The Quick Read: The amount is set by the lowest of three ceilings: the leverage cap on your home’s appraised value, the lane’s dollar cap on cash, and the debt ratio your qualifying income can carry. For an RSU earner, the third ceiling is where the surprises hide. Only vested stock counts, and it is converted to income by formula. Program figures are subject to lender guidelines and full file review, and nothing here is a commitment to lend.
Key Takeaways
- A jumbo loan starts one dollar above the county’s conforming limit. The new loan amount counts, so taking cash out can push a conforming balance into jumbo territory.
- Across the wholesale jumbo lanes Lendmire places files with, the headline lane starts at a 660 decision score. Loans reach $5,000,000 on the largest lanes. Cash-out sits at lower leverage than a purchase.
- Unvested RSUs do not count as income. Vested shares are averaged, so a falling stock price can shrink your borrowing power while your paycheck stays the same.
- The fixed lanes cap your debt ratio at 50%. The adjustable lanes cap it at 45%, and the interest-only lanes at 43%.
- Some programs can count vested, liquid shares as assets instead of income. Terms differ by lane.
What Does a Jumbo Cash-Out Actually Do?
A jumbo cash-out refinance replaces your current mortgage with a new, larger one. You keep the difference in cash. The new loan is “jumbo” when its amount lands above the conforming limit for your county.
Jumbo cash-out estimate
Enter the value, the balance, and the cash wanted; choose the occupancy and the structure; the lanes, the payment, and the reserves follow.
Editable benchmark: 7.18% as of November 5, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a jumbo cash-out refinance quote.
Illustrative starting assumptions: a $2,000,000 home value in the jumbo range, a $1,000,000 current balance, a principal residence on 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 cash-out refinance quote; a jumbo loan is priced by the lender at lock. The lanes shown are the wholesale cash-out lanes behind this page as of the snapshot date; the calculator reads each lane’s leverage, loan maximum by occupancy, cash-in-hand cap, and reserves as the lane table states them, and a Lendmire loan officer confirms the lane on the file. The cash available is the loan the lane allows less the balances paid off, before closing costs, which are not included; on most lanes a jumbo cash-out begins one dollar above the conforming limit for the county, and two lanes start at a stated dollar floor instead. The HELOC line is the line program’s combined loan-to-value ceiling applied to the same value and balance. Taxes and insurance are editable estimates. Licensed in sixteen states for consumer mortgages.
That limit is reset each year and announced in November. It applies to the loan amount, not the price of the home, and it varies by county. The Federal Housing Finance Agency sets high-cost area limits where 115% of the local median home value exceeds the baseline, capped at 150% of the baseline. Any number a lender advertises ahead of the official announcement is that lender’s own policy, not the official limit.
Here is the part homeowners miss. A cash-out is measured by the new balance. Say you owe a conforming-size balance today. Pull cash out and the new loan can cross the line. The same house, the same borrower, and suddenly different underwriting rules apply.
Lendmire’s jumbo cash-out refinance program page lays out the lane structure. The short version: Lendmire is a broker. It arranges these loans through wholesale lenders, and those lenders review the file and decide.
How Is a Jumbo Cash-Out Underwritten for an RSU Earner?
The lender runs the file in a fixed order: classify the loan, prove the income, convert it to a monthly number, test it against debts, then cap the amount by appraised value. Each step can lower your answer. Here is the sequence.
1. Classify the transaction. Taking meaningful cash back makes it a cash-out. That puts it in lower-leverage territory than a purchase or a no-cash refinance.
2. Prove the RSUs are real, vested income. Lenders want the vesting schedule, proof the employer’s stock is publicly traded, and a record that earlier shares actually landed in your brokerage account. Expect two years of W-2s and a paystub that shows the stock income.
3. Convert shares to a monthly number. This is where RSU files differ from salary files. Agency rulebooks value vested shares using a 200-day average share price, not today’s price. Cash payouts get averaged over a period.
4. Check history and continuance. The lender asks how long you have received RSU income and whether it will continue. Required history varies by lender and by whether the award vests on time or on performance.
5. Compare income against debts. Your new payment, taxes, insurance, and other debts are divided by your qualifying income. The fixed lanes cap that ratio at 50%.
6. Appraise the home. Value times the leverage cap sets the ceiling on the new loan. Above a lane’s threshold amount, two appraisals are required.
7. Pay off and disburse. The new loan pays off the old first mortgage and any other liens you are clearing. You receive what is left.
Why does step 3 matter so much? Picture two borrowers with identical paychecks and identical vesting. One company’s stock has climbed for a year. The other’s has slid. The 200-day average treats them differently, so the same RSU grant supports a different loan.
The Formula for Cash (and Where It Breaks)
Net cash equals appraised value times the lane’s cash-out leverage cap, minus payoffs, minus costs. That is the ceiling. Your debt ratio and the lane’s cash cap can cut it lower.
Leverage first. Across the wholesale jumbo lanes, the headline lane reaches 90% LTV. Several other lanes reach 89.99% CLTV, and the rest stop at 80%. Those are the top-line ceilings, and a cash-out sits lower than a purchase. LTV is the loan divided by the home’s value. CLTV adds any other liens on the home. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Then the dollar side. The largest lanes carry loans to $5,000,000, and two lanes put a cash cap on top of the leverage limit. Reserves, measured in months of your full payment, rise as the loan amount rises.
Run the logic on four modeled situations. No dollar figures are used because the pattern is what matters.
| Situation | What limits the cash |
|---|---|
| Lots of equity, modest balance | Cash cap on the lane |
| Large existing mortgage | Payoff eats the leverage room |
| Strong equity, steep stock drop | Averaged RSU income lowers debt-ratio room |
| Recent hire, grants still vesting | Not enough counted history |
In the first case, the leverage cap is not the problem. The lane’s cash cap is. In the second, a big balance already uses most of the allowed leverage, so little is left to take out. The third is the RSU-specific trap. The leverage math says yes, but the income math says no.
Which RSUs Count, and What Do They Need?
Only vested and distributed shares count as income under the agency rules, and many jumbo programs borrow from those rules. The Fannie Mae Selling Guide spells out the documentation: a completed Form 1005 or a recent paystub showing restricted stock income, two years of W-2s, the vesting schedule, proof the stock is publicly traded, and a verbal verification of employment. Jumbo investors set their own rules, so treat this as the common reference point, not a promise.
| RSU type | Counts as income? | Typical proof |
|---|---|---|
| Vested, sold or held | Yes, if history fits | Brokerage statements, W-2s |
| Unvested | No | Not applicable |
| Sign-on grant vesting over time | Generally excluded | Not applicable |
| Pre-IPO history | Usually not counted | Needs lender review |
| Vested liquid shares as assets | Some programs only | Account statements |
Three misconceptions are worth clearing up:
- “A big grant means a big loan.” The grant must vest, show a payment history, and survive the debt-ratio test and the leverage cap.
- “My share price today is my income.” The 200-day average sets the value for share-based income.
- “Jumbo lenders ignore the agency rules.” Some follow them closely. Others write their own. Compare lane by lane.
Where the General Rule Breaks
Most of the rules above bend in a few named cases.
A newly public employer. Shares held before the IPO usually do not build RSU history. A stock that has traded for fewer than 200 days has no 200-day average, so the lender needs an exception or a different method.
Sign-on RSUs. Agency guidance excludes them as qualifying income. Plan around your ongoing grants instead.
Performance-based awards. Awards tied to company results usually need a longer history than time-based awards. Freddie Mac’s guide treats the two types separately, and its rules differ from Fannie Mae’s.
Assets instead of income. Some programs let vested, liquid shares support repayment as assets. This can help when the averaged income comes up short. It also means the shares are your safety net, and the lane’s reserve rules still apply.
Your debt ratio depends on the structure. The fixed, adjustable, and interest-only lanes carry different ceilings.
State rules. Cash-out rules for a primary home can differ by state. Texas is the best-known example.
Occupancy. This article is about the home you live in. A second home or an investment property sets different leverage at the lane level.
One more thing sits behind all of this. A jumbo can still be a qualified mortgage, so being jumbo does not by itself change how your ability to repay is judged. Every lender must make a reasonable, good-faith determination that you can repay. That is why RSU income has to hold up as a number, not just a story.
Jumbo Cash-Out, HELOC, or Selling Shares?
A jumbo cash-out gives you one lump sum and one new loan on the whole balance. A home equity line is separate credit on top of your first mortgage. Selling shares needs no loan at all. Each has a different cost to your situation.
| Option | What changes | Main tradeoff |
|---|---|---|
| Jumbo cash-out | Whole first mortgage replaced | New terms on the entire balance |
| Home equity line | Second loan added | Variable access, separate approval |
| Sell vested shares | No new debt | Gives up the stock position |
The Consumer Financial Protection Bureau’s home equity guide points out that a cash-out refinance can raise your payment and lengthen your term, and that lenders typically want you to keep 10% to 20% of your home’s value as equity. Replacing a loan you like with a bigger one is a real cost, even if the extra cash feels free.
Key Terms Defined
RSU (restricted stock unit): Stock your employer promises you that becomes yours when it vests.
Vesting: The date a grant becomes yours to sell or hold.
200-day moving average: The average share price over about 200 trading days, used to value share-based income instead of today’s price.
LTV and CLTV: Loan-to-value is the loan divided by the home’s value. Combined loan-to-value adds any other liens.
Cash cap: A dollar limit on how much cash a lane lets you take out, separate from the leverage limit.
Reserves: Savings, counted in months of your full payment, that you keep after closing.
Jumbo: A loan above the county’s conforming limit. As the CFPB explains, these loans are not bought by Fannie Mae or Freddie Mac and may cost more than conforming loans.
What the Decision Looks Like in Practice
Before you apply, pull together a short list:
- Your vesting schedule, showing past and future vests.
- Two years of W-2s and your latest paystub.
- Brokerage statements showing earlier shares arriving.
- Your current mortgage statement and any other liens.
- A rough read on your stock’s recent price trend.
Then ask three questions. First, how much cash do you need, and is it a one-time need or a recurring one? Second, would the new loan still fit if the stock dropped further? Third, do you have a plan for the next vest?
The honest toss-up for many RSU earners is timing. Refinance now on a thinner counted history, or wait for another vest to build it. A strong stock run can make waiting look costly. A sharp drop makes the 200-day average lag behind, and the file can look better or worse than your instinct says. Neither choice is wrong. The file just needs to be built on income that will still count when the lender reviews it.
Also expect more documentation than a salary-only file. That is normal for equity pay.
Talk It Through Before You Apply
If you are weighing a cash-out refinance against keeping the loan you have, Lendmire can help you compare the programs and the equity each one reaches. Call 828-256-2183 or request a mortgage quote to walk through your vesting schedule against the lane rules.
Frequently Asked Questions
Do unvested RSUs help me qualify for a jumbo cash-out?
No. Under the agency rules that many jumbo programs follow, only vested and distributed shares count as income. Unvested grants can still matter as context, but they do not add to the income a lender counts or raise the amount you can borrow. Some programs may count vested, liquid shares as assets, subject to lane terms and lender review.
Why can a falling stock price lower what I can borrow?
Share-based income is valued using a 200-day average of the stock price, not the figure on a single paycheck. When the price drops, the averaged income drops with it. That raises your debt ratio on the new payment and can shrink the maximum cash-out, even if your take-home pay has not changed. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Can taking cash out turn my loan into a jumbo?
Yes. The county limit applies to the new loan amount. If your cash-out balance lands above the limit, the loan is jumbo, even if your original mortgage was conforming. The limit is reset each year, so check the current county figure before you plan.
What debt ratio will the lender allow?
It depends on the structure. The fixed lanes cap the ratio at 50%, the adjustable lanes at 45%, and the interest-only lanes at 43%. These are program ceilings, not approvals. Your credit, reserves, and RSU history all affect where a lender lands on your file.
Does a bigger RSU grant mean a bigger cash-out?
Not by itself. The grant has to vest, show a payment history, and pass the debt-ratio test. Then the leverage cap and any cash cap on the lane set the final ceiling. Large grants help only when they translate into counted, averaged income.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps homeowners and home buyers in 16 states with FHA, VA, conventional and jumbo purchase and refinance loans arranged through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and the agency guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
For the program’s current guidelines, see jumbo loan programs.
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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
1. FHFA – 2026 conforming loan limits release
2. Fannie Mae Selling Guide B3-3.3-07
4. CFPB – Using your home equity guide
This article is part of Lendmire’s jumbo cash-out refinance program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Jumbo Cash-Out on a Condo vs. a Duplex for a Primary Home · How Jumbo Cash-Out Lenders Cap Leverage for a W-2 Homeowner · Jumbo Cash-Out vs Downsizing for a Retiree Without Income
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.