The Quick Read: The cash a jumbo loan takes breaks into three parts: the down payment, closing costs, and reserves left in the bank after closing. RSUs help each part differently. Vested and delivered shares can count as income and as assets. Unvested shares generally count for nothing. The exact numbers depend on the lane and the lender, and every figure is subject to lender guidelines and full file review.
A tech employee often has a big paycheck on paper and a thin checking account. The RSU grant looks like wealth, but the file only credits what has vested and been delivered. This piece walks through how the cash is built, step by step, and where the usual rules break.
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.
What Does “Jumbo” Mean for the Cash You Need?
A jumbo loan starts one dollar above the conforming limit for the property’s county and unit count. FHFA publishes the county limits, and they change every year, so check your county instead of trusting a national number.
Fannie Mae and Freddie Mac do not buy jumbo loans. That means there is no single rulebook. Each wholesale lender sets its own terms for down payment, reserves, and appraisals. Many lenders borrow the agency treatment of RSUs and add their own overlays on top.
Across the wholesale programs Lendmire places files with, the envelope looks like this: a 660 decision score on the headline lane, leverage up to 90%, and loan amounts up to $5,000,000 on the largest lanes. The fixed lanes use a 50% ratio ceiling. The adjustable lanes use 45%, and the interest-only lanes use 43%. Several lanes reach 89.99% combined leverage. The rest stop at 80%. Reserves are counted in months of the full payment and rise with the loan amount. Two appraisals are required above a lane’s threshold amount. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Read that as a range of lanes, not one rule. Programs you may see quoted elsewhere, such as “20% down and 12 months of reserves,” are not federal requirements. They are one lender’s choice. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
The Three Cash Buckets
The cash question has four parts: three buckets of cash, and a fourth step that proves them. Keep them separate.
1. Down payment. Set by leverage and by the lower of the appraised value or the price. At 90% leverage, you put down 10% of that value. At 80%, you put down 20%. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
2. Closing costs and prepaids. The CFPB says closing costs typically run 2% to 5% of the purchase price, not counting the down payment.
3. Reserves. Months of the full housing payment left in verified assets after closing.
4. Proof. Statements that show where the money came from and that it exists.
Cash to close is the down payment plus closing costs, reduced by deposits already paid and seller credits. Reserves sit on top of that. Money used to close cannot also be counted as reserves. This is where tech buyers get surprised. A buyer with plenty of vested stock may still come up short once the three buckets are stacked.
What Can RSUs Do in a Jumbo File?
RSUs can support income and assets, but only after they vest and are delivered. The table shows how each state of a share typically gets treated.
| Share status | As income | As down payment or reserves |
|---|---|---|
| Unvested | Generally no | Generally no |
| Vested, held in account | Yes, with history | Yes, at verified value |
| Vested, sold, cash in bank | Yes, with history | Yes, as cash |
| Pre-IPO company stock | Generally no | Case by case |
The agency rule is the benchmark. The Fannie Mae Selling Guide says restricted stock must have vested and been distributed without restrictions to count as qualifying income. It also says a sign-on bonus paid in restricted stock that vests over time cannot be used as income. If you just joined a company, your big sign-on grant does little for the file.
Unvested RSUs fall under the same logic as non-vested stock options, which Fannie Mae’s asset guidance says cannot be used for down payment, closing costs, or reserves. RSUs are not options, so treat this as the general treatment, not a quote of a rule. Your lender’s overlay may differ.
How the Loan Is Underwritten, Step by Step
Here is the order a jumbo file takes through the lender.
1. Sort pay into buckets. Base salary and bonus are ordinary employment income. Vested and delivered RSUs may count if the history is documented. Unvested RSUs count for nothing.
2. Prove the RSU history. Fannie Mae asks for two years of W-2s and either a completed Form 1005 or a recent paystub showing receipt. It also asks for a vesting schedule, proof the stock is publicly traded, and a brokerage or bank statement showing earlier distributions. A verbal verification of employment is required too.
3. Average the income. RSU income is averaged into a monthly figure. It is not taken at the grant value. Both agencies use a 200-day moving average stock price, not the price on closing day. Freddie Mac Bulletin 2024-16 replaced the older 52-week average with that 200-day figure.
4. Run the ratio. The averaged income goes into the debt ratio the lane requires. That is the 50%, 45%, or 43% ceiling described above, depending on the lane.
5. Document the cash. Statements prove the down payment, closing costs, and reserves.
6. Appraise. If the appraisal comes in below the price, the down payment grows or the loan is resized.
7. Close. The Loan Estimate and Closing Disclosure show the final cash to close. You supply proof of the source of closing funds.
Income that cannot be counted lowers the qualifying income. Lower qualifying income lowers the loan size a lender will approve. So a missing RSU history can shrink the loan and push the down payment up at the same time.
Using Vested Shares for the Down Payment
Vested shares can fund the down payment, closing costs, and reserves if their value can be verified. The Fannie Mae asset guidance says value is verified from the most recent monthly or quarterly statement.
Whether you must sell them depends on the cushion. Under an older Fannie Mae announcement, proof of liquidation could be skipped when the asset’s value was at least 20% more than the funds needed. Otherwise the file needs documentation of the sale proceeds. The same announcement counted 100% of the asset’s value toward reserves. Many jumbo lenders are stricter, and a few treat market-based assets with a haircut. Market stress is one reason. Pandemic-era guidance once required liquidation proof in every case, which shows how fast the treatment can tighten.
Concentration is the quiet risk. If most of your cash is your employer’s stock, its price on the verification date sets your cash. A drop between approval and closing can leave you short.
Two Scenarios in Plain Words
Scenario one: cash in the bank. A buyer plans 20% down on a jumbo purchase. They hold the down payment and closing costs in savings. Their vested shares are untouched and sit in a brokerage account. The shares count toward reserves at verified value. This file is clean. The documentation is two months of statements and the RSU history. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Scenario two: cash mostly in stock. A buyer has little savings but a large vested position. They want 10% down on a lane that reaches 90% leverage. The down payment and closing costs must come from selling shares, so the file needs sale proceeds shown landing in the bank. Reserves then come from whatever is left. If the stock drops before closing, every bucket shrinks at once. This buyer should stress-test the plan with a lower share price before making an offer. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
In both cases the same shares cannot be counted twice. Shares sold for the down payment are gone as reserves. Shares counted as reserves are not available for closing. Selling shares can have tax consequences. Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Where the Rule Breaks
These are the edge cases that change the cash picture most.
- Short tenure. Fannie Mae’s documentation points to a history of vested and delivered shares. A recent hire may not have it. Freddie Mac’s bulletin allows as little as 12 months for performance-based awards, with written support and compensating factors. Time-based awards follow different history rules.
- Job changes. A new employer’s sign-on grant is excluded as income. Base salary and bonus still count.
- Private-company shares. The documentation list calls for proof the stock is publicly traded. Pre-IPO RSUs generally cannot support income.
- Agency differences. Fannie Mae and Freddie Mac can produce different income figures from the same facts. Your lender’s overlay decides which logic applies.
- Continuance. Freddie Mac asks that recurring awards be likely to continue for at least three years. Fannie Mae says the lender need not verify continuance unless it has reason to doubt it.
- Retirement funds. Vested 401(k) and IRA balances can count if the account allows withdrawals regardless of employment status, per Fannie Mae.
- Occupancy. Primary, second-home, and investment occupancy carry different leverage on these lanes. This piece covers the home you live in.
One more point on appraisals: above a lane’s threshold amount, two appraisals are required. A low value on either one raises the cash you need.
Common Mistakes
“My RSU grant counts as income.” Not until it vests and is delivered. A grant on a compensation statement is not usable income.
“Total comp counts.” Only the documented, averaged part does.
“Closing-day stock price sets my income.” The 200-day average does.
“Down payment equals cash to close.” Closing costs are added, and deposits and credits are subtracted.
“The 43% cap is the federal rule.” The General QM rule replaced that cap with a price-based limit. Under the Ability-to-Repay framework, the lender must make a reasonable, good-faith determination that you can repay. On the lanes Lendmire places, ratio ceilings are set by the lane, as described above.
Pre-Offer Cash Checklist for an RSU Borrower
- Two years of W-2s showing RSU income.
- Recent paystub showing share receipt, or the employer’s completed Form 1005.
- Vesting schedule, past and future.
- Brokerage statements showing prior deliveries and current holdings.
- Bank statements showing where down payment funds sit and where they came from.
- A written plan for which shares fund which bucket, so none gets counted twice.
- A stress test at a lower share price.
A thinking-out-loud note: the cleanest file is usually the one where the down payment and closing costs are already cash, and the stock is left to cover reserves. It is not the only path, but it removes the most documentation risk.
Key Terms Defined
Vested. Shares you own outright, with no forfeiture risk.
Delivered. Vested shares actually placed in your brokerage account.
Reserves. Months of the full housing payment that your assets could cover after closing.
200-day moving average. The average stock price over the prior 200 days, used to turn share value into income.
Cash to close. Down payment plus closing costs, minus deposits and credits.
Seasoning. The time money has sat in an account, which helps show where it came from.
How the Decision Looks in Practice
You are choosing among three routes. Pay more cash and ask less of the income. Lean on income and bring less cash, which means a higher leverage lane. Or sell shares to raise cash and accept the tax and price-timing tradeoffs. A larger down payment reduces reserves, because the same dollars cannot do both jobs.
A good first step is to review Lendmire’s jumbo loan programs to see how leverage, reserves, and appraisal rules differ by lane. If you hold equity in a property already, Lendmire’s piece How Much Purchasing Power a W-2 Earner Gets From a Jumbo Cash-Out shows another way to look at the cash side.
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.
Frequently Asked Questions
Do unvested RSUs count toward the down payment or reserves?
Generally no. Fannie Mae’s guidance excludes non-vested stock options from funds for down payment, closing costs, and reserves, and the same logic is the usual treatment for unvested RSUs. Only vested, delivered shares with a verifiable value help.
Can the same vested shares count as income and as assets?
Yes, in different ways. The delivered shares build the income history, and the shares you still hold can count as assets. The limit is double-counting dollars. Shares sold for the down payment cannot also be reserves.
Do I have to sell shares to close?
It depends on the cushion and the lender. Under the older agency approach, liquidation proof could be skipped if the stock’s value exceeded the funds needed by at least 20%. Many jumbo lenders ask for sale proceeds anyway, so confirm early.
How much do closing costs add to the cash I need?
The CFPB’s published range is typically 2% to 5% of the purchase price, not counting the down payment. Your actual figure changes with deposits, seller credits, and the other adjustments shown on the Loan Estimate.
Can a recent hire use RSUs as income?
Sometimes, with limits. Sign-on RSUs that vest over time are excluded as income by Fannie Mae’s guide. Freddie Mac allows 12 to 24 months of history for performance-based awards with written support and compensating factors. Your lender’s overlay decides, and everything is subject to lender guidelines and full file review.
For your own numbers, request a scenario review with Lendmire.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Lendmire arranges FHA, VA, conventional and jumbo purchase and refinance loans through wholesale lenders; every file is underwritten by the lender under the applicable program guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. FHFA publishes the county limits
2. Consumer Financial Protection Bureau: Figure Out How Much You Want to Spend
3. Fannie Mae Selling Guide B3-3.3-07: Restricted Stock Units and Restricted Stock Employment Income
4. Fannie Mae Selling Guide B3-4.3-01: Stocks, Stock Options, Bonds, and Mutual Funds
5. Freddie Mac Bulletin 2024-16
7. Fannie Mae
This article is part of Lendmire’s jumbo loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Clear a Solar Lien or PACE Loan Before a Jumbo Cash-Out in Texas · Jumbo Cash-Out Process for a Homeowner With RSUs and Bonuses · How Much Montgomery County Recordation Adds to a Jumbo Cash-Out
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.