1) Confirm your employer will complete Form 1005 before you apply. 2) Never fill in your own income — you sign Part I only. 3) If you're self-employed, use bank statement, not VOE. The rest are below. See Requirements.
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Form & employer mistakes
1. Not checking your employer first
The #1 delay. Confirm HR/payroll will complete Form 1005 & how fast — before you apply.
2. Filling in your own income
You sign Part I only. Writing your own numbers can pause the loan.
3. Assuming verbal = written
WVOE (written) qualifies you; VVOE (verbal) just confirms you're still employed near closing.
4. Not prepping HR for the request
A heads-up to your HR contact speeds the form & avoids "who is this?" delays.
Fit & eligibility mistakes
5. Trying to use it while self-employed
No employer to verify → use bank statement or P&L instead.
6. Applying with under 2 years' history
Stable, continuing employment is the core requirement.
7. Using VOE when conventional is cheaper
Clean, strong W-2 tax returns? Conventional usually costs less.
8. Expecting variable income to auto-count
OT/bonus/commission counts only with documented history on the form.
Planning mistakes
9. Taking the first non-QM quote
Make specialty investors compete. Rates →
10. Ignoring reserves
~3 months of payments are typically required — have them ready.
11. Getting attached to a price before pre-check
Confirm verifiable income first; it sets your real budget. Calculator →
The Don't / Do checklist
| Don't | Do |
|---|---|
| Apply before checking your employer | Confirm HR will complete Form 1005 & timing |
| Fill in your own income | Sign Part I only; employer does Part II |
| Confuse verbal & written VOE | Know WVOE qualifies, VVOE re-confirms |
| Surprise your HR department | Give your HR contact a heads-up |
| Try it while self-employed | Use bank statement / P&L instead |
| Apply with under 2 years' history | Have a stable 2-year track record |
| Overpay vs a cheaper conventional | Use conventional if your returns are clean |
| Assume OT/bonus auto-counts | Document variable-income history |
| Take the first quote | Make specialty investors compete |
| Forget reserves | Have ~3 months of payments ready |
| Fix a price before pre-check | Confirm verifiable income first |
VOE mistake FAQs
Most common mistake?
Not confirming your employer will complete Form 1005 — and how fast — before applying.
Fill in my own income?
Never — sign Part I only; your employer completes Part II.
Can self-employed use VOE?
Generally no — use bank statement or P&L.
Take the first quote?
No — compare specialty lenders; non-QM terms aren't standardized.
Reviewed by the licensing team at Save Financial, a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766) founded in 2009 and serving all 58 counties.