Wow I have heard about a lot of this with BOA. A coworker closed a loan in 7 days that BOA had for 2.5 months... A good loan officer and a lender not working from a call center can get this done for you.
Just an update....we heard from the original broker that we are very very very close. Then I get another whole list of documents to clear. Things such as:
Builder home warranty written on letterhead
VA amendment ?
Letter from realtor explaining an amendment on the contract?
How many dependents I have? I have this on my credit app...and he has all of my tax returns and my divorce decree? Really? Now I have to give him a word document verifying it.
And he said to close he needs a reinstated Certificate of Eligibiilty. I had to explain that it's like a reset button. VA explained that as soon as we have the signed HUD from our current home which will close the morning of 2/20 that we have a re-set and full VA eligibility are restored. He keeps telling me that he will not give me the clear to close until we have full eligibility? Does anyone know about this? I'm sure veterans move and sell and re-buy all the time. There has to be an easier way than waiting for the "reset" and then getting the clear from the lender which means about a week to get paper to the closing attorney and actually closing. That leaves us homeless for about a week. We have an early move in clause on the new house with a clear to close. So frustrating....
Even my realtor is upset with this guy!
Mean time....lender number 2 is crusing right along.
I'd go with lender #2 even if it means living in a hotel for a few days. That's got to be so frustrating, but if you are waiting for a reset that is probably not going to get you closed any sooner. Good luck!
Our buyers will be closing Friday 2/17 and are allowing us to occupy until Sunday to move out and clean. As soon as we get the HUD we need to fax it to VA and they will get us the updated Certificate of Eligibility.
Then....we need to provide that to the broker. He said as soon as he has the all clear from the underwriter he will email the builder that we have the all clear to move in. (early move in clause on our contract with the clear to close).
However, with closing being the afternoon of 2/17 and Monday being President's day, I doubt underwriting will even look at us to give the all clear until next week. I guess we are in a hotel for a few nights. That's okay.
In the mean time....I have one question for the experts.
Our broker specifically told us the last two conditions to close were:
Provide the HUD from current house and restoration of my husband's VA certificate.
Can they come back this far into the game and ask for more? I've already given them blood - or so it feels.
In the mean time we did sell some stock to buy blinds, a refridgerator and some new furniture. I'm fearful they will ask for a new bank statement and see all of that money sitting there and then make us prove that trail.
Believe it or not....I had to do that with some monetary gifts I got over the holidays. My family had to sign gift letters saying why I had large, non pay-roll deposits in my account. I'm doing a zero down VA loan...so why does it matter if I got a gift 2 months ago? This process has been so very stressful and I hope to not have to do it again any time soon.