Hey Blind community, I just accepted a job at Meta that requires me to relocate to the Bay Area, so I'm looking to buy a home there. The problem is, my base salary isn't enough to qualify for the mortgage I need, and a significant portion of my compensation comes from RSUs. This is my first time getting RSUs, and my loan company isn't taking them into account. Has anyone else dealt with this situation? Do you have recommendations for lenders who are more familiar with tech compensation structures and will factor in RSUs? Any advice or insights would be greatly appreciated! #meta #rsus #house
welcome to reality - your earned income is whatever low base salary Meta gave you until you sell your stocks and pay that capital gains tax LMAO
Reach out to US Bank. They consider RSUs as income.
Work with a local lender they will hook you up
Becu does
US Bank, Firsttech
Some lenders will accept RSU and bonus but only if you've been at the company for 2 years. And even then they will evaluate it very conservatively.
This is the right response. Did a home loan a couple of years ago and my past 2 year history of vesting was considered.
Nah not 2 years, it should be shown as vested in the last 2 W2s so technically more than 2 years. They consider only the minimum or avg amount of vested stocks in last 2 w2s to consider future vesting as your income.
First Republic bank
Wells Fargo used my RSU as income. Shit bank, but it may work for you
You need 2 years of RSU income on W2 and 2 years of RSU in the future They adjusted the Fannie Mae guidelines so you also need to have a refresher grant so it doesn't look like a one time sign on grant
How many lenders did you talk to?
I've consulted with at least 3 lenders and loan officers.
Surprised Meta's base salary is the best in class from.what I heard after Netflix for a given seniority level and equity is on top of that