The Quick Read: Shopping this kind of loan comes down to which lender will count your vested shares and how they average them. Only vested, delivered shares count as income, and the history and averaging rules differ by lender. Jumbo loans are not sold to the big agencies, so each lender sets its own overlay. That is why one lender’s “no” is not every lender’s answer.
What Makes a Loan “Jumbo”?
A jumbo loan is a mortgage above the county’s conforming limit. The CFPB explains that Fannie Mae, Freddie Mac and their regulator set a yearly maximum loan size they will buy, and larger loans are jumbo and may cost more. The limit changes every year and varies by county, so check the current figure for your county instead of relying on an old number. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
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.
Because these loans sit outside the agency boxes, lenders write their own rules. A jumbo loan begins one dollar above the county’s conforming limit, and the wholesale lanes Lendmire places files with are built from that line. The headline lane works with a 660 decision score and leverage up to 90%. Several lanes reach 89.99% combined LTV, and the rest stop at 80%. Loans run up to $5,000,000 on the largest lanes. Ratio ceilings are 50% on the fixed lanes, 45% on the adjustable and 43% on the interest-only lanes. All of that is subject to lender guidelines and full file review, and none of it is a commitment to lend.
If you are buying a second home instead of a primary residence, the same lanes apply. Occupancy sets the leverage.
For a deeper look at the product, see Lendmire’s jumbo loan programs.
Key Takeaways
- Unvested units do not count. Only vested shares delivered without restriction can be income.
- Employer history and remaining vesting both matter.
- Agency-style methods differ in how they average share price, so the same grants can produce different income numbers.
- Jumbo lenders borrow from agency rules but add their own overlays, stricter or looser.
- Shopping means comparing how each lender counts your RSUs, then comparing standardized Loan Estimates.
How Does a Lender Turn RSUs Into Qualifying Income?
It starts with the benchmark most jumbo lenders borrow. Fannie Mae added RSUs as an eligible income source in Selling Guide announcement SEL-2023-11. The shares must have vested and been distributed to the borrower without restrictions. The lender must also document two years of W-2s.
Here is the step-by-step file path.
1. Confirm the award type. Time-based RSUs vest on a schedule tied to staying employed. Performance-based RSUs depend on company or personal results. Freddie Mac’s bulletin on restricted stock treats the two differently.
2. Confirm delivery. Unvested units are not income. If shares vested and landed in your brokerage account, they can be counted. If they are still pending, they cannot.
3. Check history of receipt. Mortgage insurer training material from Radian describes a 24-month history from the current employer as the usual benchmark for performance-based awards. Income received for 12 to 24 months may be acceptable with positive offsetting factors. A MGIC worksheet shows time-based awards under 12 months as ineligible. These are insurer tools, not jumbo rules, but they show where lenders start.
4. Check continuance. Lenders want to see that the income will keep arriving. The same MGIC worksheet shows an ineligible result when under 36 months of vesting remain. A grant that is nearly fully vested may not count at all.
5. Gather documents. Expect to provide proof the stock is publicly traded, the current vesting schedule showing past and future vesting, a brokerage statement showing prior distributions, a recent paystub or verification of employment showing RSU income, and two years of W-2s.
6. Calculate the income. Radian’s job aid shows the two agencies differ. Fannie Mae uses a 200-day average share price times vested pre-tax shares, averaged over the period of receipt. Freddie Mac uses a 52-week average price and a 12-month divisor. Same grants, different monthly number.
7. Add it to base pay and apply the lender’s overlays. Ratio, reserves and credit all get tested against the lane. Jumbo files generally face stricter review than conforming ones.
8. Appraise. Jumbo loans require an appraisal. On Lendmire’s lanes, a second appraisal kicks in above a lane’s threshold amount.
Why Your W-2 Total Is Not Your Qualifying Income
Underwriters want a monthly figure they can trust to repeat. So they average, and they use the lower of what the formula yields.
Picture a software engineer with a modest base salary and a large vesting schedule. The W-2 looks strong. But if the grant started nine months ago, the lender may count only the base. Now picture a colleague with three years of steady vesting and two years left. That file may count most of the RSU income. Same employer, different outcomes, driven by history and runway.
Stock price swings matter too. A lender using a long averaging window smooths a sharp run-up. If your share price spiked recently, the counted number can sit well below what your last paycheck suggests. If the price dropped, a lender may use the lower figure.
Where the General Rule Breaks
Here are the edge cases that derail RSU files most often.
- Private or pre-IPO equity. Documentation requires proof the stock is publicly traded. Private-company equity generally will not count as income under agency-style rules.
- Recent IPO. A short trading history leaves no 200-day average. The minimum history requirement controls, and the Radian material indicates there is no workaround.
- Job change. Both agencies measure history from the current employer. A new job resets the clock. Offer letters and sign-on grants rarely substitute.
- Short runway. Little future vesting can mean RSUs do not count.
- Performance-based awards. These carry a longer history standard than time-based awards.
- RSUs as assets. Freddie Mac’s bulletin says stock with limited accessibility is not an eligible source of funds to qualify. Freddie Mac’s guide page also notes a Bulletin that updated how accumulated assets can be treated as income, with an adoption date. The topic is moving, so ask lenders how they treat vested stock held in a brokerage account.
- Jumbo overlays. In practice, lenders differ on RSU overlays for jumbo loans. One may want a longer history. Another may be flexible with strong reserves.
Grants stated in dollars, not shares, can confuse an underwriter counting future units. A clear vesting schedule from the employer portal, with share counts, removes that guesswork.
Which Structures Fit an RSU-Heavy File?
Jumbo lanes come in fixed, adjustable and interest-only structures. The ratio ceiling is tighter as you move off fixed, as noted above: 50% on fixed, 45% on adjustable, 43% on interest-only. For a borrower whose counted income is conservative, the fixed lane’s higher ceiling gives more room.
| Structure | Ratio ceiling | Fit for RSU files |
|---|---|---|
| Fixed | 50% | Most room when RSUs are averaged down |
| Adjustable | 45% | Tighter ceiling |
| Interest-only | 43% | Tightest ceiling |
Reserves are measured in months of the full payment and rise with the loan amount. If you hold vested shares, ask each lender how they treat them as reserves. Treatment varies, and the agency bulletin warns that restricted stock is not eligible as qualifying funds.
If a larger down payment lowers the loan amount, it can lower reserve and appraisal requirements too. Leverage, loan size and reserves interact, so test a few combinations before choosing.
How to Shop: Questions to Ask Every Lender
Shopping is where borrowers gain the most. The CFPB recommends requesting multiple Loan Estimates and comparing origination charges. The Loan Estimate is a standardized form, so lenders are easy to compare line by line. Applying with several lenders is the point of the form, not a trap.
Before you apply, ask each loan officer:
1. How many months of RSU history do you need, and from which employer?
2. Which averaging method do you use, and over what window?
3. How much remaining vesting must I show?
4. Do you count performance-based awards?
5. Can vested shares in a brokerage account count toward reserves?
6. Do you re-verify employment and stock before closing?
7. At what loan amount do you require two appraisals?
Write the answers in a simple grid. A lender that counts less income may still be the better choice if its structure fits.
Also ask whether the loan will be a qualified mortgage. Under the general QM rule, the CFPB set price-based limits, with a rebuttable presumption for loans priced between 1.5 and 2.25 percentage points over the benchmark. Pricing above those thresholds means the loan is not a safe-harbor QM. Ask how the lender treats that.
Scenarios: How Different Files Land
| Borrower profile | Likely outcome | Fix |
|---|---|---|
| Long tenure, steady vesting | RSUs counted | Document the schedule |
| One year at employer | May count base only | Wait or apply with another lender |
| Nearly vested grant | Little or no RSU income | Use refresh grant history |
| Job changed recently | History resets | Wait for history |
| Low base, heavy RSU | Ratio strain | Lower loan amount or add co-borrower income |
A co-borrower’s income blends into the ratio, which can solve an RSU-heavy file. Each lender decides how.
Timing and Fallbacks
Waiting to meet history or vesting minimums can change whether RSUs count. If you are close to a milestone, a short wait may help more than applying now.
Layoffs and stock drops are the risks lenders care about. Expect a re-verification of employment before closing. A sharp price drop can lower the counted figure.
If a lender declines your RSU income, try this ladder:
1. Ask for a manual review with a clearer vesting schedule.
2. Apply with a lender whose overlay fits your history.
3. Lower the loan amount or raise the down payment.
4. Add a co-borrower.
5. Wait for history to build, then reapply.
Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Key Terms Defined
RSU (restricted stock unit): A promise of company shares that you receive only after you meet vesting conditions.
Vesting: The point when shares become yours, usually on a schedule tied to staying employed.
Delivery: The moment vested shares are actually placed in your account without restriction.
Overlay: A lender’s own rule that is stricter or looser than the agency standard.
Averaging: The formula a lender uses to turn irregular stock income into a steady monthly figure.
Frequently Asked Questions
Can unvested RSUs count toward a jumbo loan?
No. Only shares that have vested and been delivered without restriction count as income under the agency framework most lenders borrow from. Unvested units may still matter for showing future vesting, but they are not income today.
How long do I need to have received RSUs?
It depends on the lender and the award type. Insurer material points to 24 months from the current employer as a common benchmark for performance-based awards, and under 12 months for time-based awards is often ineligible. Jumbo lenders set their own overlays.
Will applying with several lenders hurt me?
Standardized Loan Estimates exist so you can compare offers. The CFPB encourages requesting more than one and comparing origination charges.
Does a jumbo loan always cost more?
Not necessarily. Jumbo loans may cost more, while some industry sources say they do not always carry higher pricing. Compare actual Loan Estimates.
What if my company is private or just went public?
Private-company equity generally will not count as income, since documentation requires proof the stock is publicly traded. A recent IPO has no long trading history, so the minimum history rule controls.
Next Step
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.
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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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. CFPB – What is a jumbo loan?
2. Fannie Mae Selling Guide Announcement SEL-2023-11
3. Freddie Mac Guide Bulletin on RS/RSU
5. MGIC RSU eligibility worksheet
6. Freddie Mac Guide section 5303.3
7. CFPB – Loan Estimate explainer
8. CFPB – General QM final rule press release
This article is part of Lendmire’s jumbo loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: 15-Year vs. 30-Year Jumbo Loan for a High-Income Buyer · How Your Last Year of W-2 Income Makes the Easiest Jumbo Loan · Can a Relocating Executive Use a Job Offer as Income on a Jumbo Loan?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.