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A written-VOE program may use an employer-completed verification of employment as the primary income record instead of a traditional package of paystubs and income documents.
The employer verifies eligible employment and earnings on the required form. The program may limit how much income is used and may apply additional restrictions at higher debt-to-income ratios.
Potential options may include primary homes, second homes, investments, eligible two-to-four-unit properties, condos, cash-out and a non-occupant co-borrower.
The source program described loan amounts up to $3 million and leverage up to 85%, with cash-out and interest-only subject to additional restrictions. Current terms depend on full qualification and participating-lender guidelines.
Frequently asked questions
It is an employer-completed verification of employment that documents eligible employment and earnings on the required form.
No. The program uses the written VOE as an alternative income record and applies its own limits, calculations and underwriting requirements.
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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