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Contributor
MissKay
Posts: 111
Registered: ‎02-05-2012

Re: VA loan Journey!!!

I have found my home now and I'm starting the process. 

Received my preapproval letter on 8/14 and found my dream home on 8/18.  Negotiated the price and agreed on an amount on 8/20. Signed contracts today on 8/21. I had to send my LO all of my bank statements, w2s etc prior topre approval, so I'm hoping closing goes smooth. Fingers crossed. I have not been required to have big reserves or anything. I did have to do a $1000 good faith payment that I will get back because the house is completely renovated and had only been on the market 9 days. Plus I got a great price. I will keep you guys posted ona inspections etc. fingers crossed


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

Re: VA loan Journey!!!


jnkp2001 wrote:

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


Thanks, When I submitted the offer, I put $400 towards due diligence and $100 earnest money. The seller came back with $500 due diligence and $0 earnest money. I think the amount is up to you. My realtor asked me how much do I want to put towards each. Good luck on your future journey!


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

Re: VA loan Journey!!!


MissKay wrote:

I have found my home now and I'm starting the process. 

Received my preapproval letter on 8/14 and found my dream home on 8/18.  Negotiated the price and agreed on an amount on 8/20. Signed contracts today on 8/21. I had to send my LO all of my bank statements, w2s etc prior topre approval, so I'm hoping closing goes smooth. Fingers crossed. I have not been required to have big reserves or anything. I did have to do a $1000 good faith payment that I will get back because the house is completely renovated and had only been on the market 9 days. Plus I got a great price. I will keep you guys posted ona inspections etc. fingers crossed


Congrats on the new journey! Keep us posted!

 

 





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MissKay
Posts: 111
Registered: ‎02-05-2012

Re: VA loan Journey!!!

The mortgage company (veterans united) has received the contract and my paperwork now goes to theprocessing department. Inspection is scheduled for September 1st. On pins and needles for asmooth transition. 


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MissKay
Posts: 111
Registered: ‎02-05-2012

Re: VA loan Journey!!!

Just more updates for whoever may need this post one day. Received an email today that they have accepted the contract. They sent an updated GFE and a paper that I had to fax back stating I received the new GFE. It is still subject to change, but it gives me a good estimate of what my monthly payments will be snarly $100 less than I pay for rent). So the journey continues. 


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MissKay
Posts: 111
Registered: ‎02-05-2012

Re: VA loan Journey!!!

Had the inspection thisweekend. There are termites, a rotted tree in the front yard and some electrical issues that need to be repaired. We are heading back to the seller to make sure everything is done. I'm sure this willpush my estimated closing date back. We won't even do the VA appraisal until all of these issues are taken care of. The journey continues  


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MissKay
Posts: 111
Registered: ‎02-05-2012

Re: VA loan Journey!!!

Loan officer has me nervous. I had overdrafts on my acct in August while I was on maternity leave and waiting for my disability check. He is worried underwriting may deny me because of this. 

On the plus side, buyer is fixing everything we listed.  oh and something I didn't know, a full yearoof homeowners insurance has to be paid at time of closing. Now have to factor another $800 in my budget. 


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Regular Contributor
sbeasl11
Posts: 122
Registered: ‎07-23-2012

Re: VA loan Journey!!!

Any updates to report? I appreciate this thread & hope to be writing a similar one by end of next year :smileyhappy:

Contributor
MissKay
Posts: 111
Registered: ‎02-05-2012

Re: VA loan Journey!!!

Sorry I haven't updated in a while.  Still going through the journey.  A few issues that were my fault and also the fault of my loan officer. One week before my scheduled closing of 9/28, my loan officer said my transcripts for 2010 tax returns were not there.  Called IRS and they said they never got them.---- A little back story: While rehabbing my student loans, I did not do my tax returns.  I barely get anything, but still wanted to wait.  So I did my returns this year and when I didnt get the $200 that was due, I assumed they still took it for my student loans.  In the interim I had a baby and didn't really think much of it.  I received my State Refund and mailed both of those forms at the same time.---OK, back to now.  I went to my local IRS office and hand delivered my returns.  I was told it would take 6-8 weeks to complete.  I gave up at that point and figured God must not mean for me to get this house at this time.  The next day, my realtor called and said the seller was willing to extend the settlement until Oct 31st.  My returns were completed last week and my LO received my transcripts this week.  Friday I sent him my most recent bank statements and he said that was the last thing he needed.  Closing is scheduled for Oct 26th at 10am.  Fingers crossed.  Hope to hear a clear to close some time early this week.

My experience with Veterans United is love/hate.  If my LO was reviewing my paperwork like he was supposed to, he would have noticed the tax return issue earlier and we could have worked on it.  My lease is up Oct 31st, so I'm praying I will be moving into my new house next weekend. 

To make matters worse, I am breast feeding so I can't have the much needed drinks that would help me keep my sanity lol

I will keep you guys posted.


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Contributor
MissKay
Posts: 111
Registered: ‎02-05-2012

Re: VA loan Journey!!!

So the roller coaster of this week. Monday LO said the foundation inspectionscone by seller was incomplete and they need to get it done ASAP. Tuesday sellers realtor says it doesn't look good because there's a problem with finding permits for my extension and garage conversion. Wednesday morning, permits found and certificate of occupancy granted. Wednesday afternoon send credit card statements because HSBC took over fororchard and they want to make sure it's the same acct. Wednesday at 7:45pm I got my clear to close. Did I say my loan officer was getting on my nerves?? Well I take it all back. I LOVE him lol. Final figures tomorrow and closing Friday. 

I will let you know how closing goes. 

Hope this helps someone someday. 


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