September 4, 2014
FHA Loan Rules: Verification Of Employment
When you apply for an FHA mortgage, your lender will need a variety of documentation from you about your income, assets, debts and employment. In fact, employment verification is one of the major steps in the FHA loan approval process. But how does your lender verify you are working with a current employer? According to the rules printed in HUD 4155.1, the lender will require a current pay statement and a written Verification of Employment (VOE). Not all FHA loan applicants may be able to furnish a written VOE, so the FHA loan rule book lists some acceptable alternatives. Chapter One, Section B states: “As an alternative to obtaining a written VOE, the lender may obtain the borrower’s • original pay stub(s) covering the most recent 30-day period, and • | more...