Ok, closed today (yea!!!!!) but wanted to detail my journey in the event any other veterans out there have similar questions/situation. I learned alot through these boards and want to pass on my loan process.
Started knowing I had to qualify for two houses as I wanted to purchase before buying new. Did not have to worry about reserves (not renting) as bank only cared about DTI.
Navy Federal: Initially got prequaled by calling their number. Could never get the loan officer to call me back. Loan officer didn't call me back until 3 weeks later and by then I was with another lender. Long time member of NFCU and absolutely love them. This time they just fell short for me. They were at 3.25, 1% origination and $1500 credit for closing.
Veterans United: Loan officer was quick to action. Still no problem with the two houses however their interest rate was .5 higher than NFCU with origination fee. Also, they wouldn't provide a GFE in timely manner. I've read good and bad reviews about them. The LO actually understood why I didn't go with them and was honest that they could not match the deal I was getting from the another bank.
National Bank of Kansas City (NKBC). As I began to question VU I found NKBC via Zillow. 5 seconds after filling out online form a LO was calling me. They communicated well, matched NFCU interest rate and had zero origination fee. Good communication, no issues with DTI and second house and no reserves required.
Income: Employed 22 years same employer and wife had just retired with local government pension. Was worried about that but no issues with retirement letter and pay stubs. FYI middle score of 723 at time of application. Deposits fully seasoned and no new credit apps 6 months prior.
Tax transcripts: What a pain. Had tax fraud this year with wife ssn so transcripts not available online. Was able to get them faxed directly from IRS as long as I was standing at the fax machine when they came in. Also, was able to the transcripts mailed via the identity protection unit. If you need to call them, call early as you will be on hold.
Lessons learned: Follow these boards, listen and have all your documentation ready. I was able to clear underwriting without any additional docs or issues because of this site. You can win an adjustment to VA appraisal. Our appraisal came in a little low and sellers provided information to dispute which resulted in increase of appraisal. Shop around for loan even if its a VA loan. In my situation this saved me THOUSANDS of dollars in interest and closing costs. Demand GFE's to fully compare the cost of the loan.
Thanks to all of those that post on these boards...now I'm going to get good and drunk to celebrate!!!!!
•º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º•GREAT INFORMATION•º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º•
