary is modest and whose vested shares are worth several times that. On paper she is wealthy. On a conventional loan file she looks income-light, because the underwriter must prove the stock keeps arriving.
A mortgage insurer’s education blog, Enact, summarizes the conventional standard. Restricted stock must be vested and distributed without restrictions. A sign-on bonus paid as restricted stock that vests over time is ineligible. The file needs a verification of employment or paystub, two years of W-2s, a vesting schedule and brokerage statements. Share-paid income is valued with a 200-day moving average of the stock price.
An underwriting-training publisher, Blueprint, adds the history test. Time-based units generally need about 12 months of receipt, and performance-based units about 24 months. Underwriters also look for evidence the vesting will continue for roughly three years.
Those are conventional-loan rules, not the rules of an asset-based program. They explain why many stock-paid employees look elsewhere.
Key Terms Defined
Vesting: the date your shares become yours after a waiting period or performance goal.
Asset qualifier path: a program path where eligible assets must equal or exceed the entire loan, and no employment or income is documented.
Asset depletion path: a program path that converts usable assets into monthly qualifying income, which then runs through the debt-to-income test.
Debt-to-income (DTI): your monthly debts, including the new housing payment, compared with your monthly income.
Seasoning: how long funds must sit in an account, with statements to prove it, before they count.
Haircut: the discount a lender applies to an asset type, so only a share of the balance counts.
What does paid in stock actually include?
Paid in stock covers several instruments, and the program treats each one differently depending on whether it has become a seasoned, vested holding in an account. The rule is simple: if you cannot sell it today, it does not count today.
| Equity type | How the asset programs treat it |
|---|---|
| Vested RSUs held in a brokerage account | Counts as brokerage assets or securities, per path |
| Unvested RSUs | Not eligible on the depletion path; not an asset anywhere |
| Stock options not yet exercised | Not eligible on the depletion path |
| Shares from exercised options or a stock purchase plan | Count once held in a brokerage account |
| Private-company stock | Counts at a haircut on the depletion path; not published for the qualifier path |
| Deferred compensation | Not eligible on the depletion path |
Treatment is subject to underwriting, and the lender’s own review governs. A grant is a promise, not a balance.
How do the two asset paths work?
You choose a path, and each one asks a different question. The qualifier path asks whether your assets cover the whole loan. The depletion path asks whether your assets, converted to monthly income, can carry the payment.
Path one: the asset qualifier path
On this path, eligible assets after the credit percentages must equal or exceed the entire loan amount. Across the select programs we place files with, loans run up to $4,000,000, with leverage up to 80% on a purchase and 75% on a refinance of a principal residence or second home. The lender sets cash-out terms on this path, and they are not published. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Brokerage accounts, certificates of deposit, money market and savings count at 100%. Retirement accounts count at 90% if you are under 59½ and at 100% at 59½ or older. Accounts combine. The credit score floor is 600, and no reserves are required at or below 75% loan-to-value, subject to underwriting.
Here is the sanctioned shape of the math. An $800,000 loan with $330,000 in brokerage accounts (counted at 100%, so $330,000), $300,000 in a 401(k) under 59½ (counted at 90%, so $270,000) and $200,000 in savings (100%, $200,000) shows $800,000 of usable assets. That is reviewed on assets alone. The figures are illustrative, and the lender’s own calculation governs.
Path two: the asset depletion path
This path turns assets into income. After the haircuts, usable assets are divided by 60 months, and the result must carry the housing payment and other debts through the debt-to-income test.
The haircuts on this path are different from the qualifier path:
- 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%.
Take $1,500,000 in securities (80%, so $1,200,000) plus $300,000 in cash (100%). That is $1,500,000 of usable assets, divided by 60 months, for $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test.
Loans on this path run from $125,000 to $3,500,000. On a purchase or rate-and-term refinance, a principal residence or second home can reach 80% leverage, and a cash-out refinance on those homes is capped at 60%. An investment property tops out at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Cash-out proceeds never count as qualifying assets. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
The minimums are real. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They must never fall below $250,000 liquid when depletion is your only income source. A first-time investor needs a 700 score, and everyone else follows the lender’s credit matrix.
Asset-derived income can also supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived. That fits a Florida engineer with a solid salary whose ratio is just over the line.
Which path fits a stock-paid employee?
The qualifier path fits you when your seasoned liquid balances exceed the loan. The depletion path fits you when your balances are large but not large enough to cover the whole loan, and you are comfortable with income math.
| Your situation | Likely fit |
|---|---|
| Vested shares plus cash exceed the loan amount | Asset qualifier path |
| Large balances, but below the loan amount | Asset depletion path |
| Solid salary, debt-to-income slightly too high | Depletion income as a supplement |
| Mostly unvested grants, little else saved | Neither path works yet |
| Pre-IPO or private shares | Depletion path at 75%, subject to underwriting |
| Buying a rental, not a home | Depletion path, or a separate rental-purpose loan |
One reader at a time sits on one path. If you straddle two, the lender picks the one the numbers support.
What does seasoning mean for freshly vested shares?
Freshly vested shares must show up in statements before they count. On the qualifier path, you need 60 days of seasoning and two months of statements for every qualifying account. On the depletion path, statements must be at least 120 days old at application, plus a statement dated within 45 days.
That timing matters for stock-paid employees. If your last vest landed in your brokerage account last month, those shares may not have the history the lender wants. Sale-of-business, inheritance and legal-settlement funds are excused from the depletion-path seasoning, but ordinary vest proceeds are not.
The documentation is real on both paths. Qualifying on assets does not mean qualifying without paperwork. It means the paperwork is about what you own, not what you earn.
Where does the general rule break?
The rule breaks in a few predictable places, and each one has a plain answer. Most of them involve something you own that is not yet a seasoned, regulated balance.
Unvested RSUs. They do not count as income or assets on either path. Unvested restricted stock units are specifically ineligible on the depletion path.
Stock options. Unexercised options are not eligible on the depletion path. Once you exercise and hold the shares in a brokerage account, the shares can count as securities.
Deferred compensation. It is not eligible on the depletion path, even when the plan balance is large.
Crypto and collectibles. 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. They do not count. Borrowing against your stock creates a debt and moves the balance, which is a different product from these two paths.
Double counting. The same dollars generally cannot serve as your down payment, your closing costs and your qualifying balance at once. The lender’s calculation governs.
Share-price drops. A mortgage on assets rests on the statement balance. A sharp drop in a concentrated position between statements can shrink the number the lender uses, so a diversified balance is safer than one big position.
How does this compare with conventional underwriting?
A conventional lender prices your stock as income and asks about history. An asset program prices your stock as a balance and asks about seasoning. The difference changes who qualifies.
The agency world takes restricted stock seriously enough to give it its own treatment. Fannie Mae’s Selling Guide has a dedicated section on restricted-stock employment income. Those are agency rules, and they do not govern the asset programs described here. If you want to see the other bank-statement route for stock-heavy executives, Lendmire’s piece How Executives Paid in Stock Qualify for a Jumbo Mortgage With Bank Statements covers that structure. For larger loan sizes, how a super jumbo mortgage works for executives paid in stock covers the other end of the range.
Can I use this to buy a rental?
You can on the depletion path, because it is the only one that accepts investment property. The leverage is lower: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out. The qualifier path is for principal residences and second homes.
Most investors buying a pure rental use a different tool. 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, and your vested shares matter only as down payment and reserves. Lendmire’s complete DSCR loans guide walks through that route. Select lenders in the network also offer sub-1.00 coverage programs, with leverage and terms adjusted accordingly.
What does the process look like in practice?
The process is mostly document assembly, and you can start it before you pick a house. Work in this order:
1. Sort your holdings into vested shares in an account, unvested grants, options and everything else.
2. Download brokerage statements for every account you plan to use.
3. Check seasoning against the path you expect to use.
4. Decide whether the loan fits on assets alone or needs depletion income.
5. Set aside the funds for your down payment and closing costs so they are not counted twice.
6. Have the lender run its own calculation, which always governs.
If you sell vested shares to fund the purchase, keep the brokerage records showing the sale and where the proceeds went.
Florida borrowers get the same program figures as anyone else. The consumer mortgage program is licensed in 16 states, and Florida is one of them. Remote work for an out-of-state employer does not change the asset math, because the program documents balances rather than employment. Condo and HOA issues, flood zones and insurance can affect which property fits, so those belong in your property search.
When won’t this work?
It will not work if your wealth is mostly unvested. A fresh grant, a big sign-on package or a pre-IPO option pool does not count today, no matter how large it is on paper. It also fails if your vested balance sits below the minimums, if your score misses the lender’s matrix, or if your shares are locked in a plan you cannot access.
In that case, the honest answer is to wait for vesting, build a seasoned balance, or look at a conventional income route using the history rules above.
Frequently Asked Questions
Do I have to sell my stock to qualify?
No. The depletion path uses your assets to calculate income, not to fund the payment from a sale. Your shares stay in your account. You may still sell some for the down payment, in which case the proceeds follow the seasoning rules.
Can unvested RSUs count as assets?
No. Non-vested restricted stock units are not eligible on the depletion path, and they are not an asset on the qualifier path either. They begin to count only after they vest and sit in an account with the statements to prove it.
Does private-company stock count?
On the depletion path, private stock counts at 75% of its value, subject to underwriting and a documented valuation. The qualifier path does not publish a percentage for it, so assume it does not count there until a lender tells you otherwise.
Is this the same as a no-documentation loan?
No. Both paths document your assets, with statements for each account. The qualifier path does not document employment or income, while the depletion path runs derived income through the debt-to-income test. Credit is still reviewed, and approval is never assured.
Can I use my shares for a down payment and reserves too?
The same dollars generally cannot do double duty. Funds used to close are subtracted from the balance that counts, and the lender’s calculation governs. On the qualifier path, no reserves are required at or below 75% loan-to-value, subject to underwriting.
Ready to see how the numbers work?
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. Lendmire is a broker that arranges financing through select lenders in its network, and every file is underwritten individually. This is not a commitment to lend.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Enact: Underwriting Loans With Restricted Stock Units as Income
2. Blueprint: Restricted Stock Units (RSU) Income, How to Review and Calculate
3. Fannie Mae Selling Guide, Part B: Origination Through Closing
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: What Counts as an Asset Statement for a Mortgage? · How Big Can an Assets-Only Mortgage Be? · Asset Depletion Mortgage vs HELOC on a Paid-Off Home
Guides: Asset-Based Mortgage in Florida
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.