SO I applied

[Anonymous]

After much discussion with the fiance, we decided for me to go VA alone without his (without waiting for the wedding in Oct) help. To see if we can get it done before the end of the tax credit.

I put in my application with navy fed. My LO (can't believe I have one now!) doesn't sound too enthused about talking to me.   But she sent the docs to me (holy cow is that alot of paperwork!) and asked me to put in a letter of explanation for the derogs, of which I have.

I was surprised to see my TU score so high.  I'm angry that doing the HIPPA process on the one med collection I had owed $ to, ending up being updated as PAID by the CA. (Time for the 2nd letter I guess)

I had prequal'd for $185,000.  I don't know if I should be happy or scared. If I didn't have a chance, would she have sent the docs to me?

I understand there is some kind of credit review board, is that the same as underwriting? or something different?

[nathan]

I don't want to sound discouraging, but your scores may not be too good for penfed. Before i applied for my mortgage two weeks ago, I called penfed and usaa to inquire about their minimum score for a Va loan. Penfed said they needed atleast 680 middle score, and usaa said 620 is acceptable. My scores are excellent, but I just wanted to know in case we need to use dw income to qualify for the amount we wanted. I chose to go with usaa because dw mid score was only 650. If you are not approved by penfed, the main reason may be your scores. I hope all goes well and good luck.

[Anonymous]

---

@nathan wrote:
I don't want to sound discouraging, but your scores may not be too good for penfed.

---

OP stated that navy fed is the CU that is being used. Not penfed.

[nathan]

Oops, I did not pay attention to detail. With those score op should be careful or risk losing the $250 application fee if not approved. Usaa only charges $50.

[SonorityGenius]

If your LO is not "enthused" in talking with you - get another one.

Shopping around for  a good VA lender is well worth it, there's plenty of them and ratesheets WILL vary depending on the scale of the institution (fees too!)

[Anonymous]

I just applied with Navy Federal and all they charge me was $15 for the credit report. I believe they charge the $250 after the application has been approved. I guess the $250 charge is there in case you back out of the loan process after it has been initiated. At least that is what I read in the disclaimer statement.

[Anonymous]

Hi I wanted to see if you were approved for your loan? My husband just applied for a VA loan with scores in teh low 600 but with a LARGE down payment. I would think they would not send it to the credit review board if it wouldn't be approved right??