The Quick Read: Yes, but only on a full-documentation jumbo cash-out, where the lender counts your personal income and debts, and RSUs and bonuses count only when they are documented, seasoned over about two years, and likely to continue. On a DSCR cash-out they do not count at all, because qualification runs on the property’s rent. You are really choosing between two underwriting lanes.
- Full-doc jumbo lane: the lender averages vested RSUs and bonuses, checks the trend, and confirms the income will continue.
- DSCR lane: no personal income documentation. The property qualifies primarily on rental income covering the payment, subject to lender guidelines.
- Equity is its own test: across most of Lendmire’s wholesale network, cash-out on an investment property tops out around 75% LTV, no matter how much you earn.
- Unvested RSUs and one-time windfalls rarely help in either lane.
- Reserves and proceeds are separate pools. Plan them separately.
Key Terms Defined
RSU (restricted stock unit): a grant of company shares that you receive only as they vest, and that shows up as income when they do.
Vesting: the date a grant becomes yours. Until then, most lenders treat it as a promise, not income.
DTI (debt-to-income ratio): your monthly debts divided by your monthly income. Full-doc lenders use it. DSCR lenders do not.
LTV (loan-to-value): the loan balance as a percentage of the property’s appraised value.
DSCR (debt service coverage ratio): a property’s monthly rent divided by its monthly PITIA, meaning principal, interest, taxes, insurance, and any association dues.
Reserves: liquid savings a lender wants you to hold after the loan, usually counted in months of PITIA.
Seasoning: how long you must own a property before a lender will cash you out of it.
Business-purpose loan: a loan made for investing in a rental, not for personal or household use.
DSCR Cash-Out Calculator
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As of Oct 8, 2026 · General Freddie Mac market benchmark, not a Lendmire loan offer. Property value, balance, taxes, and insurance are editable estimates. Maximum loan-to-value varies by lender, program, property type, and seasoning. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
Two Lanes, One Property: Where Does Your Pay Belong?
Full-doc jumbo and DSCR are different products with different questions. A full-doc jumbo lender asks whether you can carry the debt. A DSCR lender asks whether the property can.
That split changes everything about RSUs and bonuses. In the jumbo lane, they are the story of the file. In the DSCR lane, they are background noise. A senior engineer with a big annual vest and a rental needing cash-out can get a very different answer depending on which lane the file goes into.
Neither lane is better in every case. Full-doc jumbo makes sense when your income is strong, steady, and well documented, and you have few other financed properties. DSCR makes sense when your income is lumpy, your pay is hard to document, or your personal DTI is already stacked.
How Do Full-Doc Jumbo Lenders Count Bonus and RSU Income?
They count what is proven, seasoned, and likely to continue. Bonuses are typically averaged over about two years. Vested RSUs are averaged over their vesting history, and the employer usually has to confirm the income will keep coming. Treatment varies by lender, so two jumbo programs can turn the same pay into different qualifying numbers.
Here is the usual pattern:
| Income type | What lenders want | Common risk |
|---|---|---|
| Base salary | Pay stub, W-2, employment check | Rarely an issue |
| Bonus | About two years of history, averaged | Declining trend gets cut |
| Vested RSUs | Shares delivered and on W-2s, vesting history | Short history, private employer |
| Unvested RSUs | Generally not counted | Schedule shows past grants only |
| Sign-on grant | Usually not counted until seasoned | One-time by nature |
A few details trip people up.
Trend beats average. If last year’s bonus was lower than the year before, many underwriters use the lower figure or drop the bonus. A good average does not save a falling line.
Unvested shares are not income. The vesting schedule shows grants already made. It does not show refresh grants you expect to receive. An underwriter who sees only the schedule may see income falling off a cliff, even if your employer grants new shares every year. Some lenders will consider a portion when grants renew on a regular pattern. Most will not.
Employer type matters. RSU income generally needs a publicly traded employer. Options and private-company equity rarely count.
Some lenders haircut the share price. A few jumbo and portfolio programs value future vesting below the current share price, or use a moving average. Ask before you assume.
One more piece: income raises your payment capacity. It does not raise the equity ceiling. On an investment property, the cash you can pull is still set by value, the LTV limit, and the loan payoff. Lendmire’s piece How to Size a Jumbo Cash-Out on RSU and Bonus Income walks through that sizing in more detail.
Why Does a Rental Change the Jumbo Math?
A rental tightens every dial. Lenders treat investment property as riskier than a primary home, so leverage is lower, credit expectations are higher, and reserves are larger. Your salary helps with DTI, but it cannot buy more equity.
On the personal-income route, the new loan payment lands in your DTI. Existing rentals land there too, usually net of their rent. A rental that does not cover itself counts against you. A rental that more than covers itself may help a little, but lenders often credit only part of the rent. So every added property makes the next full-doc file harder.
(That stacking effect is the quiet reason many high earners with several rentals end up in the DSCR lane.)
The cash-out ceiling is the other wall. On an investment property, cash-out across most of the network tops out around 75% LTV. For short-term-rental collateral it is lower, around 70%, so a standard rental sits at 75% while an Airbnb-style property sits at 70%. Seasoning also applies: about six months of ownership, measured from title recording, is the common expectation. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
What Does the DSCR Lane Look at Instead?
It looks at rent against the full monthly obligation, plus credit, equity, and reserves. Your pay stub never enters the file. The lender orders a rent schedule or lease review, sets the property’s rent used for lender review, and divides it by the new PITIA. That is the whole coverage test.
Here is how the numbers typically sit across Lendmire’s wholesale network:
- Coverage: 1.00 is where many select programs start. A separate select-lender path takes coverage below 1.00, with leverage and terms adjusted. Stronger ratios open better pricing and leverage.
- Cash-out leverage: up to about 75% LTV on a standard rental refinance.
- Credit: a 620 floor exists in parts of the network. Most programs want around 660. A 700+ score unlocks the strongest leverage tiers.
- Loan size: up to $3,000,000 on standard programs. Above $2,500,000, the network generally holds to 30-year fixed structures.
- Reserves: commonly about 6 months of PITIA, stepping up to about 9 months above $1,500,000. They vary by lender, leverage, and transaction type.
- Structures: the spine is the 30-year fixed. Extended terms and interest-only periods are available through select lenders, and ARMs exist for investors who want them.
- Property types: manufactured homes, log homes, and barndominiums are not offered in these programs.
Clearing the coverage test does not mean the property makes money. DSCR compares rent to PITIA only. Repairs, vacancy, management, utilities, and capital expenses sit outside the calculation. A 1.20x property can still be a thin deal once those hit.
Program details change, and every file is underwritten individually by the lender. For the full picture, see Lendmire’s complete DSCR loans guide.
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.
Worked Example: Three Hypothetical Files
These are modeled scenarios, not market data. They use percentages and coverage ratios only.
File one: the strong vest. Picture an investor with a high base salary, a steady bonus, and two years of vested RSUs on their W-2s. The employer is public and the vesting schedule runs on. A full-doc jumbo lender averages the pay, adds the new payment, and the DTI clears. Good news. But the cash-out is still capped at 75% LTV on the rental. Income made the file approvable, not bigger. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
File two: the falling bonus. Same investor, but the most recent bonus came in well below the year before. The underwriter uses the lower figure. The DTI now tips over once the new payment is added. In the DSCR lane, none of this matters. If rent covers the new payment at around 1.2x, the property carries the file. Credit, equity, and reserves still have to clear.
File three: the thin rental. Now say the property’s rent covers the payment at roughly 0.95x. In the DSCR lane, that sits below the 1.00 level where many select programs start. A separate select-lender path takes coverage below 1.00, with leverage and terms adjusted, so the cash-out may be smaller or priced differently. The investor’s other choices: put more equity in, restructure the term, or go back to the full-doc lane where a high salary can carry the weak rental. Eligibility review depends on lender guidelines, credit approval, and property review.
Same property. Three different answers. The lane picks the answer.
Choosing Your Route
| Factor | Full-doc jumbo | DSCR cash-out |
|---|---|---|
| What qualifies | Your income and DTI | Rent vs. PITIA |
| RSU and bonus use | Counted if seasoned | Not used |
| Paperwork | W-2s, stubs, vesting records | Lease or rent schedule, credit, reserves |
| Hurt by | Falling bonus, job change | Thin rent coverage |
| Fits when | Strong, steady pay, few rentals | Lumpy pay, many properties |
Pricing is a real tradeoff. DSCR loans tend to cost somewhat more than a loan you can comfortably qualify for on personal income. If your full-doc file is clean and your DTI has room, that route may be cheaper. If it is not clean, the extra cost can be the price of getting the deal done at all.
For a deeper look at how bonus and RSU income gets tested, Lendmire’s piece How to Qualify for a Jumbo Cash-Out on RSU and Bonus Income covers the income side step by step.
Reserves vs. Proceeds: Why One Pile of Cash Can’t Do Both Jobs
Reserves are the cash you hold after closing. Proceeds are the cash the refinance hands you. Plan them as two separate things.
Across the network, reserves commonly run about 6 months of PITIA, and about 9 months above $1,500,000. Conservative files at modest leverage under $1,500,000 can see reserves waived, depending on the lender and transaction. Whether cash-out proceeds can count toward your reserve requirement differs by lender and program. Do not build your plan on the assumption that they will.
Stock is the sneaky part. Vested shares in a brokerage account can serve as liquid assets for reserves. But if a full-doc lender already counted those vested RSUs as income, some lenders will not let you count the same shares as reserves. Selling shares to build reserves also changes your future income picture. Decide which job each pile of money is doing before you apply.
A simple planning list:
1. Total your liquid cash and brokerage balances separately.
2. Estimate the reserve months the loan size will call for.
3. Check whether the lender counts vested stock as an asset, income, or both.
4. Keep the cash-out proceeds out of your reserve math until the lender confirms it.
Where These Files Fall Apart
Several issues tend to derail these files.
- Unvested grants. Borrowers count them. Lenders do not.
- A down year. One weak bonus can pull the average and the trend down together.
- A new job. An employer change resets the history clock, especially for bonus and RSU income.
- Private-company equity. Options and private stock rarely count as income.
- Seasoning. Owning the rental less than about six months can stop a cash-out before the income question comes up.
- Thin rent coverage. On a DSCR file, weak coverage can limit proceeds even for a high earner. Income does not rescue it.
There is also a purpose question. A cash-out on a rental is meant to be a business-purpose loan, and the CFPB’s Regulation Z, section 1026.3 exempts credit extended primarily for business purposes. The CFPB’s truth-in-lending examination guide treats credit to acquire or improve non-owner-occupied rental property as business-purpose credit. But the loan’s purpose controls, not just the property type, as Compliance Alliance explains. If you plan to spend the proceeds on personal or household needs, tell your broker up front. It can change how the lender classifies the loan.
Tax treatment can depend on how the funds are used and how the property is held; investors should keep clear records and speak with a qualified tax professional before relying on any deduction.
What to Gather Before You Apply
For a full-doc jumbo file:
- Two years of W-2s
- A recent pay stub showing year-to-date bonus
- Vesting schedules and records of delivered shares
- Brokerage statements
- A verification of employment
- Mortgage statements for every financed property
For a DSCR file:
- The current lease or a rent schedule
- Insurance and tax information for the property
- Credit authorization
- Asset statements for reserves
- Entity documents if the property is held in an LLC, subject to program terms
If you are not sure which lane fits, gather the first list anyway. It tells you whether the full-doc route is even open.
Frequently Asked Questions
Do unvested RSUs count toward a jumbo cash-out?
Generally no. Lenders count vested shares that have been delivered and show up on your W-2s. A minority may consider a portion of unvested income when grants renew on a regular pattern, but you should not plan around it. In a DSCR cash-out, unvested RSUs are irrelevant because personal income is not part of the test.
How many years of bonus history do I need?
Lenders typically want about two years and average the full period. A bonus that is rising or flat usually counts at the average. A declining bonus often gets cut to the lower recent figure or dropped. Bonus income that is brand new, or tied to a recent job change, is the hardest to use.
Will high income let me cash out more than 75% on a rental?
No. Income helps you carry the new payment. It does not change the equity ceiling. On an investment property, cash-out across most of the network tops out around 75% LTV, and short-term-rental collateral sits lower, around 70%. How much cash you actually receive also depends on the payoff, coverage, and reserves. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Does DSCR mean no paperwork?
No. It means no personal income documentation, since qualification runs on the property’s income. The lender still reviews credit, equity, reserves, and the rent schedule or lease. Expect a real file, just a different one.
Is a DSCR cash-out cheaper than a jumbo cash-out?
Often the other way around. DSCR pricing tends to run somewhat higher than a loan you can comfortably qualify for on personal income. The value is flexibility: no DTI test, no personal income documentation, and no property-count stacking. Compare full terms on both routes before you choose.
Next Step
If you are buying or refinancing a rental property and want to see how the numbers work, Lendmire can help you compare DSCR loan options based on the property income, credit profile, leverage, and investor goals. As a mortgage broker arranging financing through select lenders across 41 markets, including Washington, D.C., it can also tell you whether your RSU and bonus income is better used in a full-doc file or left out of the picture entirely. Programs and eligibility are subject to lender guidelines, and none of this is a commitment to lend.
Investors weighing their equity options can start with Lendmire’s guide to cash-out refinance on an investment property.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage brokerage specializing in DSCR investor loans, helping arrange financing across 41 markets, including Washington, D.C., through wholesale and investor-lending channels. The model centers on property-level rental income reviewed by the lender rather than W-2 documentation, subject to lender guidelines, suiting entity-owned and multi-property investors. Lendmire holds Scotsman Guide Top Mortgage Workplace recognition for 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, Regulation Z §1026.3, Exempt transactions
2. CFPB, Truth in Lending Act examination guide
3. Compliance Alliance, Regulation Z and investment properties
This article is part of Lendmire’s investment property cash-out refinance program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Compare a Jumbo Cash-Out That Pays Off Your HELOC · How Much a Jumbo Cash-Out Costs When Paying Off a HELOC · Should an Owner With a HELOC Roll It Into a Jumbo Cash-Out?
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.