10-24-2012 06:22 PM
This thread has been so helpful. I have been working on my credit trying to get in shape to get a VA loan and there are several things mentioned here that I had not taken into consideration (i.e. overdrafts on bank statements, explaning negative items in credit report, etc...). My focus has just been trying to get to 620, which may/may not get me preapproved. When you guys provided your tax returns, did you provide state and federal or just federal?
10-24-2012 06:26 PM
Both. I had to show the returns and the W2s. I justhad a son and thought they wanted him too by the end lol
10-26-2012 03:40 PM
So my journey is done. I have the keys and I am officially a homeowner. Closing would have been less than an hour but it took nearly 2 hours fo veterans united to wire the money because of time zone differences. I am on east coast and they are in Missouri. I recommend scheduling closing after 11. Mines was at 10.
Anyway, good luck future homeowners. I will still. E around so reply with any questions and I will help as much as possible
10-26-2012 03:49 PM
Congrats on your new home!
10-26-2012 03:59 PM
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. W 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 1812 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
ESTIMATED CLOSING DATE: JULY 31, 2012
I am currently waiting for an APPROVAL for the loan!!
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)
tax returns for past three years
Letter of Explanation for inquiries, lates from 2010, and 1 utilities collection from 2009.
Husband's reenlistment contract (since he recently reenlisted)
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.
Pray that everything goes smooth!!
first of all, let me say a Big Congrats!!! Did it really take 3 and a half months from statrt to finish?
10-26-2012 04:56 PM
Not sure about basilatkinson, but mine took 2 1/2 months because of my tax issue
10-28-2012 03:29 PM
Thanks! Well it took 3 1/2 months because my husband was deployed and we needed the specific power of attorney and that took one month to get from Afghanistan. It took me about 1 1/2 months to find THE perfect home. So, I would suggest to expect the whole process to take one to five months, depending on the inspection appraisal and special situations. I keep copies of all my tax returns so that was not a problem for me. But if you use our experience and prepare yourself it should not take that long. I have been in my lovely home for 3 1/2 months now and I love it. The one thing I noticed are little issues we didn't see during the walk thru. Since my home is new I have a year warranty, so I notate everything that is wrong and three months before the warranty is up I will tell them to fix all of the issues. Good Luck to everyone and their VA journey. Keep this thread going so we can help our fellow soldiers and vets.