Have you been denied or had your loan application rejected by more stringent loan requirements? 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 through 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’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 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
- 2 years employment history with same employer
- Employer must fill out verification of employment form
- 6-12 month reserves
Getting Started with a VOE Mortgage Loan
At LBC Mortgage, we specialize in working with individuals who are seeking out alternative forms of financing. Maybe you have a regular source of work but can’t get a bank to approve your loan application. Or maybe you’re self-employed or you don’t have an SSN. Whatever the reason, we work with many different types of loans and have a vast network of lenders who are ready to loan money to help you get financed at a great rate.
VOE loan amounts can be as high as $5 million, which makes this an excellent choice for those looking for a luxury residence, who don’t want the hassle of dealing with a jumbo loan or who can’t get approved for one. It’s 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.
If you’re ready to learn more or you have any questions about a VOE mortgage, we’d be delighted to work with you. We’ll take the time to answer all your questions as well as help you get the best possible rates on this unique type of alternative financing. Plus, even if you don’t specifically qualify for a VOE loan, there are many other types of potential loan products we can explore together to help you find the right deal for your unique needs.
Contact us today and see for yourself how LBC Mortgage works hard to help you get approved and get financing to buy a home.