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I'm in the same situation. From what I've gathered you just have to wait for the approval to come back from the UW. After that I think it's pretty much a done deal then you get the keys at closing. We're hoping to hear back from UW tomorrow. Good Luck!
How long have you been waiting??
I'm waiting for the UW decision either today or Monday. We are doing VA loan as well. The process has been pretty smooth for us. Your credit score is good, I wouldn't worry about that. However, I continued to work on my credit after I was lock in to an interest rate and my credit score is up 50 points since then, and my LO just did a rapid rescore and I'm waiting the results for that today as well, to get my interest rate even lower. I think the most frustrating part for me, was all the paperwork they ask for prior to sending your file to the UW that the LO never ask for. You would think if the UW is in house they would be on the same page as far as paperwork that is required so you not jumping through hoops right before your scheduled closing. But you are fine! Congrats!
ineedadvise,
What bank/lender are you going through?
Hox
@ineedadvise wrote:
Aren't VA rates not contingent on scores??? I am still working on our scores....we'll probably be on the way up for a while (guess that's what happens when you end up down so far) How long have you been waiting?
VA rates are contingent of scores. You will still get great interest rates with low scores that you wouldn't dare get or even qualify with conventional loans because the loans are back by the government with no risk to the bank. However, you will get better interest rates with better scores even with VA. I lock in with a 5.375% with a 603 middle score. My scores have went up 50 points since then and I still have a chance to knock off another 1/4 to 3/4% of that interest rate with rapid rescore. My friend just closed two months ago with a 4.8% VA with credit scores under 700.
Great to know, thanks!!