@Anonymous wrote:
We ended up not getting approved through underwriting for the Military Choice no money down loan.
@Anonymous did get approved for a VA Jumbo Loan @3.5%, for 500,000 with a $19,875 down payment to cover 25% of the amount over the loan guarantee limit.
It is really a much better deal for us. It is good until 30 October and we won't close at the earliest until January.
We are ready once the lot is announced ready for offers!
Our dream home is a reality. Next step is to continue improving credit until closing and find the $19,875 plus closing costs. They want to see $47,480.59 in verified assets to close. I hope our TSPs suffice for that.
Congrats!
Did they say why the want so much in reserves?
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
