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VA Underwriting problem----Please HELP!!!!

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creditgirl
Regular Contributor

VA Underwriting problem----Please HELP!!!!

Our loan is supposed to close on Friday but the VA underwriter has come back saying the VA won't back the loan because the home is in Alabama and my husband works contract in Louisiana (he has for the past 2 1/2 years). We do know that they will approve if he were overseas, but why not here in the states. He works 3 1/2 days in LA and is here the remainder of the time. What can we do, if anything at all?

FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
Message 1 of 6
5 REPLIES 5
creditgirl
Regular Contributor

Re: VA Underwriting problem----Please HELP!!!!

Bumping....I do have another question though.

 

Shouldn't I be able to satisfy occupancy requirements if I am here in AL permanently and my husband is in LA? Our LO says that it is up to the discretion of the lender. The underwriter asked for a letter from his job saying his work schedule and that it's okay for him to live out of town. I don't think his job cares where he lives! He has worked for them at a site where he drove 2.5 hours each way daily. They didn't care as long as he was there each day Smiley Happy.

 

Does this sound like one of those situations where we will get the letter and still have them say no?

FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
Message 2 of 6
creditgirl
Regular Contributor

Re: VA Underwriting problem----Please HELP!!!! (UPDATE)

Okay, I spoke with a gentleman at the VA loan regional office today and he gave me hope. He says he doesn't know who the underwriter spoke to (if anyone at all) but their information is incorrect. He directed me to the Lender's Handbook and showed me the exact page and paragraphy whereit states I can satisfy occupancy for my husband especially since he's here almost half the week and holidays and vacations, etc. He gave me his direct line and name for the underwriter to call. My LO is calling to give them that information. It just doesn't make sense that they will fund a loan for a person doing contract work overseas (who doesn't get home for months at a time) and not someone doing contract work in the US who is home weekly. I'm baffled that this is even an issue...

 

I am hoping they won't get aggravated and turn the file down based on this. LO does have another lender as backup but we have to get statements from his job which will make us miss our closing on tomorrow. Please send prayers/well wishes our way.

 

Thanks!

FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
Message 3 of 6
guiness56
Epic Contributor

Re: VA Underwriting problem----Please HELP!!!! (UPDATE)

It seems kinda silly to me not to approve a loan because you live out of state.  What about all the people that buy summer homes out of state?

Message 4 of 6
creditgirl
Regular Contributor

Re: VA Underwriting problem----Please HELP!!!! (UPDATE)

 

Hey,

VA specifically states they won't guarantee summer homes Smiley Happy.  It seems that the crisis has been averted and we are scheduled to close at 2:00 p.m. tomorrow!!! Glad I did the legwork and got the name and number of a person at the VA loan center for them to speak to!!!

 

Will post back tomorrow once I actually have KEYS!!!

 


@guiness56 wrote:

It seems kinda silly to me not to approve a loan because you live out of state.  What about all the people that buy summer homes out of state?


 

FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
Message 5 of 6
guiness56
Epic Contributor

Re: VA Underwriting problem----Please HELP!!!! (UPDATE)

Message 6 of 6
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