VOE Only Loan Program in Delaware
VOE Only Loan, in one sentence: A VOE Only Loan is a Non-QM mortgage that evaluates qualifying income using a written Verification of Employment completed by your employer – instead of tax returns, W-2s, or pay stubs. It is also called a WVOE-only mortgage, a Written VOE loan, or a Written Verification of Employment mortgage.
Quick overview: The VOE Only Loan Program lets qualified W-2 wage earners in Delaware and Maryland buy or refinance a home using a written Verification of Employment completed by their employer – no tax returns, W-2s, or pay stubs required. It fits salaried and hourly employees whose tax returns understate their true qualifying income. Current as of July 2026.
I’m John Thomas, and if you have been turned down for a mortgage because your tax returns do not show enough income – even though your paycheck says otherwise – the VOE Only Loan Program may be worth a close look. Instead of asking for W-2s, pay stubs, or tax returns, this program evaluates your income using a written Verification of Employment (VOE) that your employer completes. For a lot of hard-working Delaware and Maryland employees, that one change may create another path to qualification. If you are self-employed rather than a W-2 employee, our Delaware self-employed mortgage options are the better place to start.
Table of Contents
Talk through your VOE-only scenario with John Thomas:
What Is the VOE Only Loan Program?
The VOE Only Loan Program is a Non-QM (Non-Qualified Mortgage) program that evaluates your qualifying income using a written Verification of Employment from your employer instead of the usual stack of income paperwork. Traditional mortgage applications dig through tax returns, pay stubs, W-2s, and bank statements to calculate your income. A VOE-only loan takes a different path: your employer confirms your position and income directly, and that verification becomes the basis for qualification.
Because the program leans on employer-verified income rather than tax returns, it can open the door for steady wage earners whose returns do not tell the full story. It is not a “no rules” loan – credit, down payment, reserves, and the property itself all still matter – but it removes the documentation bottleneck that stalls so many otherwise-strong files. You can use a VOE-only loan for a purchase, a rate-and-term refinance, or a cash-out refinance.
How Does a VOE Only Loan Work?
The mechanics are refreshingly simple. Rather than collecting W-2s, pay stubs, and two years of tax returns, we send a Verification of Employment form to your employer. Your employer completes it – confirming your job, your position, and your income – and returns it directly to us. That employer-verified income then becomes part of the underwriting review. To support the file, the program typically also asks for two months of bank statements. No 4506-C, no tax transcripts, no pay stubs.
In my experience, the buyers this program helps most are steady wage earners whose tax returns quietly work against them – servers and bartenders whose tip income gets trimmed down by deductions, or salaried employees who write off heavy unreimbursed business expenses. When I pull their returns, the income left after deductions is often far below what actually hits their bank account every two weeks, and a conventional file stalls on the paperwork. With a VOE-only structure, we can often evaluate the employer-verified income instead, depending on the full file and current guidelines, so the number we review lines up much more closely with the number they really take home. Most borrowers in that situation are surprised the option even exists.
How Is Income Reviewed on a VOE Only Loan?
The heart of this program is the written Verification of Employment. Your employer confirms your job title, your status, and your income, and that verified figure becomes the income we work with. For hourly and salaried employees, that is usually straightforward. When your pay includes variable components – overtime, bonus, commission, or tips – those are generally reviewed for consistency and history, so a steady two-year pattern helps your case far more than a single strong month.
A VOE-only loan is still a real underwrite, not a rubber stamp. Two months of bank statements are typically requested so the deposits line up with the verified income, and your debt-to-income ratio (DTI) still matters – the program does not erase the math, it changes which documents prove your income. Because Non-QM guidelines vary by investor, the exact DTI, reserve, and income-averaging rules are confirmed against your specific file rather than assumed from a chart.
A hypothetical example: Imagine a salaried restaurant manager whose tax returns show far less than their real pay after unreimbursed business deductions. On a full-documentation loan, the reduced income is what counts, and the file may fall short. With a written VOE, the employer-verified salary is what we evaluate instead – which, depending on the full file and current guidelines, can change the outcome. This is an illustration of how the program works, not a promise of approval.
What Are the VOE Only Loan Program Guidelines?
The VOE Only Loan Program generally follows the guidelines below. These are typical program parameters – your specific terms depend on your full scenario and current investor requirements, so treat them as a starting point and confirm the details with me before you make an offer.
- Up to 80% LTV for Purchase and Rate/Term Refinance
- Up to 75% LTV for Cash-Out Refinance
- First-Time Buyer up to 70% LTV
- VOE completed by the borrower’s employer
- Maximum loan amount up to $4,000,000
- Minimum loan amount is $100,000
- Minimum credit score is 600
- No W-2, no 4506-C, no pay stubs, and no tax returns
- Must have a 2-year history of employment (different employers are acceptable)
- Two months of bank statements to support income
- Cannot be employed by a family member
A note on the numbers: Non-QM guidelines are set by the investors behind the program and can change. The figures above reflect the program as we have offered it; before you rely on any specific threshold, call me and we will confirm the current guidelines against your exact scenario. This page is educational and is not a commitment to lend.
What this means for you: a VOE-only loan trades lighter income documentation for a larger down payment and a full underwriting review of your credit, debts, assets, employment, and the property. You may still qualify even when your tax returns do not show the whole picture – but the point is to confirm the numbers with me before you make an offer, not to assume them from a chart.
How Much Down Payment and Cash Do You Need?
Because the VOE Only Loan Program is offered up to set loan-to-value (LTV) limits, your down payment follows directly from those limits:
- Purchase: up to 80% LTV, so plan on roughly a 20% down payment.
- First-time buyer: up to 70% LTV, so roughly 30% down.
- Cash-out refinance: up to 75% LTV, so you would keep at least about 25% equity in the home.
Beyond the down payment, budget for normal closing costs, and know that some files call for cash reserves – money left in the bank after closing. Whether reserves are required, and how much, depends on the scenario and the current investor guidelines, so we confirm that up front rather than surprising you later. If you are weighing this against a lower-down-payment option, a conventional or FHA loan may fit better when your income documents fully. Eligible borrowers who can document income the traditional way may also want to compare VA financing or Delaware down payment assistance, both of which can lower the cash needed up front.
What Property Types Are Eligible?
The following property types are generally eligible for the VOE Only Loan Program, for either a purchase or a refinance:
- Single-family residence
- Townhomes
- 2-4 unit property
- Condominiums
- Non-warrantable condos
- Condotel
VOE Only Loan Advantages and Trade-Offs
No single program is right for everyone. Here is an honest look at where a VOE-only loan shines and where the trade-offs are:
| Advantages | Trade-offs to weigh |
|---|---|
| No tax returns, W-2s, or pay stubs required | Typically needs a larger down payment (up to 80% LTV on a purchase) |
| Fewer documents and a simpler file | Non-QM pricing is generally higher than a comparable conventional loan |
| A path when tax returns understate real income | Not available if you are self-employed or paid on 1099s |
| Works for purchase, rate/term, and cash-out | Employer must complete the VOE; you cannot be employed by a family member |
| Employer-verified income, reviewed on its own terms | A two-year employment history is expected |
Who Is the VOE Only Loan Program Best For?
This program tends to be a strong fit for W-2 and hourly employees who have solid, verifiable employment but whose tax returns understate their real earning power. Common examples include:
- Tipped employees – servers, bartenders, hospitality and salon staff – whose reported income shrinks after deductions
- Commission and bonus earners whose variable pay is hard to average on paper
- Salaried employees who claim significant unreimbursed business expenses
- Workers who recently changed employers but have kept two years of steady employment history
- Buyers who want a lower-friction income documentation path than a full-documentation loan
If your income situation is different – for example, you are self-employed or paid on 1099s – a VOE-only loan usually is not the right tool, but one of our other Delaware self-employed mortgage options often is. We originate the full suite in Delaware and Maryland, so the goal is always to compare the available programs and explain the trade-offs so you can choose with clear information.
When Is a VOE Only Loan Not the Right Fit?
A VOE-only loan may not be your best option if:
- You are self-employed or a 1099 contractor – a bank statement loan, 1099 loan, or P&L loan is usually the better structure.
- You are financing an investment property based on rental income – look at a DSCR loan or a no-income, no-employment loan instead.
- You qualify comfortably with full documentation – a conventional or FHA loan may carry better pricing.
- Your employer is a family member, or your employment history does not yet reach two years.
- You need very high leverage – VOE-only tops out at 80% LTV on a purchase, so a larger down payment is part of the trade-off.
If you have had a recent credit event and a documentation-light program is appealing, it is also worth comparing this to our Fresh Start Program before deciding.
The VOE Only Loan Process, Step by Step
- We talk. A short conversation confirms the VOE-only program fits and outlines your price range.
- Application and credit. You complete an application and we review credit and the basic file.
- VOE sent to your employer. We send the Verification of Employment to your employer or HR to complete and return.
- Supporting documents. You provide about two months of bank statements to support the income.
- Underwriting and appraisal. The file is underwritten and the property is appraised.
- Approval and closing. Once conditions are cleared, we move to closing.
Common mistakes that stall a VOE-only file – and how to avoid them:
- Assuming self-employed income qualifies – VOE-only is for W-2 wage earners; 1099 or self-employed borrowers need a different program.
- Not giving your employer a heads-up – if HR is slow or declines to complete the VOE, the file waits; a quick word to your HR contact keeps things moving.
- Changing jobs mid-process – a job change during underwriting can reset the review, so talk with me first if a change is coming.
- Large, unexplained deposits – deposits that do not match the verified income invite questions, so keep your banking clean and documented.
How I Help With a VOE-Only File
Where I tend to add the most value on these files is early, before anyone writes an offer. In practice that means three things: I review how your income is actually structured – base, overtime, bonus, tips – so we know what the VOE needs to show; I identify the right employer or HR contact and get the written verification moving early, since that is the step most likely to stall a file; and I confirm your scenario against the current investor guidelines before you lean on any single number. That last step matters, because Non-QM guidelines shift, and I would rather set expectations correctly than have a chart surprise you at underwriting.
VOE Only vs. Other Delaware Non-QM Loan Options
The VOE Only Loan Program is one member of a larger family of alternative-documentation programs. Here is how it compares to the options Delaware and Maryland buyers ask about most:
| Program | Best for | How income is documented | Typical minimum FICO |
|---|---|---|---|
| VOE Only | W-2 wage earners whose tax returns understate income | Written Verification of Employment from your employer | 600 (typical) |
| Bank Statement | Self-employed with strong deposits | 12-24 months of bank statements | Varies by investor |
| 1099 Only | Independent contractors and gig workers | 1099 forms | Varies by investor |
| P&L Only | Established self-employed borrowers | Profit-and-loss statement | Varies by investor |
| Asset Qualifier | Borrowers with substantial assets, limited income | Qualifying assets (asset depletion) | Varies by investor |
| Conventional / FHA | Buyers who document income the traditional way | W-2s, pay stubs, and tax returns | 620 conv. / 580 FHA (typical) |
Not sure which lane you belong in? That is exactly the conversation I have with buyers every week – and it is worth having before you shop for a house. If you want the bigger picture on qualifying as a business owner, our Delaware self-employed mortgage guide walks through every documentation path side by side.
VOE Only Loans for Delaware and Maryland Homebuyers
I work from our Newark, Delaware office and originate throughout Delaware and Maryland. The VOE Only Loan Program can be a strong fit for employed buyers whose pay is real and verifiable but whose tax returns tell an incomplete story – a common situation in fields like hospitality, healthcare, sales, and education, where tips, shift differentials, bonuses, and unreimbursed expenses all muddy the tax picture. If you are also buying your first home, it is worth reading our Delaware first-time home buyer resources alongside this program.
Whether you are comparing Newark mortgage loan options, exploring Wilmington mortgage loan options, or buying elsewhere across Delaware and Maryland, the goal is the same: match your real income to a program that can actually use it.
How Do You Apply for a VOE Only Loan in Delaware?
Getting started is straightforward. The first step is a short conversation so I can learn about your employment and your goals, confirm the VOE-only program fits your situation, and outline what to expect. From there, we send the Verification of Employment to your employer, collect two months of bank statements, and move toward approval. Whether you are buying your first home in Newark or Wilmington, refinancing, or pulling cash out, the goal is a simpler documentation path with clear expectations from the start.
Serving buyers across Delaware – including Newark and Wilmington – and throughout Maryland, the John Thomas Team is here to make the process simpler than you expect.
Start your VOE Only Loan today:
FAQ – VOE Only Loan Program
What is a VOE Only Loan Program?
A VOE Only Loan Program is a Non-QM mortgage that evaluates qualifying income using a written Verification of Employment completed by your employer, instead of tax returns, W-2s, or pay stubs. It is designed for wage earners with steady, verifiable employment who want a documentation-light path to a purchase or refinance.
Do I need tax returns or W-2s for a VOE Only loan?
No. The program typically does not require W-2s, pay stubs, tax returns, or a 4506-C. Your employer completes a written Verification of Employment, and that verified income becomes part of the underwriting review. Two months of bank statements are typically requested to support the file.
Who completes the Verification of Employment?
Your employer completes it. We send the VOE form directly to your employer, who confirms your position and income and returns it to us. That is why the borrower generally cannot be employed by a family member under this program.
What credit score do I need for a VOE Only loan in Delaware?
The typical minimum credit score is 600, though the exact requirement depends on the full scenario and current investor guidelines. A stronger credit profile can improve your available terms. Because Non-QM guidelines change, we confirm the current minimum against your file before you rely on it.
Can I use a VOE Only loan to refinance or take cash out?
Yes. The program can be used for a purchase, a rate-and-term refinance, or a cash-out refinance. Purchase and rate-and-term generally go up to 80% LTV, cash-out up to 75% LTV, and first-time buyers up to 70% LTV.
How is bonus, commission, overtime, or tip income handled on a VOE Only loan?
Variable pay like bonus, commission, overtime, or tips is generally reviewed for consistency and history, so a steady two-year pattern helps. If your employer can verify this income on the written VOE and it lines up with your deposits, it may be used even when deductions shrink what appears on your tax returns. We review the specific numbers against current guidelines to confirm.
I switched employers recently – can I still qualify?
Possibly. The program looks for a two-year history of employment, and different employers within that window are generally acceptable as long as the history is steady. A recent job change is not automatically disqualifying – we would review the details.
I am self-employed or a 1099 contractor – is the VOE Only program for me?
Usually not, because VOE-only relies on an employer completing the verification. If you are self-employed or paid on 1099s, a bank statement loan, 1099 loan, or P&L loan is typically the better fit. We originate all of those, so we can point you to the right one.
What if my employer or HR will not complete the written VOE?
The written VOE is central to this program, so employer cooperation matters. A heads-up to your HR or payroll contact may help avoid delays. If the written VOE cannot be completed, we would compare other documentation options – such as a bank statement or 1099 loan – based on your employment and income structure.
My employer is a family member – does that disqualify me?
Under the VOE Only Loan Program, the borrower generally cannot be employed by a family member. If that describes your situation, do not worry – we can look at other Non-QM options, such as a bank statement, 1099, or asset-based program, to find a path that works.
About John Thomas
Branch Manager & Division Vice President of Sales, John Thomas Team with AnnieMac Home Mortgage
I’m John Thomas, Branch Manager and Division Vice President of Sales with the John Thomas Team in Newark, Delaware. For more than 20 years I’ve helped Delaware and Maryland borrowers navigate complex income situations – and educated more than 3,000 buyers along the way. My team and I specialize in Non-QM programs for people whom other lenders could not figure out.
One pattern I see constantly with VOE-only files is a strong W-2 earner whose write-offs quietly shrink their qualifying income on paper – walking through the employer verification early often helps surface issues before the file reaches underwriting. I hold a B.S. in Physics Education from the University of Delaware and an M.S. in Curriculum and Instruction from Delaware State University.
State licensing: Look up John R. Thomas, NMLS #38783, on NMLS Consumer Access.
Mortgage content reviewed by John R. Thomas, NMLS #38783. See more about John Thomas, Delaware Mortgage Loan Officer.
248 E Chestnut Hill Rd, Newark, DE 19713
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Last Updated: July 2026 · John Thomas Team with AnnieMac Home Mortgage · Mortgage content reviewed by John R. Thomas, NMLS #38783. This page is educational and is not a commitment to lend; all programs are subject to borrower qualification and current investor guidelines.
John R. Thomas, NMLS #38783 | John Thomas Team with AnnieMac Home Mortgage | AnnieMac Home Mortgage NMLS #338923 | 248 E Chestnut Hill Rd, Newark, DE 19713 | 302-703-0727 | delawaremortgageloans.net
AnnieMac Home Mortgage is an Equal Housing Lender. State licensing: Look up John R. Thomas, NMLS #38783, on NMLS Consumer Access.
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