Verification of Employment (VOE)
For people who do not meet or have been rejected for loans with stricter requirements, VOE loans are perfect for anyone who has needs for a unique route to finding a loan. These loans allow you to forgo W-2s, paystubs, and tax returns when applying for and securing a loan.
Intro to VOE Loans
Loan Vault knows sometimes traditional documents can be hard to utilize or provide. We love finding the right loan for you. If you are in need of going through an employer for a loan, or have been rejected for other loans, we will help you navigate the loan space to make sure we find the right loan for whatever your need. Apply or call today to see if the VOE loan can help you find your perfect mortgage to purchase or refinance your home.
What is a VOE Loan?
A VOE loan, or Verification of Employment loan, is a loan that is verified directly with the employer. These loans allow for individuals who have been denied or do not qualify for more conventional loans to use their employment as verification that they can meet payments. This means your financing will come through proof of your payment, and is great for salaried or wage earners. These loans typically come with 20% down payments in order to get the best deals. In short, these loans are perfect for anyone who wants to utilize their employment to get approved for a loan, or get approved faster than most conventional and FHA loans.
These loans:
- Have flexible loan terms
- Can go up to $5 Million
- Accept credits scores as low as 650
- Have fast approval times, much faster than conventional and FHA loans
Is a VOE Loan Right For You?
Requirements to keep in mind when considering a VOE loan:
- Credit score over 650
- 2 years of employment with the same employer
- Employer fills out verification of employment form.
- Mortgage reserves for 6-12 months (savings to pay for 6-12 months of mortgage payments)