MY VA Mortgage Journey with NFCU

[Legal_Girl]

Inspection was done on Monday with a few things I want fixed.  House built in 2005, but even 9 year old houses that seem in perfect condition can have some issues. I will be asking for all of the issues to be fixed.  Haven't requested the repairs yet as my agent said in order to send we need the WDO..That was received this afternoon.

The VA appraisal was finally done yesterday and then this afternoon, NFCU sent me a copy of the appraisal and the VA form regarding the appraisal.  It appraised for a few thousand more than I am purchasing it for, so that's a good thing.

I am thinking I will hear from NFCU this coming week and assume I will be told to get the Homeowners Insurance.  Am I probably correct on that assumption??? 

I would think once I have the proper insurance, they will set up closing within a few days???

What will I be given by the seller to show that the inspection issues were repaired by the proper entity, such as electrical issue corrected/repaired by Electrician??

The only document I have had to supply to NFCU has been 1 paystub.  That is impressive.

Hopefully, I will be closing in about a week or so...

thanks for 'listening' and of course comments are always welcome.

[TheGardner]

May want to contact your LO. Have you heard from the processor yet? They will likely now start asking for conditions LOE if needed, Bank statements,  Employers information,  landlord etc.

have you locked your rate? Locking is not the same as what you were quoted at preapproval it can vary until locked.

After everything is turned in your processor will turn the packet over to the review team then it will go to the credit team (possibly) then finally to the closing team.

All required repairs will/should be built into the contract by amendment stating they must furnish you with a receipt for repairs. It is a good idea to send an electrician out to the house for a quote/ electrical inspection. Then require the HO use them for the repairs.

Good Luck!

[TheGardner]

I forgot to mention yes, make sure you get insurance they do require that to continue. When are you supposed to close (stated in contract)? Have insurance start that day if the sale falls through you can cancel.

They also need the updated contract with amendments (required repairs).

[Legal_Girl]

Thank you for your response.  I locked in my rate on the day NFCU received the contract.  It was locked in at 4%. The only doc they needed from me (other than the disclosures I signed) was just 1 paystub (I am paid the last day of the month).  I don't need any LOEs, thankfully. NFCU knows my assets since I bank there. I have a LO and processor.  I have been told there would be no reason for the loan not to go thru as long as appraisal was good and thankfully, it was.  So as far as I remember from purchasing a home 11 years ago, I think I am just waiting for them to tell me it is time to get insurance.. I think!!!  Happy 4th of July......... And thank you very much for your help.

[StartingOver10]

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@Legal_Girl wrote:

Thank you for your response.  I locked in my rate on the day NFCU received the contract.  It was locked in at 4%. The only doc they needed from me (other than the disclosures I signed) was just 1 paystub (I am paid the last day of the month).  I don't need any LOEs, thankfully. NFCU knows my assets since I bank there. I have a LO and processor.  I have been told there would be no reason for the loan not to go thru as long as appraisal was good and thankfully, it was.  So as far as I remember from purchasing a home 11 years ago, I think I am just waiting for them to tell me it is time to get insurance.. I think!!!  Happy 4th of July......... And thank you very much for your help.

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Normally you have to supply tax returns (2 years), bank statements (they can't access yours without specific permission), W-2's, etc.

Sounds like you haven't been contacted by the processor yet.

The loan process is very different than it was 11 years ago. Although NFCU is easy to work with, they too need tons of documentation to complete the loan process since the mortgage meltdown of 2008. The documents are required in order for a VA loan to meet certain federal requirements.

Also when you have repairs completed by the seller, if the repairs are completed prior to the appraisal and are not an appraisal issue, then the inspector you had would go back to reinspect those specific items. For repairs that are needed by someone from a skilled trade (electrical, plumbing etc) then the receipt and the re-inspection will work.  If the repairs are not completed prior to the appraisal and the appraiser has listed those repairs on the appraisal report, then the appraiser will also need to see that the repairs are completed so he can notate it in his report. It will be a condition of the loan. So it is better to get it all done before the appraiser goes initially so it doesn't end up on his report.

[TheGardner]

In your E lending portal did you fill out the tax forms? There should be several forms that require completed.

I would call your loan processor. I'm not sure if it is as easy as they led you to believe.

I also didn't need much on initial approval But that quickly changed.

[Legal_Girl]

Before I applied, I had my last 2 years tax returns, 2 months of paystubs, my award letter from the VA (for my husbands death from service connected disease),bank statements from Navy Federal and another credit union I have an account at.  Instead of supplying them with the tax returns, the processors are including forms for you to sign for the IRS.  NFCU gets what they need from them, along with verification from SS that I am who I say I am.  I have spoken to my loan officer and processor many times.  I did not have to supply my bank statements for NFCU because they of course have them.  I did not have to supply my bank statements from the other Credit union because I had more than enough assets in NFCU and I did not have to supply my VA award letter because my income is more than enough to approve me for the loan.  So I have supplied everything they need, just some of those things were just my signing my name to the documents in the disclosure packet. So I think all that is left at this point once the corrections/repairs are made, is for me to get insurance and them get date for closing???? I probably should have mentioned all of this in the first place.  I apologize. I appreciate everyone's input...Happy 4th and be safe.

[TheGardner]

Suprised they haven't taken your VA form as I think it is required regardless of funds if using your VA benefit. In either case, you have it if required so no issue.

When are you required to close under the contract I'm sure that's when NFCU is anticipating to close, in my experience the process moves as fast or slow as the contract requires.

Good luck!