WVOE Loans

What Are WVOE Loans?

WVOE loans rely on the verification of employment and wages from your employer, rather than other traditional income documentation, such as W-2s or paystubs. This approach benefits borrowers with steady employment but income that may vary or isn’t fully reflected in pay stubs.

Benefits of WVOE Loans

Navigating the home financing landscape can sometimes be a challenge. WVOE loans provide a beacon of hope, offering a simple and flexible approach to securing a mortgage. Let’s take a closer look at the advantages that WVOE loans bring to the table:

1. Simplified Documentation: WVOE loans require significantly less paperwork compared to traditional loans, as the primary focus is on your Written Verification of Employment, provided by your employer. This means a faster, and often less stressful, application process.
2. Flexibility in Verification: The primary benefit of WVOE loans is the flexibility in income verification. Amres considers the terms of your employment to determine your ability to repay.
3. Competitive Interest Rates: Despite the flexibility in verification, WVOE loans come with competitive interest rates, so you don’t have to compromise on the cost of your loan.
4. Higher Loan Amounts: Given that these loans operate outside of traditional lending rules, we are also able to offer higher loan amounts.
5. Quick Approvals: Due to reduced documentation and verification processes, WVOE loans offer quicker approvals, helping you secure your dream home without unnecessary delays.

Who Should Consider WVOE Loans?

• Salaried Employees with Bonuses or Commissions: If a significant part of your income comes from variable sources like bonuses or commissions.
• Seasonal Workers: Individuals whose income might fluctuate throughout the year.

Requirements for WVOE Loans

The decision to secure a WVOE loan is best made with an understanding of the program’s requirements. Here, we show the guidelines that you need to meet to successfully secure financing.

1. Satisfactory Credit Score: While WVOE loans offer a lot of flexibility, a good credit score generally works in your favor. It shows your financial responsibility and could potentially lead to more favorable loan terms.
2. Verifiable Work Experience: Applicants are required to provide evidence of a 2-year work history.
3. Down Payment: Being prepared to make a substantial down payment not only reflects your financial stability but can also influence the interest rates positively.
4. Appropriate Debt-to-Income Ratio: Lenders look at your debt-to-income ratio closely. A balanced ratio show that you have a healthy equilibrium between your debts and income, showing your ability to manage the new mortgage payments.
5. Property Appraisal: Additionally, an appraisal of the property you intend to purchase is necessary, helping to establish its market value.

How to Apply for a WVOE Loan

Apply Online

1. Visit the website: First, go to the online mortgage application portal at Amres.com.
2. Complete the application: Next, answer some questions about your homeownership goals and personal information.
3. Gather Documentation: Prepare necessary financial documents, such as bank statements.
4. Loan Processing and Approval: Then, Amres will process the loan, conduct the appraisal, obtain the Written Verification of Employment from your employer, and provide a decision on approval.
5. Closing: Lastly, after approval, you’ll proceed to closing, where you’ll finalize the loan and become the proud owner of your new home.

Apply over the phone

1. Contact an Amres Loan Officer: Start by connecting with an Amres loan officer to discuss your needs and options.
2. Gather Documentation: Next, prepare necessary financial documents, such as bank statements.
3. Complete Application: Your loan officer will guide you through the application process, making sure all details are accurately provided.
4. Loan Processing and Approval: Then, Amres will process the loan, conduct the appraisal, obtain the Written Verification of Employment from your employer, and provide a decision on approval.
5. Closing: Finally, after approval, you’ll proceed to closing, where you’ll finalize the loan and become the proud owner of your new home.

Conclusion

WVOE loans provide a bridge to homeownership for individuals with employment situations that might not fit traditional lending criteria. By focusing on employment verification, these loans offer a flexible and personalized path to securing the home of your dreams.

At Amres, we’re committed to understanding your unique financial situation and finding the right loan option for you. Contact us today to discuss how a WVOE loan could be the key to unlocking your homeownership goals, and let’s take the first step together.