Alt-Doc Loans Using Written Verification of Employment as Income
LENDERLINE® is currently offering an alternative documentation loan program which utilizes a written Verification Of Employment as income, under the following guidelines:
- Property must be located in the State of California.
- Wage earners only.
- Income is stated and supported only by a written Verification of Employment.
- No paycheck stubs.
- No W-2s.
- No tax returns.
- No 4506-T.
- Up to 70% loan-to-value (see underwriting guidelines).
- Minimum 680 credit score.
- $100,000 minimum loan amount.
- $2,500,000 maximum loan amount for 1-unit PUD & SFR.
- $1,500,000 maximum loan amount for condominiums and 2-4 units.
- Primary residence, second home or investment properties.
- Purchase, rate and term, or cash-out refinance.
- SFR, PUDs, condos, townhouses, and 2-4 unit properties.
- For sale by owner transactions are not allowed.
- Maximum debt-to-income ratios are 38/43.
- Reserves of either 6 or 12 months PITI required (see underwriting guidelines).
- US citizens and US permanent residents allowed.
- Gift funds allowed on certain transactions (see underwriting guidelines).
- Reserves must come from borrower’s own funds on all transactions.
- Impounding of property taxes and hazard insurance not allowed.
- Available only as a 7/1 ARM, fully amortized, with a term of 30 years.
- No prepayment penalty.
To download underwriting guidelines
for our alt-doc loan program using a written VOE as income:
To download a loan application
for our alt-doc VOE only for wage earner loan program:
LENDERLINE® is your VOE lender of choice. To apply for an alternative income verification loan, also known as a VOE loan or VOE mortgage, call us today.
We have a loan program for every borrower.
We offer the lowest mortgage interest rates in the nation. For today’s interest rates, call LENDERLINE® toll-free at (888) 661-7888.
Questions? To receive a FREE mortgage consultation, call LENDERLINE® toll-free at (888) 661-7888, or complete this form to schedule an appointment.