The Quick Read: A Georgia Tech employee whose pay comes partly or mostly as company shares can qualify for a mortgage on the value of vested shares instead of paycheck history, through select asset-based programs placed in Lendmire’s wholesale network. The shares are documented as assets, and the borrower keeps them. Rental purchases usually run on a separate route that reviews the property’s rent, subject to lender guidelines.
- Vested shares in a brokerage account can count as assets on both asset-based paths. Unvested restricted stock units and stock options do not count on the depletion path.
- One path covers the whole loan with assets alone. The other divides usable assets by 60 months to create qualifying income.
- Statements are always required. “No income documented” never means “no documentation.”
- A rental purchase usually runs better on a DSCR loan, where the property’s rent carries the file.
- Every figure here is a ceiling or floor from select programs, subject to underwriting, and never an offer.
Who Is Paid in Stock in the Georgia Tech Orbit?
Stock pay is not part of Georgia Tech’s standard staff pay structure. Its staff compensation policy describes salary grades, merit and market adjustments, and incentive programs that need system-level approval. Equity shows up elsewhere in the Georgia Tech orbit: staff and researchers at spinout companies, faculty with shares in licensed ventures, and people whose employers pay in restricted stock units alongside a Georgia Tech affiliation.
These borrowers share one problem. Their balances are large, but their documented income does not show it. A salaried borrower has an ordinary paystub that standard underwriting reads easily. A borrower paid in shares has vesting cliffs, lumpy years and a wage record that understates what is in the brokerage account.
If you are a Georgia borrower, the program figures below are the same as anywhere else the program is offered. Lendmire arranges consumer asset-based mortgages through select lenders and is licensed for consumer mortgage lending in 16 states, Georgia among them.
Why Does Stock Pay Confuse Underwriting?
Stock pay makes income hard to read. Shares vest on a schedule, and their value moves with the market. A large vest one year can be followed by a small one the next. Programs that qualify on income want a steady, documented pattern. Stock compensation rarely fits it, even when the borrower is wealthy.
Asset-based programs skip that question. They do not ask what you earn. They ask what you hold, whether it can be documented and seasoned, and how much of it counts. For a borrower whose wealth sits in shares, that is a better question.
Two Ways to Qualify on Assets
Asset-based programs come in two forms, and a borrower is qualified on one path at a time. The asset qualifier path covers the entire loan with eligible assets and documents no employment or income. The asset depletion path turns eligible assets into monthly qualifying income, which then runs through a debt-to-income test. Never mix the two tables below.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| Core idea | Assets cover the whole loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Leverage, principal residence or second home | Up to 80% purchase, 75% refinance | Up to 80% purchase or rate-and-term, 60% cash-out |
| Leverage, investment property | Not offered | Up to 65% purchase or rate-and-term, 60% cash-out |
| Credit | 600 minimum score | The lender’s matrix |
The qualifier path’s cash-out terms are set by the lender and are not published, so no figure is stated here. On the depletion path, cash-out proceeds never count as qualifying assets. All of these terms are available through select programs and are subject to underwriting.
How the Asset Qualifier Path Works
Eligible assets, after the credit percentages, must equal or exceed the entire loan amount. Brokerage accounts, certificates of deposit, money market accounts and savings count at 100%. Retirement accounts count at 90% under age 59½ and at 100% from 59½ on. Accounts combine.
Here is an illustration. Take an $800,000 loan with $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) held by a borrower under 59½ (90% counts, so $270,000), and $200,000 in savings (100%, so $200,000). Usable assets total $800,000, which equals the loan, so the file is reviewed on assets alone. The lender’s own calculation governs the real result.
A borrower with vested shares sitting in a brokerage account is a natural fit here. The shares count as brokerage assets, and no paycheck history is requested. Reserves are not required at or below 75% loan-to-value, and above that the lender sets them.
How the Asset Depletion Path Works
This path converts usable assets into income. Eligible assets are reduced by the program’s haircuts, and the total is divided by 60 months. The result must carry the full housing payment and other debts through the debt-to-income test. The haircuts are:
- Cash accounts and certificates of deposit: 100%.
- Securities: 80%.
- Private stock: 75%.
- Retirement accounts: 70% at any age.
- Real-estate equity: 60%.
Here is the arithmetic. Suppose a borrower holds $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100%, so $300,000). Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income, which then has to carry the housing payment and other debts. Again, this is an illustration, and the lender’s calculation governs.
The depletion path has floors too. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is the only income source, liquid assets can never be below $250,000. Asset-derived income may also supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Which Kinds of Stock Count?
Vested shares in a regulated brokerage account count, and unvested ones generally do not. Across the wholesale network, the dividing line is whether you own the shares outright today. A grant you will own after a future vest date is a promise of an asset, not an asset.
| Holding | Qualifier path | Depletion path |
|---|---|---|
| Vested shares in a brokerage account | 100% | 80% as securities |
| Unvested restricted stock units | Not published as eligible | Not eligible |
| Stock options | Not published as eligible | Not eligible |
| Private company stock | Not published as eligible | 75% |
| 401(k) or IRA | 90% under 59½, 100% after | 70% at any age |
| Cryptocurrency, precious metals, collectibles | Not published as eligible | Not published as eligible |
Other asset classes, such as crypto and metals, are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender. Business accounts beyond your ownership share, and pledged or borrowed funds, are in the same position.
One more point deserves attention if most of your wealth is a single stock. Programs discount securities because prices move. A sharp drop between statement dates changes what the file counts. A borrower with a concentrated position should look at the most recent statement balance, not last quarter’s peak.
Seasoning and Documents: Where Stock Files Slip
Assets are documented on both paths. The qualifier path asks for 60 days of seasoning and two months of statements for each qualifying account. The depletion path asks for statements at least 120 days old at application, plus the most recent statement within 45 days. Funds from the sale of a business, an inheritance or a legal settlement are excused from that seasoning.
This is where stock holders most often stumble. Say a borrower sells vested shares and moves the cash into a new account a few weeks before applying. The balance is real, but it has no statement history, so it may not meet the seasoning requirement. Moving assets around before you apply can hurt more than help. The lender also reviews the source of any large deposit.
The practical checklist is short:
- Statements for every account you want counted, meeting the path’s seasoning rule.
- Proof that shares are vested and unrestricted.
- A credit profile that meets the path’s floor.
- Housing history of 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 on the depletion path. Nothing here is a promise of approval, and every file is underwritten individually.
What About a Rental Property?
For a rental, the stronger fit is usually a DSCR loan, not an asset-based mortgage. 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 loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines.
For a stock-paid borrower, the benefit is practical. Personal income is not what the file hangs on, so vesting cliffs, heavy withholding and lumpy years do not drive the answer. Stock still plays a part, though. It supplies the down payment, closing funds and reserves. Shares must be sold, or the statement must show enough value, and the proceeds must be traceable from the brokerage into the closing account.
DSCR is property-first, not borrower-blind. Credit, assets and reserves still matter. Most programs are built around a 1.00 coverage floor, meaning rent roughly matches the full monthly obligation. Select lenders in the network will review programs below 1.00, but leverage and terms adjust when they do.
The asset depletion path also reaches investment property, at lower leverage than a residence. That route fits a borrower who wants to buy a rental without selling the shares and who prefers to qualify on assets. For most pure rental purchases, DSCR remains the simpler fit.
Tax treatment can depend on how the funds are used and how the property is held; borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
Where the General Rule Breaks
The rule of thumb is that vested shares count and unvested ones do not. The edge cases are where files get stuck.
- Unvested grants. They do not count on the depletion path, and no figure is published for them on the qualifier path. A large pending vest does not help today’s file.
- Stock options. They are not eligible on the depletion path until exercised. After exercise, the shares become securities in an account.
- Private company stock. It counts at 75% on the depletion path, but not on the qualifier path as published. Expect more documentation on valuation.
- First-time investors. A first-time investor on the depletion path needs a 700 credit score.
- Deferred compensation and custodial accounts. Neither is eligible on the depletion path, even though balances can be large.
- Cash-out proceeds. They never count as qualifying assets on the depletion path, so you cannot borrow against one property and use that cash as your qualifying pool.
- Small portfolios. The minimum-assets rule on the depletion path rules out borrowers whose portfolios are healthy but not large.
One regulatory point explains why an owner-occupied asset file still needs statements. When a loan is not business-purpose, the lender must consider and verify the borrower’s income or assets using reliable third-party records. The CFPB’s ability-to-repay rule says so, and the full text sits in 12 CFR 1026.43. Brokerage statements are exactly that kind of record. The same rule exempts credit extended primarily for a business purpose, which is why a rental loan is reviewed differently.
Which Route Fits? A Practical Read
Match the route to the purchase. Each of these points is a decision, not a prediction.
1. Buying a home to live in, shares large, income thin. The asset qualifier path fits if eligible assets can cover the entire loan. If they cannot, the depletion path may work if the derived income carries the payment.
2. Buying a home to live in, with salary plus stock. Asset-derived income may supplement documented income up to a 45% debt-to-income ratio on the depletion path.
3. Buying a rental. DSCR is usually the cleaner fit. Use the shares for cash to close and reserves.
4. Buying a rental without selling shares. The depletion path reaches investment property at lower leverage, so weigh that against selling.
5. Large loan size. The qualifier path reaches $4,000,000, which suits larger balances when assets cover the loan.
6. Income shows up in deposits, not in shares. A bank statement route may fit better, since it documents income through deposits.
Selling versus borrowing is a real tradeoff. Selling shares raises cash but gives up the position. Qualifying on assets keeps the position but ties your file to the statement balance. A tax professional should weigh in on that choice, not a loan broker.
Key Terms Defined
Restricted stock unit (RSU): A promise of company shares that you own only after a vesting date.
Vested: The shares are yours and no longer depend on staying with the employer.
Asset qualifier path: A way to qualify when eligible assets cover the entire loan amount.
Asset depletion path: A way to qualify by dividing usable assets by 60 months to get monthly income.
Haircut: The share of an asset’s balance a program leaves out because the value can move.
Seasoning: The length of time funds must sit in an account before a lender counts them.
DSCR: A ratio that compares a rental’s income to its full monthly obligation.
Frequently Asked Questions
Do I have to sell my shares to get a mortgage on assets?
No. Both asset paths count the shares on a statement as qualifying assets, and the borrower keeps them. The calculation is a qualifying convention. It is not a sale or a pledge. The exception is when you need cash for a down payment or closing costs, which may require selling some shares.
Do unvested RSUs count as assets?
They do not count on the depletion path, and no figure is published for them on the qualifier path. Unvested units are not yet yours, so lenders treat them as a future possibility. Once they vest and settle into a brokerage account, they can count as securities, subject to the seasoning and statement rules.
What if my stock price drops after I apply?
A drop lowers the balance the lender counts. Programs already discount securities on the depletion path, and the lender’s review rests on current statements. A borrower with a concentrated position should build in a cushion. A file that qualifies only at the peak balance is fragile.
Can I use this to buy a rental property?
Yes, on the depletion path, with investment property leverage of up to 65% on a purchase and 60% on a cash-out. Many investors use a DSCR loan instead, which qualifies primarily on the property’s rent. Which fits better depends on the borrower, the property and the lender’s guidelines.
Are stock options and cryptocurrency eligible?
Stock options are not eligible on the depletion path. Cryptocurrency is not published as eligible on either path. The documented route for crypto is converting it to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Next Steps
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 programs based on your statements, the property, credit profile, leverage, and your goals. Reach the team at 828-256-2183, or request a quote through the site. These programs are available through select lenders, are subject to underwriting, and are not a commitment to lend.
The most useful move before you apply is also a simple one. Pull your statements, sort your holdings into vested and unvested, and leave your seasoned balances where they sit.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia 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
1. Georgia Tech Staff Compensation Administration Policy
2. CFPB Regulation Z § 1026.43
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? · Reserves vs Qualifying Assets on an Asset Qualifier Mortgage · How Much Does a Retiring Physician Need in Assets to Qualify for a Mortgage?
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.