What is a Verification of Employment (VOE) only Mortgage?
A The Verification of Employment (VOE) loan option uses your employment history as the primary criteria for a home purchase. NO Tax returns, W2s or Pay stubs required.Have you been denied or had your loan application rejected by more stringent loan requirements? A VOE Mortgage may be a program to consider. With a VOE mortgage, you don’t need W-2’s, pay stubs or tax returns. VOE or Verification of Employment is a type of mortgage program where all of the verification is handled directly with the employer. If you’re a salaried worker or a wage earner, this program could work for you as an alternate type of financing.What Type of Company Do I Have to Work For?•The employer can be from a variety of industries, i.e. mechanic, nail salon, hair salon, barber, restaurant, call center, doctor’s office, etc.•The employer does not have to have a large staff.•The employer must have an Internet presence with current information from 3rd party sites such as a google page, manta.com, yellowpages.com etc...
How to Get the Best Deal with a VOE Loan
With the VOE loan program, approval is much faster than through a conventional or FHA loan. You’ll need a credit score of at least 620 in order to get the best deal, and a 20% down payment on the home. You’ll also need to have the home as your primary residence. You can use 100% of gift funds to purchase the home as well.In addition, there are flexible loan terms with a VOE mortgage. You can choose from a 30-year fixed loan, or a 7/1 ARM adjustable-rate mortgage (with the interest paid during the fixed period). Plus, because no tax returns or pay stubs are required, all you need to show is income or have your employer verify your employment for as little as the last two years.
•Credit score as low as 620•15% down payment on purchase (with 720 FICO)•Loan amounts up to $5 million•No tax returns, no paystubs, no W2•Fully completed Verification of Employment confirming 2 years of employment required•Can use 100% gift
•2 years employment history with same employer•Employer must fill out verification of employment form•6–12-month reserves (determined by underwriting)
How to I proceed obtaining a VOE Mortgage Loan
At 1st Florida Lending, we specialize in working with individuals who are seeking out alternative forms of financing and challenging scenarios. If you are looking for a Jumbo loan, with a VOE loan, our maximum loan amount is $5 million, which makes this an excellent choice for those looking for a luxury residence, and who can’t get approved for a Jumbo loan by the traditional route. It is also important to note that like with any type of loan, there are certain requirements involved. That’s why it’s a good idea to work with a knowledgeable lender who can help you understand these requirements and what you’ll need in order to get your financing approved.Click link below if you’re ready to start the process by completing a 1-minute questionnaire that provides us with basic information. Once completed, you will be assigned an experienced/licensed loan officer who will answer your questions and work with you to obtain a prosed rate and loan pre-approval letter if you are still shopping for home or a full approval and funding timeline if you already have a signed purchase agreement. The good news is that even if you don’t qualify for a VOE loan, we over 48 potential loan programs we can explore together to help you find the right deal for your unique needs.