Applying for a mortgage can be overwhelming with all the requests, forms, and procedures. Add in some terms like WVOE — Written Verification of Employment — and it could be even more confusing. We decided to clear a bit of this information up for you. You don’t always need a WVOE to get a home loan. WVOE is another term for Fannie Mae’s Form 1005, a standard form that has been given out for years to verify employment status and income when qualifying borrowers for mortgages.
Do I have to get my employer to complete a WVOE to get a home mortgage?
Not always. You’ve got several alternatives to a WVOE. First, if your employer participates in a few of the industry-wide e-verification programs for income and employment, they will likely have their HR database linked to one of these programs which allow Mortgage Brokers and Lenders to directly verify your income and employment with your signed consent.
Second, you could get your employment and income verified on the same day online. This is part of Fannie Mae’s Day 1 Certainty program. The Day 1 Certainty program is intended to speed up the mortgage approval and finance process. It offers freedom from paper-based traditional processes, including WVOE (Written Verification of Employment). Your Independent Mortgage Broker can guide you through this process.
What are my alternatives to verify my income and qualify for a mortgage?
You have more alternatives today than ever before to qualify for a mortgage. Understanding your choices is one of the best reasons to work with a qualified, experienced Independent Mortgage Broker, who is a mortgage professional. They can use new tools to get your income verified and qualify you for a mortgage quickly.
A qualified independent mortgage broker can get your income and assets verified on the same day, all online. This means no more copying the last 2 months of pay stubs or trying to use your phone to take a picture of paper documents. You won’t have to take forms to your employer, and won’t have to spend a fortune copying tax returns or bank statements.
If you’ve heard that you need to fill out a WVOE if you get bonuses, earn tips, or have commission income, this is one great reason to work with an independent mortgage broker. While some lenders may still require this document and written verification, an independent mortgage broker who’s up to speed on paper-free documents and verifications can help you with Day 1 Certainty and other ways to cut down on paperwork that’s often redundant to help you get the mortgage you need to buy the home you want.
Sources
https://www.fanniemae.com/singlefamily/day-1-certainty
