Purchase without tax returns, W2’s or paystubs, and with 3.5% down payment.

Verification of Employment (VOE)

The Verification of Employment loan option uses the client’s employment history as the primary criteria for a home purchase. The client’s Tax returns, W2s, and Paystubs are not required.

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, and yellowpages.com.

Requirements

The client must be a W2 employee for at least two years at the same employer. Minimum Fico of 620 and a down payment of 3.5% of the purchase price is needed. A verification of employment will be conducted for the employee and will include income verification directly from the employer. Primary Home Only. 100% Gift funds allowed for down payment, closing cost, or reserves.

The client’s loan amount cannot exceed the predetermined FHA County Loan Limits. To review a county loan limit, click the link www.CountyLoanLimit.com to look up your county of interest, and it will provide the maximum county loan limit.  If a client qualifies for and chooses a home above the county loan limit, the client will pay for the amount above the county loan limit.

For example:

Tabernacle County has a loan limit of $100,000.

Client wants to buy a home for $105,000.

Client is responsible for downpayment of 3.5%.

• 3.5% of $100,000 is $3500.  Client’s maximum financing is 96,500.
• $3500 down payment + $5000 above county limit = 8,500 total down payment.