Getting the email today that says I am under contract brought a big smile to my face. All it had in it was the next steps from here and how the process works. However, that was enough to make me happy. Such a long hard path over the past couple years to get here. They said closing normally takes 30-45 days which is good because the contract said on of before 21August. The seller wants the mortgage commitment by 25July. So I know I will have another month and a half of nail biting in front of me.... Egads!!!
VA loan for 160,000 through Veterans United.
Copied from rom a previous post to have it all in one spot-
Okay so here's my deal. I filed chap 7 BK feb 29, 2012 discharge was June 18 2012. Since then I have had 0 negative credit and have two new TLs. One dated nov 2013 and the other Feb 2014. Both CCs with overall usage of 20% all on time payments. I had two student loans that went into default pre bankruptcy, so there are actually 6 reports for them. One each from the original lender, one each from AES, and one each from AES/PHEAA from when they actually went to default and were transferred to that department. Effective December 2012 they were forgiven via total and permanant discharge through NELNET because I am a 100% disabled veteran. My official scores, not FAKO, are Equifax- 678, experian, 668, and TU -591. For some unknown reason that one dropped from a 621 back In April. Using my timeshare, water bill, and car insurance as alternate trade lines. I know I had at least one late payment on both the timeshare and the car insurance last year. Both have been current for 6 months or more . I got a prequalification from Veterans United and sent my paperwork back for preapproval. I am paranoid that they aren't going to underwrite me. Anybody see anything that might cause them not to?? My LO said she was worried about the SLs but thinks the letter fRom NELNET showing the discharge of them will cover it. I am making just over 3000 a month in VA disability. my only debts are 169 a month timeshare payment awhich does not report to the credit bureaus, and if I carry a balance on the cards, a 40 a month payment for both. And then obviously car insurance. Anyone out out there know about these things and can offer me a glimmer of hope so I can stop pulling my hair out?? Edited to add: my file had to automatically go to manual underwriting. The LO assumed it was because of my bankruptcy. However from what I am reading this may not be a horrible way to get my preapproval? Because when they give it, they have already gone quite in depth with my file and are less likely to give me a problem later on?? Am I thinking correctly there?
It's good to know that you even passed getting approved with Veterans United. As I've heard that are strict with guidelines. Sooo happy only up from here!
Grats & Good luck
I got an email from my processor today. I needed to do their generic LOE for my baddies and HPS . I had to tell them what I have done to ensure the baddies won't happen again. I also had to explain the bankruptcy and again explain why it wont happen. All were easy. He aslo needed my Title lawyer guys info for settlement and wanted my homeowner insurance info. All taken care of and sent back in under 2 hours.
LO also emailed and took my payment info to order the appraisal. Seems like we are moving right along!
Keep forging ahead. You seem to be doing great and the process is moving along nicely too. We're all cheering for you so keep us posted.
Emailing back and forth with the transaction coordinator all day. They needed a copy of my divorce decree. He figured the underwriters are going to ask. He said had will let me know if he needs anything else before it goes to underwriting, but doesn't think so. So I asked if we have to wait on the appraisal to go to initial u/w and he said no they like to get the conditional approval ASAP. We are just waiting on verifications the processor ordered. My assumption is thAt is stuff from the bankruptcy court, my student loan discharge, and my irs transcripts. We will go to u/w as soon as they get whatever.
I also apologized for all my questions and was encouraged to continue asking. Was told anytime I want to know where we are in the process to ask... To never be afraid of asking anything! I feel like I have scored in the loan team department!!! I opened my mail yesterday to find a card and a package from VU! There was an absolutely gorgeous personalized welcome matt inside with a note thanking me for being so easy to work with! I was blown away!!!
just checked the VA site and we have a 5 day time for the appraisal. Not sure why some areas are different than others. Unless I am reading the chart wrong!!! Lol