Programs

WVOE

Up to 80% CLTV for WVOE No Score or FICO 599

A Written Verification of Employment (WVOE) is a form to be completed by a borrower’s current employer to verify specific details about their employment, such as dates of hire, compensation structure (salary, bonus, commissions), and year to date earnings. At A&D Mortgage, this WVOE form can be used to confirm a borrower’s income.

The same is true for our 1099 Income Program. Instead of tax returns, A&D uses the actual wages from your 1099 form as qualifying income for your new home loan. Together, the 1099 and WVOE options are ways to qualify for a Non-QM mortgage.

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Features

No Score or FICO 599
Up to 80% LTV for WVOE
Up to 85% LTV for 1099
Loan amounts up to $4 million
DTI 55% Max
Cash out available
Completed FNMA Form 1005 for 2-year history with the same employer
Temporary rate buydowns available

Fast turnaround times

Disclosure

24 hours

Conditions

24 hours

Underwriting

24 hours

Closing

24 hours

24 hours

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WVOE FAQ

What is a Written Verification of Employment (WVOE) Loan?

WVOE loans are mortgage programs considered alternative financing because they are neither Conventional nor government-issued loans. They are available through private lenders, but they are non-conforming to the Federal Housing Administration criteria. They only rely on the written verification of employment – thus the abbreviation WVOE loans.

If your client is a wage earner or has trouble meeting the requirements for Conventional mortgages, WVOE loans might work for them. There are regulations and criteria, but the process is much shorter and less stringent.

What is a Written Verification of Employment?

Verification of employment is a widespread practice in the loan application process that banks and lenders use to determine the job stability of the potential borrower. This verification ensures that borrowers have a stable job and a sufficient income and that they do not lie on their applications. There are written and verbal VOEs that all current and previous employers a borrower listed on an application should fill out.

Commonly, applicants must submit W-2 forms, pay stubs, and tax returns to apply for a loan. However, A&D relies only on their employment and credit history with WVOE loans. If your borrowers have proof that they have been working for the past two years in the same company and have a credit score not lower than 599 – they are suitable WVOE loan candidates.

Why use a WVOE Loan?

There are numerous reasons to get a WVOE loan including:

  • Foreign Nationals and Non-Permanent residents can be approved for WVOE loans.

  • WVOEs can work for foreign employers with no rate adjustment.

  • No tax return to use rental income, just a lease agreement is acceptable if it is reasonable.

  • No tax return or pay stub, they can just state their income.

  • The interest rate of WVOE loans can often be better than the Conventional loan rate.
  • The max loan amount of WVOE product or P&L product can exceed the county loan limit eligible for the conforming loan limit.

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Non Permanent Resident

Non Permanent Resident FICO 660
  • FICO 660
  • Up to 85% CLTV
  • Bank statements allowed
  • Down payments as low as 3%
  • FICO 620
  • Low income
  • First-time or repeat home buyers