VOE-only mortgage programs are designed for W-2 salaried borrowers who want to avoid the full documentation stack. The lender orders a third-party verification of employment, confirms the borrower's salary and position, and qualifies based on that data alone. No tax returns, no IRS transcripts, no pay stubs.
How VOE-Only Programs Work
The lender orders a VOE through an approved third-party service such as The Work Number (Equifax Workforce Solutions), Truework, or a similar platform. The verification confirms the employer, position, start date, current annual salary, and year-to-date earnings. Income is calculated as the annual salary divided by 12. Variable income such as bonus or overtime is not included unless it appears in the VOE data as a defined, regular component.
Typical Program Parameters
- ✦Borrower type: W-2 salaried only; self-employed and variable income not eligible
- ✦FICO minimum: 680 to 720 depending on lender
- ✦LTV: up to 80-85% for primary residence; lower for investment and second home
- ✦Property: SFR and warrantable condo; some lenders exclude 2-4 unit
- ✦Rate premium: typically 0.5% to 1.5% above comparable conventional
- ✦These are non-QM products held or sold to private capital; not agency-eligible
When VOE-Only Makes Sense
The best candidates are W-2 borrowers with large itemized deductions on Schedule A that do not affect their salary but complicate the tax return review, borrowers who recently changed jobs where the salary is clear on the VOE even without two years of continuous history, or privacy-sensitive borrowers who prefer to limit document exposure. VOE-only does not solve for variable income; commission earners, bonus-dependent borrowers, and those with significant overtime all require documentation of those components.
Aria tracks which non-QM lenders currently offer VOE-only programs and their current LTV and FICO overlays. Ask at vicariointel.com.
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