New First Time Buyer VA Loan

[Anonymous]

Long time viewer first time poster.

So we started the process for a VA Loan we got pre-qualified with usaa we were also pre-qualified with veterans united.

USAA gave us a letter so we can look and enter offers. Veterans United asked for a bunch of documents before they would allow us to submit offers. Does that make any sense?

Anyone have any VA lenders they could recommend in the atlanta area?

We Also found a house and submitted an offer last night.

Basically I am trying to learn how this all works i read lots of stories on here about different lenders.

Anyone can educate me more on the process?

[Anonymous]

Basically you were pre-qualified with USAA but Veteran's United is trying to get you pre-approved. Pre-approval means they will take actual documents rather than just a few paycheck stubs. They are verifying income and debt and credit first. It makes things a little easier when you make an offer because the seller will feel you are a serious buyer and you loan is more likely to go through. From this point, since you have already made an offer, if the seller accepts it, you go under contract for the house. The seller's agent opens escrow and you will likely need to deposit earnest money. After that, your real estate agent, the seller's real estate agent, the loan officer and the escrow company will be working together. The loan officer will put your file together, ask you for additional documents and contacts. They want to make the file look as strong as possible so that when it goes into underwriting, the UW doesn't kick it back or deny the loan. Just do your best to get all docs in quickly that they ask for. That's really your biggest job. If you meet the qualifications of the loan package and the lender, the the UW will issue the approval with conditions or a Clear to Close, which means all conditions have been met and the lender can fund the loan. More than likely it will be a conditional approval because appraisal, clear title, etc need to come in first before clearning the lender to fund the loan.

[Anonymous]

Thanks for the good information I guess i am just nervous hate to be denied.

[edcampbell613]

I was shocked on how higher the rates were with USAA, I also got a price qute from Veterans United and iFreedom, they alll claim to be VA friendly, but the rates and fees were not.

[Anonymous]

@edcampbell613 who did you end up using?

[edcampbell613]

Sent you a PM

[Wovenyarn]

I just closed on a house through Veterans United. They did ask for a ton of documents upfront but I"m glad that they did.  It gave my LO a clearer picture of where I stood and what I would be approved for.  As soon as he received the documents, he sent me the Pre-approval email.  I would have hated to put in a contract and then find out later that I wasn't approved.  (well that actually happened but it was a lower amount due to my child support that he probably couldn't forsee...long story).

Anywho...that's my .02

[Anonymous]

We got quotes from NFCU and Quicken. NFCU seemed fee heavy to us and we weren't overly impressed by the service we received from Quicken. We ended up using Guild Mortgage. They weren't much cheaper but they were the builder's preferred lender so we had all our closing costs paid. Also, if you're service connected the VA funding fee is waived. My husband was still AD when we bought in February but he just received his rating so I'm in the processing of requesting a refund of our funding fee. 

Our process was smooth and I really like the online access we have with Guild. We also receive monthly statements for our escrow account and it's been easy to make changes. Everyone's experience is different so YMMV. Best of luck with whatever you decide.

[Anonymous]

Just closed on my house with bbmc mortgage. Besides a few hiccups, the process went smoothly. I originally was going to go through veterans United, but decided against them after reading reviews.

[Anonymous]

Well our offer was accepted so i guess the next step is approval I assuming