topic Re: VA loan Journey!!! in Mortgage Loans

VA loan Journey!!!

basilatkinson — Tue, 24 Jul 2012 06:07:33 GMT

Hello All! I've noticed that there is little information on the process of buying through VA. So, I decided to share my journey.

My husband and I actually started a year ago. In March 2011, we decided to see if we qualified for a home. We were not keen on credit worthiness. So, we were denied and told to raise credit score and get a credit card. At the time my husband's credit was a 541. We got a $300 secured credit card from BOA and a military star card. We also paid off both of our cars. Well, since we were expecting a fourth child we had to get a SUV. So, we got a used truck. His credit score is currently 639.

A year later.... We got preapproved for a mortgage from New American Mortgage. Before we were preapproved, we had to pay the military star card down from 3000 to 1700. W also had to pay down the car loan from 20,000 to 19,000. We did that and received an approval letter. We found a new construction built by a local builder for 150,000. 4br 3ba 1812 sq Ft.... The loan amount is 153225 with the VA funding fee and the interest rate is 3.50%

Here is a time line of events:

June 10, 2012: received pre-approval
July 18, 2012: submitted offer
July 18: offer accepted; seller paying 4000 in closing cost, $500 in due diligence, and $900 credit for refrigerator.
July 19: Application submitted
July 21: received my GFE and other disclosures
July 23: Loan went to underwriting:smileyindifferent:

ESTIMATED CLOSING DATE: JULY 31, 2012

I am currently waiting for an APPROVAL for the loan!!:smileyhappy:

Also documents that LO asked for:

Bank statements for last 30 days

W-2's for 2011 and 2010

Statement of service

Power of attorney (husband is deployed)

tax returns for past three years

LES

Letter of Explanation for inquiries, lates from 2010, and 1 utilities collection from 2009.

Husband's reenlistment contract (since he recently reenlisted)

Landlord's information

We also paid for the appraisal to get the ball rolling.

BTW, we used USAA Movers Advantage to find a realtor. Since we bank with them and used this service, we receive a $950 bonus!!!!

I also chose them as my homeowner's insurance.

Pray that everything goes smooth!!

Re: VA loan Journey!!!

jules0580 — Tue, 24 Jul 2012 13:33:38 GMT

Good Luck, prayers coming and fingers crossed!

Re: VA loan Journey!!!

vlaw1084 — Tue, 24 Jul 2012 14:00:29 GMT

Sending out Prayers to you!!! Just completed out VA journey and it was an experience we will never forget. Everything came toether and now we are in our new home! YOU WILL HAVE THE SAME SUCCESS!!!!

Re: VA loan Journey!!!

basilatkinson — Wed, 25 Jul 2012 22:32:33 GMT

basilatkinson wrote:
Hello All! I've noticed that there is little information on the process of buying through VA. So, I decided to share my journey.

My husband and I actually started a year ago. In March 2011, we decided to see if we qualified for a home. We were not keen on credit worthiness. So, we were denied and told to raise credit score and get a credit card. At the time my husband's credit was a 541. We got a $300 secured credit card from BOA and a military star card. We also paid off both of our cars. Well, since we were expecting a fourth child we had to get a SUV. So, we got a used truck. His credit score is currently 639.

A year later.... We got preapproved for a mortgage from New American Mortgage. Before we were preapproved, we had to pay the military star card down from 3000 to 1700. W also had to pay down the car loan from 20,000 to 19,000. We did that and received an approval letter. We found a new construction built by a local builder for 150,000. 4br 3ba 1812 sq Ft.... The loan amount is 153225 with the VA funding fee and the interest rate is 3.50%

Here is a time line of events:

June 10, 2012: received pre-approval
July 18, 2012: submitted offer
July 18: offer accepted; seller paying 4000 in closing cost, $500 in due diligence, and $900 credit for refrigerator.
July 19: Application submitted
July 21: received my GFE and other disclosures
July 23: Loan went to underwriting:smileyindifferent:
July 25: Loan was approved with conditions.:womanlol: Awaiting appraisal
ESTIMATED CLOSING DATE: JULY 31, 2012

Also documents that LO asked for:
Bank statements for last 30 days
W-2's for 2011 and 2010
Statement of service
Power of attorney (husband is deployed)
tax returns for past three years
LES
Letter of Explanation for inquiries, lates from 2010, and 1 utilities collection from 2009.
Husband's reenlistment contract (since he recently reenlisted)
Landlord's information

We also paid for the appraisal to get the ball rolling.
BTW, we used USAA Movers Advantage to find a realtor. Since we bank with them and used this service, we receive a $950 bonus!!!!
I also chose them as my homeowner's insurance.

Pray that everything goes smooth!!

YAY! We are APPROVED!! One condition is the appraisal!!!

Thanks for the prayers:smileywink:

Re: VA loan Journey!!!

birjest — Thu, 26 Jul 2012 00:44:13 GMT

CONGRATS!!!! I am so happy for you. I am waiting to close next month....

Re: VA loan Journey!!!

MissKay — Fri, 27 Jul 2012 00:39:28 GMT

I am just starting this process. You make it seem so easy lol I will post here also! Good Luck!

Re: VA loan Journey!!!

Doglvrs — Fri, 27 Jul 2012 16:41:59 GMT

Congratulations on your approval and new home!! :) I was wondering if others who've used the Va loan recently, could share some advice. My husband and I are expecting our first child in late November and are trying to buy our first home before he comes. Our mids are 648 and 631 (lender pulled) we have paid off all old collections and debt and paid our CC's down to 5% utilization. Our only remaining debts are my student loans (good standing) and one car loan ($6000 left on loan). My concern is that I have 2 30 day lates on my car loan, Dec. 11 and March 12. The loan is only in my name and the lo didn't seem to be concerned about it but with my due date 3 months away I'm extremely nervous about something going wrong at the last minute. Could anyone share their thoughts on our chances of getting through underwriting? I've already tried gw letter without success. Thank you!

Re: VA loan Journey!!!

basilatkinson — Sat, 28 Jul 2012 02:24:25 GMT

Doglvrs wrote:
Congratulations on your approval and new home!! :) I was wondering if others who've used the Va loan recently, could share some advice. My husband and I are expecting our first child in late November and are trying to buy our first home before he comes. Our mids are 648 and 631 (lender pulled) we have paid off all old collections and debt and paid our CC's down to 5% utilization. Our only remaining debts are my student loans (good standing) and one car loan ($6000 left on loan). My concern is that I have 2 30 day lates on my car loan, Dec. 11 and March 12. The loan is only in my name and the lo didn't seem to be concerned about it but with my due date 3 months away I'm extremely nervous about something going wrong at the last minute. Could anyone share their thoughts on our chances of getting through underwriting? I've already tried gw letter without success. Thank you!

Hello Doglvrs, THANKS!!

Congrats on the pregnancy!! MY OPINION!! , the late payments will be a little tough. You will have to explain why were you late and show how you are fixing the problem. Can you set up autopay from your LES? That's what we do with our main bills to make sure they are paid on time. It will look better if they see that you set up auto pay. You never know until you try. I don't think you would have a problem. Just have all the documents in order so everything can go fast and smooth. I would say go for it!! I wish you and your family the best in all your endeavors!!

Re: VA loan Journey!!!

basilatkinson — Sat, 28 Jul 2012 02:36:44 GMT

basilatkinson wrote:
basilatkinson wrote:
Hello All! I've noticed that there is little information on the process of buying through VA. So, I decided to share my journey.

My husband and I actually started a year ago. In March 2011, we decided to see if we qualified for a home. We were not keen on credit worthiness. So, we were denied and told to raise credit score and get a credit card. At the time my husband's credit was a 541. We got a $300 secured credit card from BOA and a military star card. We also paid off both of our cars. Well, since we were expecting a fourth child we had to get a SUV. So, we got a used truck. His credit score is currently 639.

A year later.... We got preapproved for a mortgage from New American Mortgage. Before we were preapproved, we had to pay the military star card down from 3000 to 1700. W also had to pay down the car loan from 20,000 to 19,000. We did that and received an approval letter. We found a new construction built by a local builder for 150,000. 4br 3ba 1812 sq Ft.... The loan amount is 153225 with the VA funding fee and the interest rate is 3.50%

Here is a time line of events:

June 10, 2012: received pre-approval
July 18, 2012: submitted offer
July 18: offer accepted; seller paying 4000 in closing cost, $500 in due diligence, and $900 credit for refrigerator.
July 19: Application submitted
July 21: received my GFE and other disclosures
July 23: Loan went to underwriting:smileyindifferent:
July 25: Loan was approved with conditions.:womanlol: Awaiting appraisal
waiting for Specific power attorney my husband sent. He sent it 12 days ago and it has not reached me yet!!!
ESTIMATED CLOSING DATE: JULY 31, 2012

Also documents that LO asked for:
Bank statements for last 30 days.
W-2's for 2011 and 2010
Statement of service
Power of attorney (husband is deployed) My husband had to send specific power of attorney to purchase the house.
tax returns for past three years
LES
Letter of Explanation for inquiries, lates from 2010, and 1 utilities collection from 2009.
Husband's reenlistment contract (since he recently reenlisted)
Landlord's information UPDATE: On July 27, 2012, they tried to contact the landlord but she is deployed. So, I had to show proof of last 12 months of rent. I gave them copies of my husband's LES because we set up an allotment for rent.

We also paid for the appraisal to get the ball rolling.
BTW, we used USAA Movers Advantage to find a realtor. Since we bank with them and used this service, we receive a $950 bonus!!!!
I also chose them as my homeowner's insurance.

Pray that everything goes smooth!!

YAY! We are APPROVED!! One condition is the appraisal!!!

Thanks for the prayers:smileywink:

Thanks Everyone!!! My realtor's little brother was tragically killed in Afghanistan. Please everyone pray for Ms. Kelly and their family.

Re: VA loan Journey!!!

basilatkinson — Sat, 28 Jul 2012 02:39:27 GMT

MissKay wrote:
I am just starting this process. You make it seem so easy lol I will post here also! Good Luck!

Good Luck to you too!! I think this process tried my patience!! Just keep busy so the anticipation does not get to you!!

Re: VA loan Journey!!!

basilatkinson — Sat, 28 Jul 2012 02:40:59 GMT

Thank You, Congrats on your Closing! I can not wait until I can post CLOSED!!!

Re: VA loan Journey!!!

basilatkinson — Mon, 30 Jul 2012 23:25:22 GMT

This is the most stressful journey!! My lender asked for last 12 months of rental history. So I am thinking ok, that's easy. First, my current landlord is deployed and I have not heard from her in a month but we have automatic payment setup through LES, so we gave that to LO but that only proves seven months of rental history. Then I contacted my previous landlord, she refuses to give me the rental history. She said we owe them a balance (which we never knew about) It has been almost a year since I rented from this company, they have our forwarding address, telephone numbers and email address. They NEVER contacted us to say we owe them!! I asked her to fax me proof of the charges. She did not respond. I am so frustrated right now!! So, our loan can be denied because we can not show proof of 5 months of rental history.

Re: VA loan Journey!!!

basilatkinson — Fri, 03 Aug 2012 14:49:28 GMT

Note to future VA mortgagees: 12 months of rental history is a must if your credit score is not above a 740. We received the rental history from previous landlord. Everything is back on track. Closing is pending upon the receipt of the POA from my hubby, which was mailed out on the 21st of july.

Re: VA loan Journey!!!

basilatkinson — Mon, 13 Aug 2012 21:35:50 GMT

basilatkinson wrote:
basilatkinson wrote:
basilatkinson wrote:
Hello All! I've noticed that there is little information on the process of buying through VA. So, I decided to share my journey.

My husband and I actually started a year ago. In March 2011, we decided to see if we qualified for a home. We were not keen on credit worthiness. So, we were denied and told to raise credit score and get a credit card. At the time my husband's credit was a 541. We got a $300 secured credit card from BOA and a military star card. We also paid off both of our cars. Well, since we were expecting a fourth child we had to get a SUV. So, we got a used truck. His credit score is currently 639.

A year later.... We got preapproved for a mortgage from New American Mortgage. Before we were preapproved, we had to pay the military star card down from 3000 to 1700. We also had to pay down the car loan from 20,000 to 19,000. We did that and received an approval letter. We found a new construction built by a local builder for 150,000. 4br 3ba 1872 sq Ft.... The loan amount is 153225 with the VA funding fee and the interest rate is 3.50%

Here is a time line of events:

June 10, 2012: received pre-approval
July 18, 2012: submitted offer
July 18: offer accepted; seller paying 4000 in closing cost, $500 in due diligence, and $900 credit for refrigerator.
July 19: Application submitted
July 21: received my GFE and other disclosures
July 23: Loan went to underwriting:smileyindifferent:
July 25: Loan was approved with conditions.:womanlol:
July 31: Received Appraisal
August 13: I just received power of attorney. It took 25 days.
Aug 15 2012: Closing DAY!!!!!!!!:smileylol:
ESTIMATED CLOSING DATE: JULY 31, 2012
CONTRACT CLOSING DATE: AUGUST 17, 2012
ACTUAL CLOSING DATE: AUGUST 15, 2012

Also documents that LO asked for:
Bank statements for last 30 days.
W-2's for 2011 and 2010
Statement of service
Power of attorney (husband is deployed) My husband had to send specific power of attorney to purchase the house.
tax returns for past three years
LES
Letter of Explanation for inquiries, lates from 2010, and 1 utilities collection from 2009.
Husband's reenlistment contract (since he recently reenlisted)
A year of Rental History

We also paid for the appraisal to get the ball rolling.
BTW, we used USAA Movers Advantage to find a realtor. Since we bank with them and used this service, we receive a $950 bonus!!!!
I also chose them as my homeowner's insurance.

Thanks for the prayers:smileywink:

Re: VA loan Journey!!!

basilatkinson — Mon, 20 Aug 2012 05:49:10 GMT

basilatkinson wrote:
basilatkinson wrote:
basilatkinson wrote:
basilatkinson wrote:
Hello All! I've noticed that there is little information on the process of buying through VA. So, I decided to share my journey.

My husband and I actually started a year ago. In March 2011, we decided to see if we qualified for a home. We were not keen on credit worthiness. So, we were denied and told to raise credit score and get a credit card. At the time my husband's credit was a 541. We got a $300 secured credit card from BOA and a military star card. We also paid off both of our cars. Well, since we were expecting a fourth child we had to get a SUV. So, we got a used truck. His credit score is currently 639.

A year later.... We got preapproved for a mortgage from New American Mortgage. Before we were preapproved, we had to pay the military star card down from 3000 to 1700. We also had to pay down the car loan from 20,000 to 19,000. We did that and received an approval letter. We found a new construction built by a local builder for 150,000. 4br 3ba 1872 sq Ft.... The loan amount is 153225 with the VA funding fee and the interest rate is 3.50%

Here is a time line of events:

June 10, 2012: received pre-approval
July 18, 2012: submitted offer
July 18: offer accepted; seller paying 4000 in closing cost, $500 in due diligence, and $900 credit for refrigerator.
July 19: Application submitted
July 21: received my GFE and other disclosures
July 23: Loan went to underwriting:smileyindifferent:
July 25: Loan was approved with conditions.:womanlol:
July 31: Received Appraisal
August 13: I just received power of attorney. It took 25 days.
Aug 15 2012: We closed!
ESTIMATED CLOSING DATE: JULY 31, 2012
CONTRACT CLOSING DATE: AUGUST 17, 2012
ACTUAL CLOSING DATE: AUGUST 15, 2012

Also documents that LO asked for:
Bank statements for last 30 days.
W-2's for 2011 and 2010
Statement of service
Power of attorney (husband is deployed) My husband had to send specific power of attorney to purchase the house. It took almost a month for the POA to come in the mail.
tax returns for past three years
LES
Letter of Explanation for inquiries, lates from 2010, and 1 utilities collection from 2009.
Husband's reenlistment contract (since he recently reenlisted)
A year of Rental History

We also paid for the appraisal to get the ball rolling.
BTW, we used USAA Movers Advantage to find a realtor. Since we bank with them and used this service, we receive a $950 bonus!!!!
I also chose them as my homeowner's insurance.
I received $500 from seller at closing

Thanks for the prayers:smileywink:
I hope my journey helps someone!

Re: VA loan Journey!!!

jnkp2001 — Mon, 20 Aug 2012 08:00:29 GMT

Congrats on your mission! Hope you are enjoying your new home. A quick question, how much did they require you have in savings, or in your bank account for VA?

Re: VA loan Journey!!!

jnkp2001 — Mon, 20 Aug 2012 08:21:38 GMT

alos, wanted to ask about ernest money. Did you have to come up with much?

Re: VA loan Journey!!!

basilatkinson — Tue, 21 Aug 2012 02:10:36 GMT

jnkp2001 wrote:
Congrats on your mission! Hope you are enjoying your new home. A quick question, how much did they require you have in savings, or in your bank account for VA?

Thanks, for the bank account requirements, they are looking for big payments that are coming and going in you account. They are looking at if your account is always in the negative but a set amount in the account is not required. They will question big deposits. Good luck on your future journey!

Re: VA loan Journey!!!

basilatkinson — Tue, 21 Aug 2012 02:14:32 GMT

Thank you! You can decide how much you want to put towards earnest money. The amount does not matter. I put $500 towards earnest money but I could of put $100 or $300 that's your decision. Good luck on you future journey!

Re: VA loan Journey!!!

jnkp2001 — Tue, 21 Aug 2012 02:52:07 GMT

thanks for your response. wasn't quite sure on the bank and earnest money thing as this is my first attempt at a VA loan. I remember reading somewhere(maybe here), that banks want you to have a few months payments in reserve and 10% as ernest money. But that might have been for conventional lending. Once again, thanks for the info, and may you have many wonderful years of memories in your new home.