The Quick Read: Yes, but only after the units have vested and become shares or cash you own, hold in a brokerage or bank account, and can document with statements; unvested units never count on either path, and the cleanest fix is usually to sell and season the proceeds. Restricted stock units are a promise of stock, and a promise is not an asset. Once the promise turns into shares or cash, it can be treated like any other liquid balance, subject to underwriting.
- Unvested units: they do not count on any asset-based path we place.
- Vested shares in a brokerage account: they count at 100% on the asset qualifier path and at 80% as securities on the asset depletion path.
- Sold proceeds in cash: they count at 100% on both paths once the account is seasoned.
- Vested shares still in an employer plan: treatment is lender-specific, so moving them is the safer play.
- Rental purchases: these usually run on DSCR, where vested RSU proceeds work as cash to close and reserves.
What Is an Asset Qualifier Mortgage, and Where Do RSUs Fit?
An asset qualifier mortgage drives lender review on your assets alone. Your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. No employment or income is documented. The assets are documented in full, though, so this is never a no-documentation loan.
A second path works differently. Asset depletion converts your usable assets into monthly qualifying income by dividing them by 60 months. That income then has to carry the housing payment and your other debts through a debt-to-income test. A borrower is qualified on one path at a time, and the two tables of percentages never blend.
This matters for RSU holders because the two paths treat the same shares differently. A tech employee with a large equity grant and a modest documented income is exactly the profile these programs were built for. Across the wholesale network, these programs are consumer mortgages for principal residences and second homes. On the depletion path, investment property is also possible, at lower leverage.
The Four States of an RSU (and How Each One Is Treated)
Every RSU sits in one of four states, and the state decides the outcome. The table shows how each state is treated on the two paths through select programs, subject to underwriting.
| RSU state | Qualifier path | Depletion path |
|---|---|---|
| Unvested | Does not count | Not eligible |
| Vested, in employer plan | Lender-specific | Lender-specific |
| Vested, in brokerage | 100% | 80% as securities |
| Sold, cash in bank | 100% | 100% as cash |
Two details sit behind that table. First, the depletion path lists non-vested restricted stock units as ineligible by name. Second, the qualifier path credits brokerage, savings, money market and certificates of deposit at 100%. Retirement accounts count at 90% under age 59½ and 100% at 59½ or older.
The percentage is the share of the balance that counts. Programs apply their own haircut tables, and one published asset depletion explainer notes that two lenders can use the same divisor and still land on different results. Across our network, most programs treat cash as the strongest asset, securities as a step down, and retirement accounts lower still.
Why Unvested RSUs Never Count
An unvested grant is a contingent asset. You can lose it if you leave the company before the vest date. You cannot sell it, borrow against it or move it into an account. A lender cannot verify a value that depends on your continued employment.
The grant value on your equity portal is therefore not a balance. It does not matter that the paperwork shows a large number. On the depletion path, the guidelines exclude it explicitly. On the qualifier path, no program in our network credits it as an asset you own.
That does not make the grant worthless to your plan. It only means the units become useful on the day they vest. Many borrowers time their application around a vest date for this reason.
The Gray Area: Vested but Unsold Shares
Vested shares are yours, but where they sit changes how easy they are to verify. Shares in an ordinary brokerage account are the easy case. They show up as brokerage assets with a statement, a custodian and a market value.
Some lenders accept vested shares that sit outside an ordinary brokerage account and some do not. This is why we tell RSU holders to move vested shares into a brokerage account in their own name before applying.
Private-company shares are the hardest case. A general finance explainer from Seeking Alpha points out that shares of a private company can be difficult to sell because no ready secondary market exists. The depletion path lists private stock at 75%. Even so, the lender still has to support the value, and the qualifier path does not publish private stock as eligible. For private-company RSUs, the documented route is converting to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Margin and pledged accounts are a separate problem. Pledged or borrowed funds are not published as eligible on either path. If your brokerage account carries a margin loan, expect the lender to look hard at what is left after the debt.
Should You Sell Before You Apply?
Selling is usually the cleaner choice, but it is still your decision. Selling swaps a market-priced asset for a fixed number. On the depletion path, that swap raises the credit the lender gives the asset, since cash is typically counted more fully than securities. On both paths, it removes the risk that the balance falls before the loan is final.
The case against selling is straightforward. You may want to stay invested, and a sale ends that. RSUs are taxed as ordinary wages at vesting under the restricted-property rules in IRS Publication 525, so tax treatment varies; consult a qualified professional before choosing when to sell.
Here is how we weigh it with borrowers:
- Sell if the margin is thin. When your assets only just cover the loan on the qualifier path, a market dip can sink the file.
- Hold if the cushion is large. A balance well above the loan amount can absorb a drop and may not need to be sold.
- Sell early, not late. On the depletion path, sale proceeds are not on the short list of funds excused from seasoning. Those excused funds are sale of a business, inheritance and legal settlement. Expect to show the history, so sell well before applying.
Price risk is real. A borrower whose brokerage balance sits just above the line at application can fall below it before the loan is final. A cushion matters more than a precise calculation.
How Eligible Assets Become Qualifying Numbers
Here are two worked examples. They are illustrative only, and the lender’s own calculation governs. Vested RSU shares would sit in the brokerage or securities line.
Qualifier path. Take an $800,000 loan. The borrower holds $330,000 in brokerage accounts (100% = $330,000), including vested RSU shares. A 401(k) under age 59½ holds $300,000 (90% = $270,000), and savings hold $200,000 (100% = $200,000). That counts $800,000 of usable assets, which covers the loan, so the borrower is reviewed on assets alone, subject to underwriting.
Depletion path. The borrower holds $1,500,000 in securities, including vested RSU shares (80% = $1,200,000). Another $300,000 sits in cash (100% = $300,000). Usable assets come to $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income then has to carry the housing payment and other debts through the debt-to-income test.
Three rules shape both examples:
- No double counting. A dollar can only do one job. If the same shares are your down payment or closing funds, expect the lender to net them out before counting them again.
- Depletion minimums. On the depletion path, usable assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is the only income source, liquid assets also cannot fall below $250,000.
- Cash-out proceeds. On the depletion path, cash-out proceeds never count as qualifying assets.
Asset Route or Income Route?
Most RSU holders never need an asset-based mortgage. If you have a salary and a vesting history, an income-based loan may fit. The asset routes are for the moment when the income side looks weaker than the balance sheet.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| What qualifies | Assets cover the whole loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Purchase leverage, primary or second home | Up to 80% | Up to 80% |
| Refinance leverage, primary or second home | Up to 75% | Up to 80% rate-and-term; 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum | Lender’s matrix |
First-time investors on the depletion path need a 700 score. The qualifier path asks for 60 days of seasoning and two months of statements per account. The depletion path wants statements at least 120 days old at application, plus a recent statement, with exact timing varying by file and lender. All figures are ceilings and floors through select programs, never offers.
The usual fit is a household with large balances and light documented income. That includes people living on a portfolio, early-retired professionals, and anyone who just sold a business. An equity-heavy employee between jobs can also fit, since the balances matter more than the paycheck. One note on conventional loans: agency guidance, such as the Fannie Mae Selling Guide, makes the same vested-versus-non-vested distinction for down payment and reserves. That is a separate framework, and it does not set our programs’ terms.
If You Are Buying a Rental, the Path Changes
The asset paths fit a primary residence or second home best. For a pure rental purchase, the better tool is usually a DSCR loan. 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.
A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your salary and your RSU income are not the test. Your vested RSU proceeds still matter, because lenders look for liquid funds for cash to close and reserves. A seasoned brokerage or bank balance supports that, and unvested grants do not.
Equity-heavy, cash-light borrowers often find that reserves, not rent coverage, are the limit. Our complete DSCR loans guide covers how rent coverage is calculated. Lendmire’s piece Do You Have to Liquidate Assets to Reserve an Asset Qualifier Mortgage? takes the sell-or-hold question further. If the property is a second home rather than a rental, see Lendmire’s article Do Vested RSUs Count as Reserves on a Second Home Jumbo Loan?.
Key Terms Defined
RSU (restricted stock unit): a grant of company stock that you receive in installments as you meet vesting conditions.
Vesting: the date a grant becomes yours outright, so you can sell it or move it.
Asset qualifier: a path that drives lender review on eligible assets equal to or above the full loan amount.
Asset depletion: a path that divides usable assets by 60 months to create qualifying income.
Haircut: the share of an asset’s balance a lender will not count, such as the 20% cut on securities on the depletion path.
Seasoning: the length of time funds must sit in your account, shown by statements, before a lender counts them.
What to Gather Before You Apply
A short document set makes the review simpler. This list covers what we usually see requested, though each lender sets its own list.
- Equity portal statement: it shows vested and unvested units separately.
- Brokerage statements: two months for each qualifying account on the qualifier path.
- Sale confirmations: these tie proceeds in your bank account back to the shares you sold.
- Account ownership proof: the account should be in your own name.
- Recent statement: on the depletion path, a current statement; how recent it must be varies by lender and file.
Mistakes That Sink RSU Files
The first mistake is counting the grant, not the shares. The portal total looks impressive, but only vested units count. The second is waiting too long to move shares out of an employer plan and into an account the lender can verify.
The third is using the same dollars twice, once as assets and once as funds to close. The fourth is ignoring price swings, which can pull a thin file under the line. The fifth is assuming income-based RSU rules apply here. Income files weigh vesting history, but the asset paths look at what you own today.
Frequently Asked Questions
Can an unvested RSU grant help me qualify at all?
No. Unvested units are not an asset you own, and the depletion path excludes non-vested restricted stock units by name. The grant can still shape your timing, because each vest date adds shares to your balance. Apply after the units vest and the shares are documented.
Do I have to sell vested RSUs before applying?
Not always, but selling removes the most questions. Vested shares in a brokerage account can count as brokerage assets at 100% on the qualifier path or as securities at 80% on the depletion path. Selling moves the balance to cash, which counts at 100% on both paths and removes price risk before the file is final.
Do private-company RSUs count?
They are the hardest case. The depletion path lists private stock at 75%, but the lender still has to support the value, and the qualifier path does not publish it as eligible. The documented route is converting to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Can I use this to buy a rental property?
Rarely. On the depletion path, investment property is possible at lower leverage, at 65% on a purchase and 60% on a cash-out. For most rental purchases, DSCR is the better fit, with vested RSU proceeds supporting cash to close and reserves.
Is this available in my state?
Consumer mortgage lending through Lendmire is licensed in 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington. Lendmire is a broker that places files with select lenders in its network. Programs change, and every file is underwritten individually.
Next Steps
If you are qualifying on assets rather than income and want to see how the numbers work, Lendmire can help you compare asset-based mortgage options based on your statements, the property, credit profile, leverage, and your goals. Bring your equity portal statement and your latest brokerage statements. The vested-versus-unvested split on those pages decides most of what follows.
An RSU grant earns its place in a mortgage file on the day it vests, and the clearer the paper trail after that date, the less the lender has to guess.
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. StatementsReady asset depletion explainer
2. Seeking Alpha RSU explainer
4. Fannie Mae Selling Guide B3-4.3-01
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How an Asset Qualifier Jumbo Mortgage Works · How an Asset Depletion Mortgage Works · How Big Can an Asset Qualifier Mortgage Be?
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.