A straight answer
Can I get a jumbo mortgage without selling all my investments?
The direct answer
Often, yes. A jumbo lender checks where your down payment comes from and what reserves remain after closing. Some programs let vested investments count as reserves without being sold. What you must sell, if anything, depends on the program. I'm Zach von der Linden (NMLS 1652805), a mortgage broker with West Capital Lending, based in San Clemente.
I arrange loans with lenders and put the financing together. A jumbo loan is not sold to Fannie Mae or Freddie Mac, so the program behind it writes its own rules for income, funds to close and reserves, and requirements vary by lender and program. Text or call me with what you are buying, the property state and how your money is held, and I will tell you what the programs I can place would ask for. I work with buyers and homeowners in California, Utah, Oregon and Arizona.
Zach von der Linden, mortgage broker and Branch Manager, West Capital Lending · NMLS 1652805
Wholesale pricing · California, Utah, Oregon and Arizona
5.0 across 66 reviews on Experience.com (read on 2026-09-24) · Text reaches Zach directly · Last updated 2026-10-16
Jumbo loan, portfolio you would rather keep? Text me what you are buying, the property state, and how your money is held.
No credit pull happens from a text or a call. Texts and calls go to Zach's cell.
What happens after you text me?
Texts go straight to my cell, and I answer them myself when I'm free. I'll ask for the few details that actually matter, tell you whether the structure looks worth pursuing, and explain the next step. If I don't think the loan fits, I'll tell you that too.
A text or phone conversation does not pull your credit.
What makes a loan a jumbo loan?
Its size relative to a limit, not the price of the house. Each year Fannie Mae, Freddie Mac and their regulator, the Federal Housing Finance Agency, set a maximum amount for the loans they will buy, and larger loans are called jumbo mortgages (CFPB, What is a jumbo loan?). The limit changes from year to year and varies by county and by the number of units in the property, and some counties carry a higher limit (FHFA, conforming loan limits). So a large loan is not automatically a jumbo loan, and I check the current limit for the county and the property before deciding which rulebook your file is in.
The CFPB also notes that the cost of a jumbo mortgage may be higher than the cost of a conforming one. I print no rate or cost here; the program sets them, and I show you the comparison on your own file.
Do I have to sell investments for the down payment?
Only the part you choose to use for it, and the lender has to see where every dollar came from. Under Fannie Mae's assets topic, vested stocks, government bonds and mutual funds are acceptable sources of funds for the down payment and closing costs when their value can be verified and your ownership is documented (Fannie Mae Selling Guide B3-4.3-01). When you sell, the proceeds landing in your account are a deposit the lender traces: on a purchase, funds from a large deposit that are needed to close must be documented to an acceptable source, and undocumented amounts are subtracted from your verified funds (B3-4.2-02). A jumbo program writes its own version of those rules, and some are stricter about seasoning and sourcing.
There are documented ways to close without selling. A home equity line on a home you already own can fund the down payment, and the line's payment is counted as a debt on the new loan; the HELOC for a down payment page explains Fannie Mae's borrowed-funds rule. A documented gift is another source: can my parents help with the down payment? Some lenders offer loans secured by a securities portfolio instead of a sale; that is a conversation for you and your financial adviser, and I would say plainly whether any lender I work with offers it before you plan around it. Under Fannie Mae's rule, borrowed funds secured by an asset are acceptable for the down payment and reserves, and the lender must count the secured loan's monthly payment as a debt.
What are reserves, and can my investments count without being sold?
Reserves are the liquid or near-liquid assets available to you after the mortgage closes, measured in months of the housing payment you could cover from them, and funds used to close are subtracted first (B3-4.1-01). Under that Fannie Mae topic, readily available funds in stocks, bonds, mutual funds, certificates of deposit, money market funds and trust accounts count, and so does the amount vested in a retirement savings account; non-vested stock options, non-vested restricted stock, stock held in an unlisted corporation and funds that have not been vested do not. When stocks are used for reserves, liquidation is not required.
A jumbo program writes its own reserve rule: how many months, which account types count, and whether some are counted at a discount. I print no month count here because each program sets its own, and I would rather read the guideline than quote a number that is wrong for your loan. What I can say is that vested, documented investments you keep are the usual way a jumbo file shows reserves, and selling them is not what makes them count.
Can my RSU or bonus income support a jumbo loan?
Often, and each program sets its own rule. Fannie Mae's restricted stock topic counts vested, distributed stock with a history behind it, but that calculation does not automatically apply to a loan that is not sold to Fannie Mae. The investor behind a jumbo program writes its own history, continuance and price-average requirements, and some are stricter than the agency rule while others are more flexible. The RSU income page and the commission, bonus and overtime page explain the agency rules; I run the particular program's rule on your statements and tell you the result before you shop.
Should I compare one jumbo loan with a first mortgage plus a second?
Usually, yes, because they are different files. A conforming first mortgage with a second loan or line behind it is qualified under the agency rules on the first and the second program's rules on the second, and one jumbo loan is qualified under its own program. Which costs less and which leaves you with more after closing depends on your income mix, your county's limit and the program terms, and I compare them side by side rather than assume.
A bank may also offer pricing tied to moving assets to it. I do not claim to beat every such offer. What I do is lay out the programs I can place, including what you give up by moving the assets, so you can see the whole arrangement on the same terms.
What I check before you shop
- The county and the property, to see whether the loan is conforming or jumbo for that county.
- How your money is held: brokerage, retirement accounts, vested and unvested stock, cash.
- Your pay stubs and W-2s for the last two years, and your award agreements and vesting schedule if part of your pay is stock.
- Whether you plan to sell anything, borrow against anything, or receive a gift, and when.
- Whether you are buying or refinancing, whether you will live there, and your monthly debts.
Send documents through the secure process I give you when we talk, not by ordinary text. A conversation does not pull your credit. Buying a home? Get pre-approved once we have talked. The pre-approval uses a soft credit check, never a hard pull for the first look. A jumbo file needs its own review, and the online letter does not by itself confirm that a jumbo program will accept it.
The stock compensation hub routes the rest of a salary, bonus and stock file, and the qualifying-on-assets page covers a file with investments but little current income.
Questions people ask next
Is a large mortgage automatically a jumbo loan?
No. The conforming limit varies by county and by the number of units, and some counties carry a higher limit, so the same loan amount can be conforming in one county and jumbo in another. I check the current FHFA limit for the property before deciding which rulebook applies.
Can my vested RSUs count as reserves?
Under Fannie Mae's rules, vested stocks you hold can count as reserves and do not have to be sold; non-vested restricted stock and non-vested stock options cannot. A jumbo program sets its own list, and I confirm the lender's treatment rather than assume.
Can I borrow against my portfolio instead of selling?
Some lenders offer loans secured by securities. The terms, the collateral rules and the risk of a forced sale are the whole story, and that is a conversation for you and your financial adviser. On the mortgage side, Fannie Mae counts a secured loan's monthly payment as a debt, and a jumbo program may treat pledged assets differently from assets you own outright.
Does a jumbo loan need more reserves than a conforming loan?
Each program sets its own reserve requirement, and they differ. I state no number here because the right one is the one in your program's guideline, and I read it before you shop.
Can a HELOC on my current home fund the down payment on a jumbo purchase?
Often, yes. Under Fannie Mae's rule, borrowed funds secured by an asset are acceptable for the down payment, closing costs and reserves, and the line's payment is counted as a debt on the new loan. A jumbo program confirms its own treatment.
Will asking about this affect my credit score?
No. A text or a call does not pull your credit. An application is a separate step, and I tell you before it happens.
What clients say
Zach was so easy to work with. He made a stressful situation into a very positive experience for us and did push us one way or another. He listened to what we hoped we could accomplish and made it happen.
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Sources and checked dates
Sources: Consumer Financial Protection Bureau, What is a jumbo loan? (checked 2026-10-16) · Federal Housing Finance Agency, Conforming Loan Limits (checked 2026-10-16) · Fannie Mae Selling Guide, B3-4.3-01, Stocks, Stock Options, Bonds, and Mutual Funds (checked 2026-10-16) · Fannie Mae Selling Guide, B3-4.2-02, Depository Accounts (checked 2026-10-16) · Fannie Mae Selling Guide, B3-4.1-01, Minimum Reserve Requirements (checked 2026-10-16) · Fannie Mae Selling Guide, B3-4.3-15, Borrowed Funds Secured by an Asset (10/30/2009) (checked 2026-09-27) · Fannie Mae Selling Guide, B3-3.3-07, Restricted Stock Units and Restricted Stock Employment Income (checked 2026-10-16).
Show each claim on this page, what it depends on, and the date it was checked (7)
| What we say, and what it depends on | Source | Checked |
|---|---|---|
| The CFPB's Ask CFPB page "What is a jumbo loan?" (last reviewed January 12, 2024): "Each year Fannie Mae, Freddie Mac, and their regulator, the Federal Housing Finance Agency (FHFA), set a maximum amount for loans that they will buy from lenders." "Mortgage loans are allowed to exceed these loan limits. Larger loans are called jumbo mortgages. The cost of obtaining a jumbo mortgage may be higher than the cost of obtaining a conforming mortgage." The related page "What is a conforming loan?" (last reviewed February 2, 2024): "A conforming mortgage loan is one that satisfies the terms and conditions set forth by Fannie Mae, Freddie Mac, and their regulator, the Federal Housing Finance Agency (FHFA)." | Consumer Financial Protection Bureau, What is a jumbo loan? | 2026-10-16 |
| The Federal Housing Finance Agency's conforming loan limit page (page last updated October 14, 2026): "Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the "conforming loan limit" (CLL). Loans above this amount are known as jumbo loans." The page lists the conforming loan limit values for calendar year 2026 for all counties and states that "The 2026 conforming loan limits have been set under the HERA formula." Fannie Mae Selling Guide B2-1.5-01, Loan Limits (02/02/2022), adds: "The limits are subject to change annually and vary, depending upon the number of units in the property and the property's location." | Federal Housing Finance Agency, Conforming Loan Limits | 2026-10-16 |
| Fannie Mae Selling Guide B3-4.3-01, Stocks, Stock Options, Bonds, and Mutual Funds (06/30/2015): "Vested assets in the form of stocks, government bonds, and mutual funds are acceptable sources of funds for the down payment, closing costs, and reserves provided their value can be verified. The lender must verify the borrower's ownership of the account or asset." The value of vested stock options is documented from the option count, option price and current stock price; "Non-vested stock options are not an acceptable source of funds for the down payment, closing costs, or reserves." When used for reserves, the full value of the assets as so determined may be considered, "and liquidation is not required." | Fannie Mae Selling Guide, B3-4.3-01, Stocks, Stock Options, Bonds, and Mutual Funds | 2026-10-16 |
| Fannie Mae Selling Guide B3-4.2-02, Depository Accounts (12/14/2022), under Evaluating Large Deposits: a large deposit is defined as a single deposit above a stated share of the total monthly qualifying income, and "When bank statements (typically covering the most recent two months) are used, the lender must evaluate large deposits." For purchase transactions: "If funds from a large deposit are needed to complete the purchase transaction (that is, are used for the down payment, closing costs, or financial reserves), the lender must document that those funds are from an acceptable source." "Verified funds must be reduced by the amount (or portion) of the undocumented large deposit." For refinance transactions: "Documentation or explanation for large deposits is not required; however, the lender remains responsible for ensuring that any borrowed funds, including any related liability, are considered." "If the source of a large deposit is readily identifiable on the account statement(s), such as a direct deposit from an employer (payroll) ... and the source of the deposit is printed on the statement, the lender does not need to obtain further explanation or documentation." "The lender must investigate any indications of borrowed funds." | Fannie Mae Selling Guide, B3-4.2-02, Depository Accounts | 2026-10-16 |
| Fannie Mae Selling Guide B3-4.1-01, Minimum Reserve Requirements (08/07/2024): "Liquid financial reserves are those liquid or near liquid assets that are available to a borrower after the mortgage closes. Liquid financial reserves include cash and other assets that are easily converted to cash by the borrower by" drafting or withdrawing funds from an account, selling an asset, redeeming vested funds, or obtaining a loan secured by assets from a fund administrator or an insurance company. "Reserves are measured by the number of months of the qualifying payment amount for the subject mortgage (based on PITIA) that a borrower could pay using their financial assets." "Funds to close are subtracted from available assets when considering sufficient assets for reserves." Acceptable sources include "readily available funds in" checking or savings accounts; "investments in stocks, bonds, mutual funds, certificates of deposit, money market funds, and trust accounts;" "the amount vested in a retirement savings account;" and "the cash value of a vested life insurance policy." Unacceptable sources include "funds that have not been vested;" "stock held in an unlisted corporation;" "non-vested stock options and non-vested restricted stock;" "personal unsecured loans;" and "cash proceeds from a cash-out refinance transaction on the subject property." | Fannie Mae Selling Guide, B3-4.1-01, Minimum Reserve Requirements | 2026-10-16 |
| Fannie Mae Selling Guide B3-4.3-15, Borrowed Funds Secured by an Asset: "Borrowed funds secured by an asset are an acceptable source of funds for the down payment, closing costs, and reserves"; the lender must document "the terms of the secured loan, evidence that the party providing the secured loan is not a party to the sale, and evidence that the funds have been transferred to the borrower"; and "When qualifying the borrower, the lender must consider monthly payments for secured loans as a debt." For a secured loan with no required payment, "the lender must calculate an equivalent amount and consider that amount as a recurring debt." | Fannie Mae Selling Guide, B3-4.3-15, Borrowed Funds Secured by an Asset (10/30/2009) | 2026-09-27 |
| Fannie Mae Selling Guide B3-3.3-07, Restricted Stock Units and Restricted Stock Employment Income (10/07/2026): restricted stock units and restricted stock "are granted by an employer to its employees as a form of compensation based on either performance or time" and "can be awarded as either stock or an equivalent cash value." Eligibility: "Restricted stock must have vested and been distributed to the borrower without restrictions." "Sign-on bonuses received in the form of restricted stock that vest over any length of time are not eligible to be used as qualifying income." Income history: "Performance-based awards: A minimum two-year history is recommended; however, income received for a shorter period, but no less than 12 months, may be considered acceptable if there are positive factors to reasonably offset the shorter income history, such as future vesting equal or greater than previous vesting and that will continue for at least 24 months; or restricted stock income received for the previous 5 years from any employer." "Time-based awards: A minimum 12-month history from the current employer is required." Continuance: for performance-based awards and recurring time-based awards "The lender is not required to verify continuance unless they have reason to believe the income may not continue"; for one-time time-based awards "The lender must document that income on the vesting schedule is expected to continue for at least three years from the application date." Qualifying income, paid in shares: "(200-day moving average of share price x total number of distributed vested shares (pre-tax) in most recent 24 months) / 24 months"; paid in cash: "The cash distributed (pre-tax) equal to the total value of vested shares in the most recent 24 months / 24 months"; "When the borrower has a history of income ranging from 12-24 months, the lender may use the actual number of months the borrower has received the income rather than 24 months." Documentation: a completed Form 1005 showing restricted stock distributions, or the most recent paystub showing restricted stock income and two years' W-2s; "evidence stock is publicly traded; current vesting schedule reflecting past and future vesting; 200-day moving average stock price (for income paid in shares); and brokerage or bank statement showing receipt of previous year(s) distribution of restricted stock and, at a minimum, the number of vested shares or cash equivalent"; and a verbal verification of employment. | Fannie Mae Selling Guide, B3-3.3-07, Restricted Stock Units and Restricted Stock Employment Income | 2026-10-16 |
Written for and accountable to: Zach von der Linden, Mortgage broker and Branch Manager, West Capital Lending.
Last updated 2026-10-16.
Verify him: NMLS Consumer Access, ID 1652805 · 66 reviews on Experience.com.
Sources for product claims are listed on this page, with the date each was checked.