Credit Card Center Advertiser Disclosure†
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.