Hi everyone! first time homebuyer worries would like some advice

[Anonymous]

Hey all, I was just curious if anyone had any experience with this or words of wisdom to my situation.  I am going through a VA home loan, was pre-approved and put down earnest money of 2,000.00 (one thousand was gifted and I put in the documentation). Appraisal went well with no conditions, and called LO to ask how everything was looking. He said the underwriter was concerned about my "4 month gap in employment" and he was worried about it also.  I wrote a letter explaining I was recently honorably discharged, and have had steady employment after the gap. I also noted I took care of my father and grandmother who both passed away which I then moved on with my career and life.

So I guess my question is,

Everything went ok so far besides the letter in regards to the unemployment. I have not heard anything for 2 days, and I dont know what to think. Im a nervous wreck!

I only have enough in my account to cover enough payments in advance for a month and a half,  Credit Scores were 700 - 708 and 718,  and my DTI front 28%  back 35%.

My account had one ISF, due to my money being deposited a day late and I have been down to a 1.00 in my account at times but never overdrafted since.

I have one Cable Service on my Credit report (recently, 3 months ago) but was paid off in full once a letter was sent.

I havent been asked about anything besides the employment history? Should I be ok? Or do I need to expect for the worst or what? thanks guys

[MovingForward_2012]

I don't have an answer to your question because every underwriter is different. But your LOE has a good explanation and if I were the underwriter, I would give it due consideration.

The only concern I have is the low amount in your bank account. Did the associated bank statements get sent to the UW? Do you have a good amount of cash reserves in savings and it was just checking that had $1.00 in it? Do you know if you have a requirement for minimum reserves?

[Anonymous]

I have no real savings in my savings account. I used the money to pay off all my debt when i got it....as of right now I am in savings mode again back up to about 900.  VA does not require a reserve, and no one has said anything about one...I'm just trying to cover my bases. I'll have about 2 months worth of mortgage payments in savings once closing hits if I get there

[Anonymous]

and yes, UW has all my bank statements. has had them for about a week now. Only mentioned the gap in employment

[MovingForward_2012]

I wouldn't worry. Your explanation is very good and makes perfect sense. You'll probably hear back from the UW on Mon or Tues. After you satisfy all of the conditions, it has to go back to the UW for final approval, which usually takes 48 hours, sometimes longer depending on who is in front of you. The UW may come back with a condition for you to have some amount of reserves at closing, so keep saving diligently to meet your goal.