Published on November 07, 2019
Written by The Servion Group
Why do I need a verbal verification of employment (VOE) on some loans prior to the clear-to-close?
On FHA and VA loans, a verbal VOE is required prior to approval if a written VOE is not obtained. Both FHA and VA updated their guideline requirements this year to require a VOE from the employer prior to approval.
I have a full, written VOE. Why is underwriting asking for a paystub? I thought a written VOE could be used in place of paystubs and W-2s.
Guidelines have changed:
For what purposes can I use $2K19 funds?
This program is available on conventional loans for eligible rural properties with a DU Approve/Eligible finding. The program applies to purchases and rate/term refinances. The $2,000 credit can be used to:
Any remaining amount can be used towards closing costs (ideally $500 or less.) This program has been extended to note dates on or before December 31, 2019. Loans must be sold to Servion by 2-15-2020.