Overtime and bonus
Employees whose pay stubs read differently from month to month, or whose pay stubs and tax returns do not tell the whole story.
Atlantic County, New Jersey
Mortgages for hourly and shift workers in Atlantic County, NJ
For Atlantic County employees paid by the hour or the shift, or with overtime or a bonus: how an employer verification (WVOE) loan lets your employer confirm your pay in place of pay stubs and tax returns, who it suits, and what is still checked. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Where would you like to begin?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Atlantic County housing
Hospitality jobs, and homes kept for the season
Atlantic County has about 276,300 residents and about 132,200 homes, in the 2020 to 2024 estimates from the Census Bureau’s American Community Survey. An estimated 68.7 percent of occupied homes are owned, and 31.3 percent, about 34,300 households, are rented.
About one employed resident in five, an estimated 19.6 percent or about 25,600 people, works in arts, entertainment and recreation or in accommodation and food services, and 25.5 percent work in service occupations.
By the same estimates, the median value of an owner-occupied home is about $295,000.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Atlantic County, and we lend across New Jersey.
The homes
- Seasonal homes: an estimated 17.1 percent of homes, about 22,600, were counted as vacant, about 16,900 of them held for seasonal, recreational or occasional use
- Detached houses: an estimated 57.6 percent of the county’s homes
- Apartment buildings: an estimated 10.7 percent of homes are in buildings of 20 or more units
- Mortgages: of about 75,300 owner-occupied homes, an estimated 60.0 percent have one
- Getting to work: the mean travel time is an estimated 25.2 minutes
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Employer verification
Your employer confirms your pay
An employer verification loan, often called a WVOE loan after the written verification of employment, is for salaried or hourly employees. Your employer confirms your job, your start date and your pay in writing on the standard verification form, in place of pay stubs, W-2s and tax returns.
The lender sends the form to your employer, usually its human resources or payroll office, and receives it back directly; you cannot fill it in or deliver it. Shortly before closing, the job is re-confirmed by phone or email.
It is mainly for the home you live in; a few programs allow a second home or a rental.
How the income is counted
- Your pay: the pay your employer states on the form is the income
- Overtime, bonus and commission: counted when the form shows a two-year history of them
- Bank statements: many programs also ask for two months of statements showing the pay going in, so the deposits and the form agree
Who it suits
When the form fits, and when it does not
Time in the field
Most programs want about two years in the same field, with at least a year at the current employer; some want two years with the same employer.
Not a family business
People employed by a relative or a family business cannot use this program. If you work for yourself, bank statement, 1099 and profit and loss loans are built for that.
Compare the documentation optionsThis is not a stated-income loan. Your credit, your savings, your housing payment history, the appraisal and your debts compared with your income are still checked, and for a home you live in the lender must make a good-faith decision that you can repay the loan.
Be ready
Moves that help the form go smoothly
The form is the heart of the file, so a little planning with your employer helps.
If your pay stubs and W-2s already show your income well, ask for a standard loan quote as well and compare the two for the same home.
Before you apply
- Payroll: find out who completes employment verifications at your employer, and let them know a form from the lender is coming
- One account: keep your pay landing in one account, so the statements show it going in clearly
- Deposits: avoid unexplained cash deposits in the months before you apply, and write a short note for any large one
- Changes: tell your loan officer early about a job change, a new way of being paid or a leave, because the job is re-confirmed shortly before closing
Questions
Questions from Atlantic County employees
Do you lend in Atlantic County?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
Do you have an office in Atlantic County?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County. Call 732-686-9999 to talk with a licensed loan officer.
Can I give the lender the form myself?
No. The lender sends the form to your employer and receives it back directly; you cannot fill it in or deliver it. That is what lets the form stand in for the usual documents.
Do I need pay stubs, W-2s or tax returns?
No. The form takes their place. Many programs also ask for two months of bank statements showing the pay going in.
I changed jobs recently. Can I use a WVOE loan?
It depends on the dates. If you have been at your new employer for less time than the programs ask, a loan officer can check other ways to show your income, including a standard loan with pay stubs and W-2s.
Can I refinance with a WVOE loan?
Yes. A WVOE loan can buy a home or refinance the one you have, and your employer confirms your pay the same way. If you want to take cash out, ask which programs allow it for your file.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.