The Quick Read: Jumbo lenders do not follow one national rule for restricted stock units, so the answers you get depend on which lender you ask. Some count vested, documented RSU income on top of base salary, and some count only the salary. The right questions show you which kind of lender you are talking to before you pay for an appraisal or hand over a stack of brokerage statements.
Key Takeaways
- Jumbo loans are not bought by Fannie Mae or Freddie Mac, so each lender sets its own RSU overlay.
- Vested, distributed shares with a documented history carry the most weight. Unvested grants generally carry none.
- Cash-out is usually offered at lower leverage than a purchase, so the equity you can reach is a separate question from the income you can prove.
- You can sometimes qualify on base salary alone. The trade-off is a smaller maximum loan.
What Counts as “Jumbo” on a Cash-Out?
A loan is jumbo when it exceeds the conforming limit for your county and unit count. The Federal Housing Finance Agency sets a baseline limit each year and a higher ceiling for high-cost areas. So there is no single national threshold, and the number changes yearly.
On a cash-out, the test uses the new loan amount. That includes your payoff plus the cash you take. A homeowner whose current balance sits below the limit can cross into jumbo territory just by pulling equity.
Across the wholesale programs Lendmire places files with, a jumbo loan starts one dollar above the county limit. The headline lane uses a 660 decision score and reaches 90% leverage on purchases. Loans go to $5,000,000 on the largest lanes. Cash-out is offered at lower leverage than purchase, with a cash cap on the largest lanes. All of this is subject to lender guidelines and full file review, and none of it is a commitment to lend.
If you are comparing paths, Lendmire’s jumbo cash-out refinance program page lays out how these lanes fit together.
How Do Lenders Treat RSUs? (The Agency Reference Point)
Fannie Mae’s Selling Guide is the common reference point for RSU income. Its restricted stock unit topic was recently updated, so rely on the current page rather than older section numbers you may see quoted.
The core ideas are simple:
- The stock must have vested and been distributed to you without restrictions.
- Sign-on bonuses paid as restricted stock that vests over time are not eligible.
- The file needs a vesting schedule, proof the stock is publicly traded, prior brokerage or bank statements, and W-2s.
- Share-settled income is valued with a 200-day moving average price rather than yesterday’s close.
- You should expect a verbal verification of employment.
Jumbo lenders then add their own policies. Most start from this framework. Some are stricter on history, some discount the stock price, and a few use different methods. Because treatment varies by lender, no single haircut applies across the board.
Step by Step: How the Loan Is Underwritten
1. Jumbo status is confirmed. The lender compares the new loan amount, cash included, to the county limit.
2. A guideline overlay is chosen. Because the loan is not delivered to the agencies, the lender or investor decides how RSUs are treated.
3. Your RSUs are classified. Time-based or performance-based? Public employer? Vested and distributed? Do refresh grants recur?
4. History is documented. Expect W-2s, a recent paystub showing RSU income, brokerage statements for received shares, the vesting schedule, and the grant agreement.
5. Qualifying income is calculated. Unvested shares generally don’t count. The lender also tests whether vesting will continue.
6. The rest of the file is layered in. Debt-to-income, credit, reserves, and the purpose of the cash-out.
7. The appraisal sets the ceiling. Collateral value drives the maximum loan. Some lanes require two appraisals above a threshold amount.
8. Closing, then rescission. On a primary residence refinance, funds typically follow the cancellation window.
On the ratio ceiling: the fixed lanes allow up to 50%, the adjustable lanes 45%, and the interest-only lanes 43%. Reserves are measured in months of the full payment and rise with the loan amount.
The Lender Questions Worth Asking
Every page about RSUs explains what lenders want. Few hand you the questions. Here they are, grouped, each with the answer to listen for.
Income Treatment
1. Do you count RSU income on top of base pay, or only base pay?
A good answer names the conditions: vested, distributed, documented history. A red flag is a flat “we never do” or a flat “sure, no problem” with no conditions.
2. How do you value the shares: vest-date price, a moving average, or a discounted price?
A good answer states a method. A red flag is “we’ll figure it out in underwriting.”
3. Do you count all of the RSU income or only a portion?
Some overlays count a reduced share. You want to know before you size the loan.
History and Continuance
4. How much vesting history do you need?
Agency guidance recommends a longer history for performance-based awards. Time-based awards can need less. Lender overlays vary, and history from before the employer was publicly traded may not count.
5. How do you decide whether the vesting will continue?
Lenders look at the vesting schedule and refresh grants. A front-loaded grant can look like declining income on paper, so ask how they treat that.
6. Does anything change if I recently switched jobs or got a new grant?
A new grant with limited history is a common sticking point. Ask whether base salary alone could carry the file.
Valuation and Stock-Price Risk
7. If the share price drops between application and closing, do you re-check the number?
A good answer explains when income is recalculated. A red flag is silence.
Assets and Reserves
8. Can vested shares count as reserves?
Possibly. But some lenders will not let the same shares count as both income and reserves. Ask directly.
9. If I sell shares for the down payment or reserves, how are large deposits handled?
Expect to document the sale and the transfer.
Cash-Out Specific
10. What leverage do you allow on a cash-out versus a purchase?
Cash-out sits at lower leverage than purchase on the lanes Lendmire sees, and some lanes cap the cash taken.
11. Is there a cash cap at my loan size?
This matters if the plan is to pull a large sum.
Documentation and Process
12. Which documents do you need on day one, and what will the underwriter ask for later?
Ask for the full list upfront so you aren’t sending paperwork in pieces.
13. Do you require a second appraisal at my loan amount?
Threshold amounts differ by lane.
14. What events near closing trigger a re-verification of my job and income?
Layoffs, job changes, or a changed vesting schedule can reopen the file.
How a Lender May Treat Different RSU Situations
| RSU situation | Typical treatment |
|---|---|
| Vested, distributed, documented history | Eligible, valued by the lender’s method |
| Granted but not yet vested | Generally not counted as income |
| Sign-on restricted stock | Excluded at the agency level |
| Newly public employer | Pre-IPO history may not count |
| Cash-settled RSUs | Often handled like other variable pay |
| Refresh grants, uncertain | Needs explanation of continuance |
Treat the table as a map of the usual logic, not a promise. Each lender decides for itself.
Income Versus Assets: Don’t Count the Same Shares Twice
RSUs can play two roles in a file. As income, they are the stream of shares that vest each period. As assets, they are shares you already hold in a brokerage account. A lender may accept one use, both, or neither.
Where lenders object is double counting. Shares that produce qualifying income may not be allowed to double as reserves. That is lender-specific, so ask. It affects how many months of reserves your file shows.
Do You Need the RSU Income at All?
Sometimes you don’t. If base salary supports the loan you want, the RSU question can fall away. The trade-off is a smaller maximum loan, since the lender is counting less income.
The flip point is the size of the cash-out relative to your base pay. A modest cash-out may qualify on salary. A large one, or one that pushes the loan toward the upper end of a lane’s range, often needs the RSUs to carry it.
Picture a homeowner whose base pay covers roughly two-thirds of the ratio the lender wants, with RSUs filling the rest. Leaving the RSUs out shrinks the loan. Waiting another year of vesting history may be the better move than forcing a thin file today. That is a real option, and sometimes the cheaper one.
Where the General Rule Breaks
- Recent IPO or newly public employer. History from before the stock traded may not count.
- Declining or front-loaded vesting. Lenders may read it as shrinking income, so the schedule matters as much as the history.
- Sign-on grants. Excluded at the agency level regardless of how they vest.
- Second home or investment occupancy. Occupancy decides leverage, and those lanes carry lane-specific limits. That is a different conversation from a primary-residence cash-out.
- Non-warrantable condominiums. Two lanes accept them, which opens doors a conventional loan might not.
- Rule changes. Agency RSU guidance was revised recently, and lender overlays follow with a lag. Don’t assume last year’s answer still holds.
Tracking the Stock Between Application and Closing
Valuation methods are designed to smooth out price swings, which is why many lenders avoid the latest closing price. Still, a sharp drop can matter if the lender recalculates or if your reserves rely on brokerage balances. Ask which figure is re-checked and when.
RSU vesting has tax consequences too. Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Rescission, Appraisal Copies, and Timing
On a refinance of your primary residence, federal rules give you a cancellation window. Under Regulation Z §1026.23, you can rescind until midnight of the third business day after closing or after required notices and disclosures are delivered. If the notice or disclosures are missing, the right can extend up to three years. Because of that window, cash-out proceeds typically arrive after it closes.
You are also entitled to a copy of the appraisal. The CFPB’s Your Home Loan Toolkit says lenders must give it to you at no additional cost, and the exact timing of delivery can vary by file and lender.
Plan your documents around your vest dates. Lenders want current paystubs and statements, so a fresh vest can help or complicate a file depending on timing.
Key Terms Defined
RSU (restricted stock unit): A grant of company shares that you receive only after meeting a vesting condition.
Vesting: The point when you earn the shares, usually by time or by hitting a performance goal.
Distributed: Vested shares that have actually been delivered to your account without restrictions.
Overlay: A lender’s own rule layered on top of agency guidelines, often stricter.
Continuance: The lender’s test of whether your RSU income is likely to keep coming.
CLTV (combined loan-to-value): All loans against the home, as a percentage of its value.
What Your Decision Looks Like in Practice
Start with the equity and the purpose. Then sort your RSUs: vested or not, time-based or performance-based, how much history you have. Take the questions above to two or three lenders and compare not just yes or no but the method behind each answer.
Honestly, this is one of those decisions where the lender’s overlay matters more than the headline program. Two lenders can look at the same RSU file and size it differently. If your history is thin, the stronger play may be qualifying on base pay now or waiting for more vesting. If your history is deep and documented, a lender that counts it fully can lift your ceiling meaningfully.
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.
Frequently Asked Questions
Do I have to sell my vested shares to qualify?
No. Qualifying income comes from documented vesting, not from selling. Selling only matters if you want the proceeds as reserves or cash to close, in which case the lender will want the sale documented.
Can RSUs from a private company count?
Generally it’s harder. Agency guidance expects publicly traded stock, so private-company grants often fall outside qualifying income. Some lenders may look at them differently, so ask.
What if my RSU income drops year over year?
Declining income gets extra scrutiny. A lender may average it, count less of it, or exclude it. Base salary alone may still qualify, at a smaller loan size.
Does a brand-new RSU program count?
Usually not yet. Lenders look for a track record of vesting and distribution. A new grant with no history is typically treated as unproven until some vesting has happened.
Can the cash-out be as large as the equity I have?
Not necessarily. Cash-out is offered at lower leverage than purchase, and some lanes cap the cash taken. Your income qualification also limits the loan, 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 – Conforming Loan Limit Values for 2026
2. Fannie Mae Selling Guide – Restricted Stock Units and Restricted Stock
3. CFPB – Regulation Z §1026.23 Right of Rescission
4. CFPB – Your Home Loan Toolkit
This article is part of Lendmire’s Jumbo Loans series — every loan program’s qualification details, guidelines, and scenarios live on the loan options page.
Related reading: Should a Homeowner Fund a Large Renovation With a Jumbo Cash-Out? · Jumbo Cash-Out vs High-Balance for a Homeowner Near the Limit · Can an Heir Get a Jumbo Cash-Out Before Probate Closes?
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.