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Re: My home buying journey 07/01 update

Established Member

Re: My home buying journey 07/01 update

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.

Message 1 of 17
16 REPLIES
Frequent Contributor

Re: Finally Pre-approved! VA Home Loan

How wonderful! Gl wit the process

Message 2 of 17
Established Member

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

Message 3 of 17
Established Member

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.
Message 4 of 17
Established Member

Re: Finally Pre-approved! VA Home Loan Updated

I agree with jasbrek. Who gave you that information? 

Message 5 of 17
Valued Contributor

Re: Finally Pre-approved! VA Home Loan Updated

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


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Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
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Message 6 of 17
Established Member

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.

Message 7 of 17
Regular Contributor

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.

Message 8 of 17
Regular Contributor

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.

Message 9 of 17
Established Member

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
Message 10 of 17