No income verification home loans

VOE Loan

Loan Trust offers a loan solution with a VOE Loan or Verification of Employment loan and you might know it as VOE Only Loan or VOE Home Loans, which doesn’t require the  borrowers provide tax returns or W2’s.  This program allows us to cross reference the loan information on the application.  We’ve seen many borrowers have success after they’ve been denied due to past job history or income levels and it’s one of the more popular mortgage loan programs in Florida with so many people moving to the sunshine state and seeking new employment and it’s well know as the VOE Mortgage Loan in Florida.

What is a VOE Loan?

A VOE loan is a mortgage loan that uses other financial information to satisfy loan requirements and can use social security income as well.  It is a form that must be completed by the borrowers employer.  It typically doesn’t require W2’s, Tax Returns or 1099’s.  It will require an appraisal, credit report for underwriting approval.

What are the qualifying guidelines for the VOE Loan Program?

VOE Loan Program

  • Loan Amount up to $3 Million
  • Debt to Income up to 55%
  • 90% CLTV 
  • Cash Out Available
  • FICO as low as 620
  • Completed FNMA form 1005 for 2-Year History with Same Employer/Company
  • Super Prime & Prime Programs
  • Cryptocurrencies accepted for reserves, down payments, and closing costs

What the benefits of VOE Loans?

VOE loans are approved quicker than conventional loans since banks are already familiar with the data on your resume and employment history. On the other hand, VOE home loans don’t need to go through a pre-approval process since banks already have the details and paperwork on hand in many cases.

voe only loan

Verification of Employment (VOE) is a process used by banks and mortgage lenders in the United States to review the employment history of a borrower, to determine the borrower’s job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003). Lenders require complete VOE declaring all positions held for the last two years of employment history.

Most mortgages are preceded by both written and verbal VOEs. Once a lender receives the initial loan application, a Written Verification of Employment (Form 1005) is sent to all current and previous employers within the last two years listed on the application. This form is filled out by an authorized representative of the employer and includes dates of employment, positions held and a breakdown of compensation received. This information is compared to both the loan application and the income documentation, such as W2’s to ensure the information is correct. Employers are not required by law to complete the VOE forms.

The mortgage lending market is a extremely competitive place. The mortgage industry has been, is, and will be dominated by two players—Fannie Mae and Freddie Mac. The FHA program tends to cover the least expensive loans and is mostly used for first time homebuyers and borrowers with lower credit scores and lower down payments, and the conventional market usually wins when it comes to more expensive loans. However, you have options if you feel like conventional financing isn’t feasible.

The best way to get a VOE home loans in Florida is to work with a company that understands underwriting guidelines of how they work, such as Loan Trust. Our decades of experience in working with a wide variety of lenders means we can help you get the best possible deal on a VOE loan for your unique situation and circumstances.