The Quick Read: Only the part of your RSU and deferred pay that has already reached you, and that the lender can document and expect to continue, counts toward a jumbo cash-out. Vested, delivered shares with a track record can raise your qualifying income. Unvested grants add nothing. Deferred comp that is still locked in a plan is generally not income, and how a lender treats it once it pays out depends on the program.
What Makes a Cash-Out Loan “Jumbo”?
A jumbo loan is any mortgage above the county’s conforming limit, the ceiling Fannie Mae and Freddie Mac can buy. The FHFA sets those limits each year and they differ by county. This guide does not quote a dollar figure, because it changes and varies by location. Look up 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.
Here is the cash-out twist. The new loan equals your old payoff plus the cash you take, plus costs rolled in. A homeowner with a conforming loan today can land in jumbo territory after pulling equity out. The threshold is about the loan amount, not the home price.
Across the wholesale programs Lendmire places files with, a jumbo loan starts one dollar above the county limit. To see the lanes in more detail, read the jumbo cash-out refinance program page. The headline lane uses a 660 decision score, and the largest lanes allow loans up to $5,000,000. Leverage varies by lane. The ceiling is 90% LTV, several lanes reach 89.99% CLTV, and the rest stop at 80%. Cash-out is held lower than a purchase, and the largest lanes add a cash cap. Everything here is subject to lender guidelines and full file review. Nothing is a commitment to lend.
Key Terms Defined
- RSU (restricted stock unit): A promise from your employer to give you shares after a vesting schedule is met.
- Vested: The waiting period is over and the shares are yours.
- Distributed: The shares were actually delivered to your brokerage account without restrictions.
- Deferred compensation: Pay you earn now but receive later under a plan, often a nonqualified plan.
- DTI (debt-to-income ratio): Your monthly debts divided by your monthly qualifying income.
- Reserves: Liquid savings left after closing, measured in months of the full housing payment.
- LTV / CLTV: The loan, or all loans combined, as a percentage of the home’s appraised value.
How Does a Lender Underwrite RSUs, Step by Step?
A lender converts vested, documented stock into a monthly average, then tests it with the same ratios as any other income. Every jumbo investor sets its own overlays, so there is no single national rulebook. The most useful yardstick is the Fannie Mae Selling Guide section on RSUs. Many jumbo lenders use it as a reference, though not all follow it.
1. Classify the loan. The lender adds your payoff, your cash out and any costs rolled in, then compares the total with the county limit.
2. Sort your income. Base pay, bonus and RSUs are separated. Variable income needs a history. Two years is the usual preference, and a shorter history of at least a year may be accepted when other strengths offset it.
3. Test the RSUs. Is the stock vested and delivered? Do you have a history of receiving it? Is the vesting schedule still running?
4. Convert to a monthly number. The figure is an average of what you actually received, not the headline grant value. The method differs when the payout is in shares versus cash.
5. Verify. Expect W-2s, a recent paystub or an employer verification form, and brokerage statements. Lenders also confirm employment again before closing.
6. Run ratios and reserves. DTI and reserves are separate tests with separate documents.
7. Appraise and set leverage. The appraisal sets value. On the lanes Lendmire places, cash-out sits at lower leverage than a purchase, and a second appraisal is required above a lane’s threshold amount.
What Exactly Counts as RSU Income?
Vested, unrestricted shares you have received, with a history, count. Nothing else does. The Fannie Mae guide says restricted stock must have vested and been distributed to the borrower without restrictions. It also excludes sign-on bonuses paid in restricted stock that vest over any length of time.
The documentation is specific. The guide asks for a completed verification of employment form showing the stock distributions. The alternative is your most recent paystub showing receipt, plus two years of W-2s.
Fannie Mae renumbered its income chapter in a restructure, and the updated income assessment rules took effect June 1, 2026. Older lender job aids cite the old section number. If a loan officer quotes a section to you, ask which version.
Lenders commonly ask for proof the stock is publicly traded, the vesting schedule showing past and future vesting, and a stock-price smoothing step for share-based pay. Treat that as typical, not universal.
Why Doesn’t Your Grant Total Count?
Because a grant is a promise, not income. A lender must verify the income it relies on using reliable records. Seeing money land in an account is not enough without confirming it is income, so a one-time deposit after selling shares is not automatically “income” either.
Picture a homeowner with a big grant that vests over four years. Only the tranches already delivered, averaged over their history, feed the qualifying figure. The rest is future potential.
How Does Deferred Comp Fit In?
Deferred comp is the murkiest piece. No agency rule treats nonqualified deferred compensation as qualifying income, so what follows is how the logic generally works, not a written standard.
- Still locked in the plan: The money has not been paid to you. A lender generally cannot rely on it as income until you receive it, can document it and it is likely to continue.
- Already paying out: Installments you now receive are a different case. The underwriter looks for documented receipt and continuance. Treatment is program-specific, so ask the lender before you apply.
- As an asset: Some programs may look at balances you can actually access as assets. That is a separate test from income and carries its own paperwork.
Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Where the General Rule Breaks
| Situation | Typical treatment |
|---|---|
| Vested, time-based RSUs with history | Usually counted, averaged |
| Performance-based RSUs | Often need a longer history |
| Unvested units | Not counted as income |
| Sign-on RSUs | Excluded under the agency guide |
| Private-company stock | Generally problematic |
| Deferred comp, still accumulating | Generally not income |
| Deferred comp, paying out | Program-specific |
A few more edge cases come up often.
- Short history or job change. The agency guide allows some flexibility when offsetting strengths exist. Jumbo investors may be stricter or looser, so it varies by program.
- A recent stock run-up. RSU income lands on your W-2 when shares vest. A two-year average can sit below this year’s pay after a big rise. The lender uses the average.
- Income versus reserves. The same vested shares might count as income or as an asset, but those are separate tests with separate documents. Do not expect them to be counted twice without documentation.
- Cash-out proceeds. Cash you pull out is meant to be used. Do not assume it counts as your reserves.
- Occupancy. Primary residence, second-home and investment occupancy each carry different leverage on the lanes. Occupancy decides the leverage, and that is all this guide covers on it.
What Numbers Sit Around the Income Test?
On the fixed lanes the ratio ceiling is 50%. It is 45% on the adjustable lanes and 43% on the interest-only lanes. Reserves are measured in months of the full payment and rise with the loan amount. On leverage, 90% is the LTV ceiling and 89.99% is the CLTV on several lanes, while the rest stop at 80%. These are different labels for different tests, so keep them straight. Cash-out leverage sits below the purchase figures, and the largest lanes add a cash cap. Each is subject to lender guidelines and full file review.
Some programs outside the standard income path, such as asset-based options, can use assets in place of traditional employment income. Those vary widely by lender, so ask early rather than assuming.
What Does the Decision Look Like in Practice?
Say your RSU history is two years of deliveries and base pay alone gives a tight ratio. Counting averaged RSUs may bring it under the ceiling. Now stress it: if the stock falls, the average the lender used may overstate what your household can count on. The lender must verify what it relies on. You still have to judge whether you can carry the payment at a lower share price.
Three habits help:
- Gather W-2s, vesting schedules and brokerage statements before you apply.
- Ask the lender how it averages RSUs and what history it needs.
- Borrow less than the maximum approved if your income leans heavily on stock.
If a cash-out is the right idea but your RSU history is short, waiting a vesting cycle may lift the average.
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 unvested RSUs count toward a jumbo cash-out?
No. Under the agency standard, only vested and distributed stock counts. Unvested units raise your qualifying income by nothing, though some programs may view shares you hold as assets once they are delivered.
How long a history of RSU income do I need?
Two years is the usual preference for variable income. At least 12 months may be accepted with offsetting strengths. Jumbo lenders set their own overlays, so ask before you apply.
Can my deferred comp balance be used as income?
Not while it is locked in the plan, as a general matter. Once it pays out, the lender looks for documented receipt and likely continuance. How a program treats it varies, so ask.
Does a stock price drop after I apply change my qualifying income?
The lender averages what you actually received, using a smoothing step for share-based pay. A later drop does not rewrite that average, but it can affect your reserves and your comfort with the payment.
Is a jumbo cash-out judged differently from a purchase?
The income test is similar. The difference is leverage: cash-out is held at lower leverage than a purchase, and the largest lanes add a cash cap.
For your own numbers, request a scenario review with Lendmire.
For current guidelines and terms, see Lendmire’s jumbo loan programs page.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage with consumer lending licenses in 16 states. FHA, VA, conventional and jumbo purchase and refinance loans are arranged through wholesale lending partners, and each application is reviewed individually by the lender. 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. FHFA – Conforming Loan Limits
2. Fannie Mae Selling Guide B3-3.3-07, RSU and restricted stock
3. Fannie Mae – Income assessment, now simplified
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: How Much Cash Comes Out of a Jumbo Cash-Out Refinance to Consolidate Debt? · How Much a Jumbo Cash-Out Lends a W-2 Earner for a Renovation · How Much Jumbo Cash-Out a Locked-in Homeowner Can Take After Delisting
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.