Reply
Established Member
maniacmcgoo
Posts: 13
Registered: ‎05-20-2013
0

Re: My home buying journey 07/01 update

[ Edited ]

Last month my Mortgage broker ran my report and told me i needed to repair my credit to get a loan. Spent the last month calling CAs and paying off old debt. Got a call from my broker this afternoon and was told that he reran my report as agreed and that i was now pre-approved for a VA home loan and that i should receive my pre-approval letter shortly. Apparently he also called my realtor and informed her of the news because as soon as i walked out of work this afternoon she called and wanted to schedule a time to see some places.

 

I've gotta say reading all these forums has been a huge help and hopefully i'll be able to find a place i like and can clear underwriting without too many issues.

 

I plan to keep this updated with the rest of my home search.

Frequent Contributor
swtneka
Posts: 486
Registered: ‎02-14-2013
0

Re: Finally Pre-approved! VA Home Loan

How wonderful! Gl wit the process

Established Member
maniacmcgoo
Posts: 13
Registered: ‎05-20-2013
0

Re: Finally Pre-approved! VA Home Loan Updated

So i got my pre-approval letter and went with my agent to check out some houses yesterday. Told my agent that i liked one of the places and would like to put a bid in. Got an email this morning telling me that i need my preapproval to go through underwriting before i can put a bid in. WTH!?!?! Why?

 

I'll repeat that for emphasis. I HAVE TO GO THROUGH UNDERWRITING BEFORE I CAN EVEN BID ON A HOUSE.

 

That sounds so far beyond stupid.... /headdesk

Established Member
Jasbrek
Posts: 18
Registered: ‎01-10-2013
0

Re: Finally Pre-approved! VA Home Loan Updated

Email from the lender or the real estate agent? If its the real estate agent, find a new one, if its the lender then I would ask why would they have not of done this already if it is required to make a bid. I am using VU right now and I didn't have to go through underwriting before I could bid on a house. I got my CTC today but I don't close for another 32 days. FWIW I am working with another lender who has better rates right now, but I will keep the CTC from VU in my back pocket until I no longer need it.
Established Member
fabadvice
Posts: 76
Registered: ‎08-11-2010
0

Re: Finally Pre-approved! VA Home Loan Updated

I agree with jasbrek. Who gave you that information? 

Valued Contributor
nicholasyud
Posts: 1,737
Registered: ‎08-13-2012
0

Re: Finally Pre-approved! VA Home Loan Updated

So you basically just need a pre-qualification letter to bid on the house right ?????


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Established Member
maniacmcgoo
Posts: 13
Registered: ‎05-20-2013
0

Re: Finally Pre-approved! VA Home Loan Updated

My lender and agent both said that. I'm very confused but there's not much I can do. With the market the way it is in Northern Virginia you don't get much time to sort this stuff out.

Regular Contributor
Hoya08
Posts: 125
Registered: ‎06-05-2013
0

Re: Finally Pre-approved! VA Home Loan Updated

Sounds like you received a pre-qualification instead of a pre-approval.

 

And yes, homes in NOVA are going quick nowadays.

Regular Contributor
Hoya08
Posts: 125
Registered: ‎06-05-2013
0

Re: Finally Pre-approved! VA Home Loan Updated


nicholasyud wrote:

So you basically just need a pre-qualification letter to bid on the house right ?????


You can bid on a home without a pre-qualification or pre-approval.  However, if your agent allows you to proceed, you enter contract, and then cannot secure financing, you may lose your earnest/deposit money.

Established Member
maniacmcgoo
Posts: 13
Registered: ‎05-20-2013
0

Re: Finally Pre-approved! VA Home Loan Updated

According to the letter i have in hand and the credit pulls showing on my report its not a prequalification but a preapproval. So im still a bit lost by this but if thats whatbi have to do then thats what i have to do

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}