Verification of Employment Loan
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.
Disclaimer: Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors. Guidelines and mortgage options requirements and are subject to change. This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to: www.nmlsconsumeraccess.org.
