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Established Member
ujocka
Posts: 27
Registered: ‎09-02-2007

USAA rules (Once again!!)

[ Edited ]
My wife and I were just approved for 100% financing (80/20 fixed P&I) on our new home under contract for $464K.....with no docs!!!!!! This was not a pre-approval, this was the application approval. They used our credit history (her mid 665, my mid 698) and my great standing with them to make the underwriting decision. I didnt have to submit anything, no W-2's, no income statements, not even a rental income contract for my rental property! They are the bomb!!


Message Edited by ujocka on 10-09-2007 01:32 PM
Too many good docs are getting out of the business. Too many OB-GYNs aren't able to practice their love with women all across this country." --President George W. Bush
Super Contributor
ShanetheMortgageMan
Posts: 7,791
Registered: ‎09-28-2007

Re: USAA rules (Once again!!)

Established Member
ujocka
Posts: 27
Registered: ‎09-02-2007

Re: USAA rules (Once again!!)

With the scores we have I am still quite surprised that  it went through no docs. We were fully prepared to disclose everything. We locked in @ 6.75% (80) and 8.75% (20).  
Too many good docs are getting out of the business. Too many OB-GYNs aren't able to practice their love with women all across this country." --President George W. Bush

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