VOE Loan

How Does A VOE Loan Work?

Have you faced denial or rejection for a loan application due to more stringent loan requirements? In that case, a VOE loan may be able to help. 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.

How to Get the Best Deal with a VOE Loan

With the VOE loan program, approval is much faster than a conventional or FHA loan. You'll need a credit score of at least 680 in order to get the best deal and a 20% down payment on the home. You will also need to have the home as your primary residence. You can also use 100% of gift funds to purchase the home.

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 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.

 

Loan Features

  • Credit score as low as 650

  • 15% down payment on purchase (with 720 FICO)

  • Loan amount 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

Requirements:

  • 2 years employment history with the same employer

  • The employer must fill out a verification of employment form

  • 6-12 month reserves