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Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012
0

VA loan Journey!!!

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:smileyindifferent:

ESTIMATED CLOSING DATE: JULY 31, 2012

 

I am currently waiting for an APPROVAL for the loan!!:smileyhappy:

 

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

LES

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

Husband's reenlistment contract (since he recently reenlisted)

Landlord's information

 

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!!

 


Starting Score: 54101/12/2013>641
Current Score: 671
Goal Score: 700


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Regular Contributor
jules0580
Posts: 155
Registered: ‎05-13-2012
0

Re: VA loan Journey!!!

Good Luck, prayers coming and fingers crossed!

Contributor
vlaw1084
Posts: 85
Registered: ‎04-09-2012
0

Re: VA loan Journey!!!

Sending out Prayers to you!!!   Just completed out VA journey and it was an experience we will never forget. Everything came toether and now we are in our new home!  YOU WILL HAVE THE SAME SUCCESS!!!!

Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012
0

Re: VA loan Journey!!!


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. 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:smileyindifferent:
  • July 25: Loan was approved with conditions.:womanlol:  Awaiting appraisal

ESTIMATED CLOSING DATE: JULY 31, 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)

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)

Landlord's information

 

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!!

 


YAY! We are APPROVED!! One condition is the appraisal!!!

 

 

Thanks for the prayers:smileywink:


Starting Score: 54101/12/2013>641
Current Score: 671
Goal Score: 700


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Frequent Contributor
birjest
Posts: 351
Registered: ‎09-23-2011
0

Re: VA loan Journey!!!

CONGRATS!!!! I am so happy for you.  I am waiting to close next month....

11/15/13 EX 685(MY FICO) EQ 657(MY FICO) TU 659 (MY FICO).
Contributor
MissKay
Posts: 111
Registered: ‎02-05-2012
0

Re: VA loan Journey!!!

I am just starting this process. You make it seem so easy lol I will post here also! Good Luck!

Starting Score: 595 2/5/12
Current Score: 650 midscore lender pull 7/24/12
Goal Score: 640

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New Visitor
Doglvrs
Posts: 1
Registered: ‎07-27-2012
0

Re: VA loan Journey!!!

Congratulations on your approval and new home!! :smileyhappy: I was wondering if others who've used the Va loan recently, could share some advice. My husband and I are expecting our first child in late November and are trying to buy our first home before he comes. Our mids are 648 and 631 (lender pulled) we have paid off all old collections and debt and paid our CC's down to 5% utilization. Our only remaining debts are my student loans (good standing) and one car loan ($6000 left on loan). My concern is that I have 2 30 day lates on my car loan, Dec. 11 and March 12. The loan is only in my name and the lo didn't seem to be concerned about it but with my due date 3 months away I'm extremely nervous about something going wrong at the last minute. Could anyone share their thoughts on our chances of getting through underwriting? I've already tried gw letter without success. Thank you!
Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012
0

Re: VA loan Journey!!!


Doglvrs wrote:
Congratulations on your approval and new home!! :smileyhappy: I was wondering if others who've used the Va loan recently, could share some advice. My husband and I are expecting our first child in late November and are trying to buy our first home before he comes. Our mids are 648 and 631 (lender pulled) we have paid off all old collections and debt and paid our CC's down to 5% utilization. Our only remaining debts are my student loans (good standing) and one car loan ($6000 left on loan). My concern is that I have 2 30 day lates on my car loan, Dec. 11 and March 12. The loan is only in my name and the lo didn't seem to be concerned about it but with my due date 3 months away I'm extremely nervous about something going wrong at the last minute. Could anyone share their thoughts on our chances of getting through underwriting? I've already tried gw letter without success. Thank you!

Hello Doglvrs, THANKS!!

 

Congrats on the pregnancy!! MY OPINION!! , the late payments will be a little tough. You will have to explain why were you late and show how you are fixing the problem. Can you set up autopay from your LES? That's what we do with our main bills to make sure they are paid on time. It will look better if they see that you set up auto pay. You never know until you try. I don't think you would have a problem. Just have all the documents in order so everything can go fast and smooth.  I would say go for it!! I wish you and your family the best in all your endeavors!! 


Starting Score: 54101/12/2013>641
Current Score: 671
Goal Score: 700


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Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012
0

Re: VA loan Journey!!!


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. 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:smileyindifferent:
  • July 25: Loan was approved with conditions.:womanlol:  Awaiting appraisal
  • waiting for Specific power attorney my husband sent. He sent it 12 days ago and it has not reached me yet!!!

ESTIMATED CLOSING DATE: JULY 31, 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)

Landlord's information UPDATE: On July 27, 2012, they tried to contact the landlord but she is deployed. So, I had to show proof of last 12 months of rent. I gave them copies of my husband's LES because we set up an allotment for rent.

 

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!!

 


YAY! We are APPROVED!! One condition is the appraisal!!!

 

 

Thanks for the prayers:smileywink:


Thanks Everyone!!! My realtor's little brother was tragically killed in Afghanistan. Please everyone pray for Ms. Kelly and their family.


Starting Score: 54101/12/2013>641
Current Score: 671
Goal Score: 700


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Established Member
basilatkinson
Posts: 19
Registered: ‎06-21-2012
0

Re: VA loan Journey!!!


MissKay wrote:
I am just starting this process. You make it seem so easy lol I will post here also! Good Luck!


Good Luck to you too!! I think this process tried my patience!! Just keep busy so the anticipation does not get to you!!


Starting Score: 54101/12/2013>641
Current Score: 671
Goal Score: 700


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