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Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012

Re: VA loan Journey!!!

Thank You, Congrats on your Closing! I can not wait until I can post CLOSED!!!


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Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012

Re: VA loan Journey!!!

This is the most stressful journey!! My lender asked for last 12 months of rental history. So I am thinking ok, that's easy. First, my current landlord is deployed and I have not heard from her in a month but we have automatic payment setup through LES, so we gave that to LO but that only proves seven months of rental history. Then I contacted my previous landlord, she refuses to give me the rental history. She said we owe them a balance (which we never knew about) It has been almost a year since I rented from this company, they have our forwarding address, telephone numbers and email address. They NEVER contacted us to say we owe them!! I asked her to fax me proof of the charges. She did not respond. I am so frustrated right now!! So, our loan can be denied because we can not show proof of 5 months of rental history. 


Starting Score: 54101/12/2013>641
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Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012

Re: VA loan Journey!!!

Note to future VA mortgagees: 12 months of rental history is a must if your credit score is not above a 740. We received the rental history from previous landlord. Everything is back on track. Closing is pending upon the receipt of the POA from my hubby, which was mailed out on the 21st of july.


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basilatkinson
Posts: 19
Registered: ‎06-21-2012

Re: VA loan Journey!!!


basilatkinson wrote:

basilatkinson wrote:

basilatkinson wrote:

Hello All! I've noticed that there is little information on the process of buying through VA. So, I decided to share my journey.

 

My husband and I actually started a year ago. In March 2011, we decided to see if we qualified for a home. We were not keen on credit worthiness. So, we were denied and told to raise credit score and get a credit card. At the time my husband's credit was a 541. We got a $300 secured credit card from BOA and a military star card. We also paid off both of our cars. Well, since we were expecting a fourth child we had to get a SUV. So, we got a used truck. His credit score is currently 639.

 

A year later.... We got preapproved for a mortgage from New American Mortgage. Before we were preapproved, we had to pay the military star card down from 3000 to 1700. We also had to pay down the car loan from 20,000 to 19,000. We did that and received an approval letter. We found a new construction built by a local builder for 150,000. 4br 3ba 1872 sq Ft.... The loan amount is 153225 with the VA funding fee and the interest rate is 3.50%

 

Here is a time line of events:

 

  • June 10, 2012: received pre-approval
  • July 18, 2012: submitted offer
  • July 18: offer accepted; seller paying 4000 in closing cost, $500 in due diligence, and $900 credit for refrigerator.
  • July 19: Application submitted
  • July 21: received my GFE and other disclosures 
  • July 23: Loan went to underwriting:smileyindifferent:
  • July 25: Loan was approved with conditions.:womanlol: 
  • July 31: Received Appraisal
  • August 13: I just received power of attorney.  It took 25 days.
  • Aug 15 2012: Closing DAY!!!!!!!!:smileylol:

ESTIMATED CLOSING DATE: JULY 31, 2012

CONTRACT CLOSING DATE: AUGUST 17, 2012

ACTUAL CLOSING DATE: AUGUST 15, 2012

 

 

Also documents that LO asked for:

Bank statements for last 30 days. 

W-2's for 2011 and 2010

Statement of service

Power of attorney (husband is deployed) My husband had to send specific power of attorney to purchase the house.

tax returns for past three years

LES

Letter of Explanation for inquiries, lates from 2010, and 1 utilities collection from 2009.

Husband's reenlistment contract (since he recently reenlisted)

A year of Rental History

 

We also paid for the appraisal to get the ball rolling.

BTW, we used USAA Movers Advantage to find a realtor. Since we bank with them and used this service, we receive a $950 bonus!!!!

I also chose them as my homeowner's insurance.

 


 

 

 

Thanks for the prayers:smileywink:



 

 


Starting Score: 54101/12/2013>641
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Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012

Re: VA loan Journey!!!


basilatkinson wrote:

basilatkinson wrote:

basilatkinson wrote:

basilatkinson wrote:

Hello All! I've noticed that there is little information on the process of buying through VA. So, I decided to share my journey.

 

My husband and I actually started a year ago. In March 2011, we decided to see if we qualified for a home. We were not keen on credit worthiness. So, we were denied and told to raise credit score and get a credit card. At the time my husband's credit was a 541. We got a $300 secured credit card from BOA and a military star card. We also paid off both of our cars. Well, since we were expecting a fourth child we had to get a SUV. So, we got a used truck. His credit score is currently 639.

 

A year later.... We got preapproved for a mortgage from New American Mortgage. Before we were preapproved, we had to pay the military star card down from 3000 to 1700. We also had to pay down the car loan from 20,000 to 19,000. We did that and received an approval letter. We found a new construction built by a local builder for 150,000. 4br 3ba 1872 sq Ft.... The loan amount is 153225 with the VA funding fee and the interest rate is 3.50%

 

Here is a time line of events:

 

  • June 10, 2012: received pre-approval
  • July 18, 2012: submitted offer
  • July 18: offer accepted; seller paying 4000 in closing cost, $500 in due diligence, and $900 credit for refrigerator.
  • July 19: Application submitted
  • July 21: received my GFE and other disclosures 
  • July 23: Loan went to underwriting:smileyindifferent:
  • July 25: Loan was approved with conditions.:womanlol: 
  • July 31: Received Appraisal
  • August 13: I just received power of attorney.  It took 25 days.
  • Aug 15 2012: We closed!

ESTIMATED CLOSING DATE: JULY 31, 2012

CONTRACT CLOSING DATE: AUGUST 17, 2012

ACTUAL CLOSING DATE: AUGUST 15, 2012

 

 

Also documents that LO asked for:

Bank statements for last 30 days. 

W-2's for 2011 and 2010

Statement of service

Power of attorney (husband is deployed) My husband had to send specific power of attorney to purchase the house. It took almost a month for the POA to come in the mail.

tax returns for past three years

LES

Letter of Explanation for inquiries, lates from 2010, and 1 utilities collection from 2009.

Husband's reenlistment contract (since he recently reenlisted)

A year of Rental History

 

We also paid for the appraisal to get the ball rolling.

BTW, we used USAA Movers Advantage to find a realtor. Since we bank with them and used this service, we receive a $950 bonus!!!!

I also chose them as my homeowner's insurance.

 I received $500 from seller at closing

 

 


 

 

 

Thanks for the prayers:smileywink:



 I hope my journey helps someone! 

 


 


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Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012

Re: VA loan Journey!!!

[ Edited ]

Congrats on your mission!  Hope you are enjoying your new home.   A quick question, how much did they require you have in savings, or in your bank account for VA?  

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012

Re: VA loan Journey!!!

alos, wanted to ask about ernest money. Did you have to come up with much?

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012

Re: VA loan Journey!!!


jnkp2001 wrote:

Congrats on your mission!  Hope you are enjoying your new home.   A quick question, how much did they require you have in savings, or in your bank account for VA?  


Thanks, for the bank account requirements, they are looking for  big payments that are coming and going in you account. They are looking at if your account is always in the negative but a set amount in the account is not required. They will question big deposits. Good luck on your future journey!


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basilatkinson
Posts: 19
Registered: ‎06-21-2012

Re: VA loan Journey!!!

Thank you! You can decide how much you want to put towards earnest money. The amount does not matter. I put $500 towards earnest money but I could of put $100 or $300 that's your decision.  Good luck on you future journey!


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Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012

Re: VA loan Journey!!!

thanks for your response.  wasn't quite sure on the bank and earnest money thing as this is my first attempt at a VA loan.  I remember reading somewhere(maybe here), that banks want you to have a few months payments in reserve and 10% as ernest money.  But that might have been for conventional lending.  Once again, thanks for the info, and may you have many wonderful years of memories in your new home.

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!


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