Time-based shares
Verify at least the required receipt history, current vesting schedule and continuance conditions.
Direct answer
Vested restricted stock or RSU income may be considered when it meets agency history, receipt and continuance requirements. Unvested awards alone are not the same as realized qualifying income.
RSU documentation workflow
- Collect award agreements and vesting schedules from each employer.
- Match vested awards to pay statements, W-2s and brokerage deposits.
- Separate share value from cash income and identify tax withholding.
- Review the multi-year vesting trend and expected continuance.
- Reverify employment and remaining awards before closing.
RSU evidence map
| Record | Confirms | Watch for |
|---|---|---|
| Award agreement | Terms and vest schedule | Performance conditions |
| Brokerage statement | Shares delivered or sold | Market-value volatility |
| Payroll/W-2 | Taxable receipt | Double counting |
Use the current vested-distribution calculation
Fannie Mae B3-3.3-07 requires restricted stock used as income to be vested and distributed without restrictions. Sign-on bonuses paid as restricted stock are not eligible under that section. The file documents publicly traded status, the current vesting schedule, prior distributions and a verbal employment verification.
For shares, the 2026 guide uses the 200-day moving-average price and distributed vested shares over the applicable history. For cash awards, it uses the pre-tax cash distributed. Performance-based and time-based awards have different history and continuance tests.
- Classify each grant as time- or performance-based.
- Exclude unvested or restricted units.
- Reconcile payroll, W-2, vesting and brokerage records.
- Apply the guide formula and reverify employment.
Florida decision cases
Performance award
Document award type, history and future vesting; do not assume a target award will be earned.
Sign-on RSUs
Exclude them as qualifying RSU income under the cited Fannie Mae section.
Use: identify the closest case, collect the named evidence, and have the lender apply the current agency section to the complete borrower and property file. These cases illustrate decision paths, not approval outcomes.
Joe’s Advice
“Provide the vesting ledger, not just a screenshot of unvested awards. The underwriter needs to connect actual receipt, history and future vesting without counting the same compensation twice.”
— Joseph “Joe” Pistone, NMLS# 2087918
Current primary sources
- Fannie Mae B3-3.3-07 — Restricted Stock Income
- Fannie Mae B3-3.1-04 — Verbal Verification of Employment
Current agency guidance and the complete loan file control. Lender overlays and automated-underwriting findings may add requirements.
Frequently asked questions
Can unvested RSUs be used as qualifying income?
No. The cited Fannie Mae section requires restricted stock to have vested and been distributed without restrictions.
Are sign-on RSU awards eligible?
Fannie Mae B3-3.3-07 states that sign-on bonuses received as restricted stock are not eligible as qualifying income.
Why is a 200-day moving average used?
For income paid in shares, the Fannie Mae calculation uses the 200-day moving-average share price rather than a single-day market price.
Do time-based and performance-based awards have the same history rule?
No. The guide sets different history and continuance requirements, so the award type must be documented.
What records connect an RSU award to income?
The file can require employment verification or paystubs and W-2s, vesting schedules, public-trading evidence, and brokerage or bank records of distributions.
Review the actual Florida file
Bring the address, contract, income and asset records, debts, property documents and questions that apply to the transaction.
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Educational information only; not legal, tax or investment advice, a rate quote, approval, commitment to lend or guarantee of closing. Eligibility, documentation, pricing, payment, cash to close and timing depend on the complete application, property and current program requirements.