Collin County

Plano Mortgage Broker: Relocation and Jumbo Home Loans

A great many Plano home purchases begin with a job offer from somewhere else.

Toyota North America, Liberty Mutual, JPMorgan Chase, Capital One, Frito-Lay and a long list of others have major operations here, and the corporate corridor along the Dallas North Tollway generates a steady stream of buyers who are relocating rather than moving across town.

That creates a specific financing situation — you need a mortgage before you have a Texas pay stub, and often your compensation is not a simple salary. Here is how that actually works.

Buying before you start the job

You can close on a home before your first day, and it happens constantly here. The mechanism:

An employment offer letter or contract can serve as income documentation. Most programs allow this when the start date is within 60 to 90 days of closing. The letter needs to be non-contingent — no outstanding conditions like a background check or licensing requirement still pending.

Some programs require reserves covering the gap between closing and your first paycheck.

Your current employment still gets verified, and you generally should not resign before closing. A verification of employment that comes back "no longer employed" during underwriting will stop the loan.

What derails these files: a start date pushed back past the allowable window, or an offer letter with contingencies still attached. Get the letter reviewed by your loan officer early rather than assuming it will work.

RSUs, bonus and the compensation question

Plano's corporate employers pay substantial portions of compensation in forms that conventional underwriting treats carefully.

Restricted stock units. Generally usable as qualifying income when you can document a two-year history of vesting and there is evidence of continuance — typically three years of remaining vesting. Lenders average the vested value over the documented period and often apply a discount for volatility. A newly granted RSU package with no vesting history usually cannot be counted.

Bonus income. Typically requires a two-year history and is averaged. A one-time signing bonus generally does not count as ongoing income, though it can serve as assets for down payment and reserves.

Commission. Two-year history averaged, with unreimbursed business expenses from your tax returns deducted.

Stock options are treated more conservatively than RSUs and frequently do not count at all.

The practical effect: a buyer with a $180,000 base and $200,000 in RSUs may qualify on something much closer to the base alone if the vesting history is short. Know your qualifying income before you shop, because the number is frequently lower than your total compensation suggests — and there are programs that treat these components more favorably than others.

Relocation packages

If your employer provides relocation assistance, two things affect your loan:

Gross-up payments and lump sums may or may not count as income depending on structure. Document what you are receiving and how.

Employer-paid closing costs are treated as an interested-party contribution and are subject to program limits — typically 3% to 9% of the price depending on loan type and down payment. Exceeding the limit means the excess reduces your purchase price for loan calculation purposes. This surprises people with generous packages.

Jumbo, and the Collin County threshold

The 2026 conforming limit is $832,750. A meaningful share of Plano purchases exceed it, particularly in west Plano and the newer luxury inventory.

Jumbo underwriting means:

• Six to twelve months of reserves after closing, documented and seasoned
• Credit generally 700-plus, with meaningful pricing tiers at 740 and 760
• Full documentation — two years of returns, K-1s, and more scrutiny of variable income
• Larger down payment, frequently 10-20% minimum

For a relocating buyer with substantial RSU compensation but a short vesting history, jumbo qualifying can be genuinely difficult on standard documentation. Asset depletion programs — converting liquid assets into qualifying income — are frequently the better path, and we shop across lenders rather than accepting one underwriting box.

Taxes

Collin County combined rates commonly run 1.8% to 2.3%, which is moderate for a major Texas metro. City of Plano, Collin County, the school district, and Collin College.

Plano ISD and Frisco ISD both serve parts of Plano depending on address, and the boundaries do not follow city limits neatly. Verify the attendance zone by address rather than assuming.

Note also that Plano extends into a small portion of Denton County, with its own rates. Verify which county the parcel is in with the Collin Central Appraisal District or the Denton district accordingly.

Texas has no state income tax, which is often part of the relocation math for someone moving from California, New York or Illinois. Property taxes are correspondingly higher, and the net comparison is worth running properly rather than assuming one way or the other.

Where people buy

West Plano — the higher-priced inventory, much of it jumbo, with the newest construction toward the Legacy and Tollway corridor.

Central Plano — 1980s and 1990s construction, larger lots, and strong value relative to the west side.

East Plano — the most accessible pricing in the city, with older stock where renovation financing sometimes fits.

Legacy West — dense mixed-use with townhomes and condominiums. On a condominium, the lender reviews the association's warrantability — reserves, owner-occupancy, litigation — and a problem there can eliminate conventional and FHA options.

Programs

Conventional at 3-5% down, conforming under $832,750.

Jumbo above it, as above.

Asset depletion and bank statement programs for buyers whose documented income understates their means.

FHA at 3.5% down, though less common at Plano price points.

VA for eligible veterans.

The city

Plano was farmland into the 1960s and is now one of the largest cities in Texas, a transformation driven almost entirely by corporate relocation.

Historic Downtown Plano survives as a walkable district around the original 19th-century main street, connected to Dallas by the DART Red Line — genuinely useful rail access, which is unusual for a Texas suburb.

Arbor Hills Nature Preserve protects 200 acres of blackland prairie and cross timbers on the west side. Oak Point Park is the largest municipal park, with wetlands and an extensive trail network.

Legacy West and the Shops at Legacy anchor the corporate corridor with restaurants and retail, and the Legacy Food Hall is a genuine destination.

Downtown Dallas is roughly 20 miles south, about 30 to 40 minutes depending on the Tollway. DFW Airport is around 30 minutes west.

Not sure which fits? Compare every loan program we place.

Frequently asked questions

Can I buy a home in Plano before I start my new job? Usually yes. An employment offer letter or contract can serve as income documentation when the start date falls within 60 to 90 days of closing, provided the offer is non-contingent.

Do RSUs count as income for a mortgage? Generally with a two-year vesting history and evidence of continuance, averaged and often discounted. A new grant with no vesting history typically cannot be counted.

Does my signing bonus count? Usually not as ongoing qualifying income, though it can serve as assets for down payment and reserves. Recurring bonus with a two-year history is treated differently.

What are property taxes in Plano? Collin County combined rates commonly run 1.8% to 2.3%. Verify the parcel and the school district by address — Plano ISD and Frisco ISD both serve parts of the city.

What is the conforming loan limit in Collin County? $832,750 in 2026. West Plano purchases frequently exceed it and require jumbo terms.

Can my employer pay my closing costs? Yes, subject to interested-party contribution limits — typically 3% to 9% depending on loan type and down payment. Exceeding the limit reduces your purchase price for loan purposes.

What if my income is mostly equity compensation? Standard documentation may qualify you well below your total compensation. Asset depletion and other alternative programs frequently work better — worth shopping rather than accepting one lender's answer.

Get your qualifying income figured out first

For a relocating Plano buyer, the number that matters is not your offer letter total — it is what underwriting will actually count. Establish that before you shop, because it determines your price range more than the rate does.

Start your application · Run the numbers · Call 737-347-1314

Nearby & Related