The Quick Read: Stock pay helps on a super jumbo file in three ways: as averaged income, as liquid assets, or as the cash behind a down payment and reserves. Which one applies depends on whether the shares have vested, how long you have held them, and which program reviews the file.
- Only vested, delivered shares count. Unvested grants generally do not count as income or assets.
- Income from stock is usually averaged over a history, so your coverage figure can sit below your best year.
- An asset path can turn a brokerage balance into qualifying income without selling shares, through select wholesale programs, subject to full underwriting.
- Every loan above $4,000,000 is reviewed case by case before submission, whatever the leverage chart says.
- On a rental purchase, a DSCR loan can leave your personal stock income out of the income test entirely.
Key Terms Defined
Super jumbo is a loan size far above the standard jumbo range. No single definition exists, and each lender draws its own line. In the programs described here, the overlays get stricter above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property.
RSU (restricted stock unit) is a promise of company shares that arrive on a vesting schedule. You owe tax when shares vest, not when the grant is made.
Vested means the shares are yours and delivered to your account. Unvested means you could still lose them.
Qualifying income is the figure a lender uses to test your debt ratio. It is not the same as what you earned.
Asset allowance is a method that divides your liquid assets by a set number of months to create monthly income. Liquid assets are funds you can reach without selling a business or breaking a trust.
DSCR (debt service coverage ratio) compares a rental’s monthly rent to its full monthly payment. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines.
Where Does Stock Pay Fit in a Super Jumbo File?
Stock pay enters a file through one of three doors: income, assets, or property cash flow. Most borrowers use more than one. Picking the right door early saves you from arguing about a vesting schedule when a cleaner path exists.
Across the wholesale network Lendmire shops, the first split is by how you earn. Salaried employees with large vesting grants usually go to a full-documentation path, where the underwriter averages vested stock income alongside base pay and bonus. Founders and other self-employed borrowers often qualify on bank statements instead, because their traditional personal-income documentation understates their cash flow. Borrowers with big portfolios and uneven pay can use an asset path.
| Equity type | Usually counted as income | Usually counted as assets | Main risk |
|---|---|---|---|
| Vested RSUs | Yes, averaged | Yes, once held in your account | Falling trend lowers the number |
| Unvested RSUs | No | No | Looks big but never counts |
| Stock options | Generally not | Only after exercise and delivery | Often ignored in income |
| Private-company stock | Often excluded or specially reviewed | Rarely liquid enough | No clear market value |
| Shares in a brokerage account | Not as wages | Yes, subject to program review | Price swings before closing |
Each program decides how much of a vested stock balance it will credit. Expect the lender to review the account statements, not just the balance you quote.
How Underwriting Treats Stock Pay, Step by Step
Underwriting follows a repeatable order. Knowing it lets you hand over the right documents before anyone asks.
Step 1: Sort the shares. The underwriter separates vested from unvested. Only vested, delivered shares are treated as usable. Many lenders also want to see that vesting has continued for a meaningful stretch.
Step 2: Pick the income method. On a full-documentation file, vested value is usually calculated from shares delivered times the market price at vesting. A two-year average is typical, and a declining trend can pull the figure down to the lower year. Some portfolio lenders use a moving-average share price or a discount instead of the vest-date price.
Step 3: Pick the asset method. On an asset allowance, the lender divides eligible liquid assets by 36, 60 or 84 months. The 36-month divisor applies to a supplemental allowance with debt-to-income at or below 60%. The 60-month divisor applies to a supplemental allowance above 60%. The 84-month divisor applies to a standalone allowance, or to any loan above $3,500,000. This path covers primary and second homes only, with leverage capped at 80%. Unvested stock, cryptocurrency, business funds, gifts and most trusts never count. Retirement accounts count at 70%, or 80% at age 59.5 and up.
Step 4: Test ratios and reserves. Debt-to-income can run up to 50% through select wholesale programs. Reserves run 3 months to $500,000, 6 months to $1,500,000 and 9 months above that, plus 2 months per additional financed property to a 12-month maximum. First-time investors need 12 months.
Step 5: Confirm value and re-verify. An appraisal sets the value. The lender re-checks employment and assets before closing, so a large share sale in the middle of the file needs a paper trail.
Commonly requested documents for stock pay:
- Pay stubs and W-2s
- The grant agreement and vesting schedule
- Brokerage statements showing shares delivered and market value
- Two years of traditional personal-income documentation on full-documentation files
- Recent asset statements
- A short letter explaining any large deposit or share sale
A Worked Example With Ratios Only
Run the numbers on a salaried engineer buying a primary residence in the multi-million range. Assume base pay and bonus make up just over half of annual income. Vested RSUs make up the rest.
Assume the engineer’s vested stock income rose sharply last year, and that year was 1.3 times the year before. A lender averaging two years does not use the high year. It uses a blend that sits roughly 11% below last year’s figure.
If the stock price then falls before closing, the vest-date value of future grants shrinks too. The debt ratio on the averaged number might sit comfortably under 50%. On the lower trend, it could drift close to the limit.
Now give the same engineer a large brokerage balance from earlier vests. An 84-month asset allowance on a standalone basis would add income without touching the pay stubs. Both routes are modeled assumptions, not predictions. A program review on the actual file decides which one fits.
What the Programs Actually Allow
Two wholesale programs cover this range. The portfolio non-QM program carries files from $300,000 to $6,000,000. The bank portfolio program carries twelve-month-statement files up to $30,000,000 on its own size ladder. That ladder begins above $4,000,000 and overlaps the first program to $6,000,000.
Leverage steps down as the loan grows. These are ceilings through select wholesale programs, subject to full underwriting:
| Loan size | Purchase, primary residence |
|---|---|
| To $1,000,000 | 90% |
| To $2,000,000 | 85% |
| To $3,000,000 | 80% |
| To $4,000,000 | 75%, top credit tier |
| Above $4,000,000 | Case by case; bank ladder 65% to $5M, 60% to $10M, 55% to $30M |
Second homes and investment property run about five points lower at every size. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review. Above $3,500,000 on a primary residence, the overlays also include a 0x30x24 housing history, 48-month seasoning after a credit event, and U.S. citizen or permanent resident status.
For contrast, NerdWallet’s jumbo explainer reports that market-wide jumbo borrowers typically need credit of at least 700 and a down payment of 10% or more. The network figures above are the ones that apply to the programs Lendmire places files with.
If you are self-employed, qualifying income can come from 12 or 24 months of statements. Eligible deposits are divided by the months after an expense ratio. Transfers from your own business into your personal account count in full.
Cash-out has its own limits. On the portfolio non-QM program, proceeds are unlimited at or below 60% LTV and capped at $1,500,000 above that. Cash-out proceeds cannot satisfy reserves on the super jumbo overlay. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Where the General Rule Breaks
The rules above bend in a handful of predictable places.
Short vesting history. A new job, a newly public employer or sign-on grants can mean stock income does not count at all. Many borrowers in that spot qualify on base pay and bonus alone, then use the vested shares as assets.
Offer letters. An offer letter that lists a grant rarely qualifies the income. Underwriters want a documented history of delivered shares.
Stock options. Options are not RSUs. They are generally not counted as income, and they matter only after you exercise and hold the shares.
Private-company equity. Pre-IPO stock is often excluded or sent to special review, since there is no public price to anchor its value.
The shares-versus-dollars misread. Some underwriters count future vesting shares, multiply by today’s price and conclude income is about to drop. Many tech employers set refresh grants in dollars, not shares, so a shrinking share count can mislead. Compensation materials from the employer usually settle the point.
Deferred pay. If part of your package is deferred rather than paid in stock, it follows different rules and needs its own review.
Leaving the job. Lenders underwrite the job you hold today. If you plan to leave, say so. The payment stays whether or not the shares keep vesting.
Founders. If you own a business and take stock and distributions, retained earnings can confuse the picture. Whether undistributed business income counts depends on the program and the statements.
Sold shares. Proceeds from selling shares can fund a down payment, but eligibility depends on the program and the paper trail. Whether those deposits can also count as qualifying income on a bank statement file is reviewed case by case. Do not assume they do. For a closer look at how concentrated holdings are treated, see Lendmire’s piece How to Qualify for a Super Jumbo Loan on Concentrated Stock.
A Broker’s Read on How Files Go Wrong
The files that stall are rarely the ones with weak income. They are the ones where the borrower lists a large grant, the underwriter cannot tie the numbers to documents, and the loan sits waiting. A short cover note that matches each vest to a W-2 line and a brokerage statement removes most of that friction. Borrowers also run into trouble when they sell a big block of shares in the middle of a file without telling anyone. The balance changes, and the lender must re-verify.
Because every program applies its own overlays, one lender’s decline is not a verdict on the file. A lender that averages two years may decline a borrower with only twelve months of vesting. Another may treat the same shares as assets and approve on reserves. Comparing programs side by side is the broker’s job.
How Do Federal Rules Fit In?
“Super jumbo” has no official definition. The only federal line is the conforming limit. According to Orrick’s summary of the FHFA announcement, the baseline one-unit limit is $832,750, and the high-cost ceiling for one-unit properties is $1,249,125. Everything above the line is a portfolio decision for the lender.
Investment loans work differently from owner-occupied ones. 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.
For a consumer-purpose loan on your own home, the lender must make a reasonable, good-faith determination that you can repay. The CFPB’s compliance guide says the lender must consider and verify income or assets and current debts. That is why the shares and the paperwork both matter. A cash-out on a rental that pays for personal spending can be treated as a consumer-purpose loan. Ask both the lender and your counsel how a specific file is classified.
Which Route Fits an Investor With Stock Pay?
For a rental purchase, the DSCR route is often the cleanest. The property’s rent against its payment decides the file, so your RSU averaging stays out of the income test. Your stock still matters, but as the source of the down payment, the reserves and the guarantor’s liquidity. Lendmire’s complete DSCR loans guide walks through how that test works.
For your own home, the choice is between full documentation, bank statements and assets. A salaried borrower with a solid two-year vesting record and a clean W-2 may do best on full documentation. A founder whose pay is mostly business deposits may do better on statements. A holder of a large vested portfolio and uneven income may do best on the asset allowance. Consider the stock’s volatility, too. Vest-date price swings change an averaged number, and selling shares to fund a purchase can create a tax bill. Tax treatment varies by situation, so consult a qualified tax professional before relying on any assumption.
Here is the practical order. Gather vest records and statements first. Decide whether income, assets or rent should carry the file. Then compare programs, because the same borrower can look very different across lenders.
Frequently Asked Questions
Do unvested RSUs count toward a super jumbo loan?
Generally no. Unvested stock does not count as income, and it never counts as an asset under these programs. Only vested, delivered shares are usable. A large grant on paper does not improve your coverage figure until the shares arrive.
Can I use stock options to qualify?
Options are generally not counted as income. Once you exercise them and hold the shares, the shares can count as assets, subject to program review. If you sell them, the proceeds follow the down payment and reserve rules.
What if my employer is private?
Private-company stock is often excluded or needs special review, since no public price sets its value. Many borrowers in that position qualify on salary, bonus or bank statements and treat any liquid holdings separately. Each program decides case by case.
Can I qualify on my stock portfolio without selling it?
It can be possible. An asset allowance divides eligible liquid assets by 36, 60 or 84 months to create income, and an assets-only path requires liquid assets equal to the loan plus closing costs. Unvested stock does not count, and a program may apply its own discount to the shares. Primary and second homes only, subject to full underwriting.
Should I disclose that I might leave my job?
Yes. Lenders underwrite your current employment and re-check it before closing. Hiding a planned departure puts the file at risk, and the payment continues whether or not your shares keep vesting.
Next Step
If you are financing a high-balance property on business or personal bank statements and want to see how the numbers work, Lendmire can help you compare super jumbo bank statement loan options based on your deposits, the property, credit profile, leverage, and your goals. Lendmire’s consumer mortgage lending is licensed in 16 states, and every file is underwritten individually. Nothing here is a commitment to lend. Above $4,000,000, every file is reviewed case by case before submission.
Stock pay rarely disqualifies a borrower outright. It simply asks which of income, assets or rent should carry the file.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. NerdWallet: jumbo mortgage explainer
2. Orrick: FHFA announces conforming loan limit increases
3. CFPB ATR/QM Small Entity Compliance Guide
This article is part of Lendmire’s super jumbo bank statement loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Qualify for a Super Jumbo Bank Statement Loan Takeout After an SBLOC Bridge · How to Document a 40-Year Super Jumbo Bank Statement Loan · How to Qualify for a Super Jumbo Bank Statement Loan for a Private-Bank Client
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.