The mortgage process can be challenging for those without traditional income documentation. ID Mortgage Broker offers a solution through its innovative Verification of Employment (VOE) loan.
This program is ideal for those who may not have W-2s, pay stubs, or tax returns—similar to other no-document loan options in California—but maintain consistent employment.
What Sets VOE Loans Apart?
VOE loans pay more attention to your job and require less paperwork, accelerating the approval process for waged or salaried employees. It would be fantastic if you’ve been rejected for regular loans because your financial records are unconventional.
Essential Features of VOE Loans at ID Mortgage Broker
- Credit score flexibility. From a minimum credit score of 650, optimal rates and terms become available with scores from 680 to 720.
- Lower down payments. With our bank statement loans, you can imagine purchasing the home of your dreams by putting just 15-20% down. On a $500,000 house, you’d put only $75,000 down at 15%, and your rate can still be very competitive if you have a strong credit score.
- Generous loan caps. Loans go up to $5 million, making them a flexible alternative to traditional jumbo loans in California for luxury homebuyers.
- 100% acceptance of gift funds. Gift funds can cover the full down payment, which is especially helpful for first-time home buyers in California whose families are offering support.
- Simplified employment verification. Direct confirmation from your employer will help fast-track your loan process by maintaining a stable two-year job history.
- Loan term choice. Your mortgage and lifestyle are covered from the stability of a 30-year fixed to the agility of a 7/1 ARM.
Advantages of VOE Loans
- Fast approval process. Streamline the employment verification process to move past those traditional loan approval hurdles.
- No documentation of income. This is ideal for freelancers and the self-employed, who often benefit from programs like DSCR loans that focus on cash flow rather than traditional income documentation.
- High-value loan opportunities. Secure up to $5 million for your dream home without the headache of jumbo loans.
Considerations Before Applying
- Credit score requirements. Higher credit score requirements will result in better terms, which can be one reason to improve your credit before applying.
- Primary residence. The property should be your primary residence; those looking to purchase rentals may want to explore investment property loans in California instead.
- Savings reserves. Keep six to 12 months of financial reserves on hand if lenders need reassurance about your stability.
Real-Life Scenarios
Scenario 1
Bob is a freelance graphic designer. Since his income is variable, he needed help getting loans approved. Bob had a credit score of 685 and put 10% down. He utilized the VOE loan program and was able to finance $45,000 of the savings and gift funds for the purchase.
Scenario 2
Maria and Joe were educators with very secure jobs. They wanted to buy their dream home, which cost $750,000. Because they qualified for a VOE loan with a combined credit score of 700, they could put 20% down and avoid private mortgage insurance.
How to Get Started with Your VOE Loan
- Credit check. The best rates offered are for applicants whose credit scores fall into the range of 680+.
- Fund your reserves. A good amount in your reserves is enough to cover unexpected situations.
- Verify employment. Ensure that your employer is prepared and can confirm your work history.
- Contact ID Mortgage Broker. Let our professionals walk you through each process, from preapproval through closing, with the sensitivity and personal touch that warrants buying a home.
Get More Information
Your new home is just a VOE loan away from ID Mortgage Broker. We’re committed to simplifying your loan process with customized solutions and professional advice.
Call us now for more information or to start your application. Let us help you unlock the door to your dream home with assurance and ease.
