WVOE

Written Verification of Employment

Loan To Value

Max LTV
80% Max LTV
  • Rates as Low as 6.625%. (2.75% buydown. 60% LTV. 740 Credit Score )
  • Purchase * Refinance * Cash Out Eligible
  • 30 Years Fixed
  • ITIN Up to 80% LTV
  • Loan amounts ≤ $1,500,000 = 1 Full Appraisal (ARR, CDA or FNMA CU Risk score of 2.5 or less is required in addition to appraisal)
  • Loan amounts > $1,500,000 or "flip" transaction = Two Full Appraisals
  • Max LTV/CLTV reduced by 10% if the appraisal report indicates the market value is declining
  • Non-warrantable Condo: Max LTV 65% for C/O Refi.
  • FTHB without housing history max LTV 70%
  • List Item

Credit Score

Min Credit Score
660 Min Fico
  • Reserves: 6 Months Reserves
  • Bankruptcy/Foreclosure/Short Sales/Deed-in-Lieu ≥ 3 Years
  • Each Borrower’s credit profile must include a minimum of two (2) trade lines within the last twenty-four (24) months that show at welve(12) month history, or a combined credit profile between Borrower and co-Borrower with a minimum of three (3) tradelines
  • The tradeline requirements can be waived if borrower has 3 credit scores reporting on credit
  • Max Mtg Late 0x30x12. Plz call for price if mortgage late within 24 months

Loan Amount

Max Loan Amount
$3M Max Loan Amount
  • Max. Loan Amount $3,000,000
  • Loan Amount > $3.5M up to 20.0M: Call for Price
  • Min. Loan Amount $150,000
  • Loan Amount < $150,000: Call for Price
  • Prepayment Penalty is 5% of the amount prepaid on Investment Properties Only
  • Other Requirements: Delayed Financing is allowed for primary only
  • Max Cash-In-Hand $500,000 for LTV > 60%.
  • 2nd Home/Investment: Max LTV 70% for C/O Refi
  • Warrantable Condo /2-4 Units: Max LTV 70% for C/O Refi
  • 1 Year Full Doc LTV > 80%: Call For Price

Qualification

Requirements
WVOE WVOE Form 1005
  • Max DTI 53%
  • Employed by family memeber is ineligible
  • Salaried borrowers receive a consistent wage or salary from an employer in return for a service renderedandhaveno ownership or less than 25% ownership interest in the business
  • All applicants must have two years of verified employment. If the applicant has not been on their present job for two years, verification of previous employment must be obtained to cover a two-year period
  • A written verification of employment (“VOE”) form(1005) must contain the following information:
  • Dates of employment * Position * Prospect of continued employment, when available * Base pay amount and frequency. * For employees paid on an hourly basis, the verification must state the hourly wages, including the number of hours worked each week. * Additional salary information, which itemizes bonus, overtime, tip, or commission income, if applicable
  • The employment verification documentation must be consistent with the information listed on the loan application and the employment section of the borrower's credit report. If the employment on the credit report is contradictory to the application, letter of explanation maybe required
  • Form 1005 must be fully completed (current gross pay, YTD earnings, past 2 years earnings) by an authorized company representative (Owner, Officer,HR)

Property

Type
2-4 Sfr, Condo
  • Primary, Second, & Investments Eligble
  • Non-warrantable Condo Eligible
  • Rural Property Eligible: Call for Price
  • Assets & Reserves: Most recent one month bank statement required
  • Assets & Reserves: 100% access letter obtained from all joint owners
  • Assets & Reserves: Gift funds are acceptable for use toward down payment and loan costs.Borrower(s) must contribute at least 5%of the transaction(lowerofPurchase Price or appraised Value) from their own funds
  • Assets & Reserves: Stocks/Bond/Mutual Funds - 90% of stock accounts may be considered in the calculation of assets for closing costs andreserves
  • Assets & Reserves: Vested Retirement Account funds – 80% may be considered for closing and/or reserves.
  • Assets & Reserves: When bank statements are used, large deposits must be evaluated. Large deposits are defined as a single deposit that exceeds 50%of thetotal monthly qualifying income for the loan
  • Assets & Reserves: Cash out proceeds may be as reserves

Eligible Borrowers

ITIN Eligible
ITIN Non Permanent Resident
  • C08 EAD with LTV<=70%: Call for Price
  • Can Close In a Business
  • ITIN up to 80% LTV. ITIN (Min FICO 680, Max DTI 50)
  • Escrow Waiver Allowed
  • Reserves: Loan Amt $150,000-$1,000,000: 6 Months PITIA
  • Reserves: Loan Amt $1,000,001 - 2,000,000: 9 months PITIA
  • Reserves: Loan Amt>$2,000,000: 12 months PITIA

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Mortgage Rates Disclosures

 

The advertised loan is a 15-year Fixed Rate Loan with a 15-year fully amortizing term. The interest rate is 5.250% for 180 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.755% APR with a monthly principal and interest payment of $5,838 for 180 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. Interest rate quoted assumes a purchase of a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.


The advertised loan is a 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.545% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

The advertised loan is an FHA 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 6.437% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase at 80% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes, hazard insurance, or mortgage insurance; actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

This is a VA program. Current guidelines for VA Financing can be found at https://www.benefits.va.gov/homeloans/index.asp . The advertised loan is a VA 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.882% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 100% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

Refinance: By refinancing your existing loan, your total finance charges may be higher over the life of the loan.