Verification of Employment Loan

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

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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.    

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LISA HOME MORTGAGE, LLC. NMLS 1758932. Full licensing information, go to: NMLSConsumerAccess.org. Equal Housing Opportunity. This Licensee is performing acts for which a Mortgage Broker license is required. LISA HOME MORTGAGE, LLC, DBA LISA HOME MORTGAGE. The content in this advertisement is for informational purposes only. This is not a promise for a mortgage. This is not an offer for an extension of credit or a commitment to lend. Loan Approval is not guaranteed and is subject to lender review of information. All loans are subject to underwriting guidelines and guidelines are subject to change without notice. All loan options are funded through 3rd party Lenders. Loan descriptions are based on associated Lenders, Investors, and underwriting requirements. Loan is only Approved when the lender has issued an approval in writing. Specified rates are subject to change without notice due to market conditions. LISA HOME MORTGAGE is approved to broker FHA and VA loans to approved lenders. LISA HOME MORTGAGE is not affiliated with any government agency. Loan programs may not be available in all States. Licensed by the Pennsylvania Department of Banking - License 71074; Delaware Broker - License 03114; California Department of Financial Protection and Innovation Financing Law - License 60DBO-124075; Colorado Division of Real Estate Mortgage Company Registration; Alabama State Banking Department Mortgage Brokers - License 23071; Louisiana Residential Mortgage Lending License Office of Financial Institutions – License 1758932; Texas Department of Savings and Mortgage Lending Mortgage Company - License 1758932.