topic Re: VA Loan help in Mortgage Loans

VA Loan help

Raisondetre — Thu, 06 Sep 2018 03:17:03 GMT

Husband and I have been under contract for a house since 8/13/2018. All the initial stuff is already done (bank statements, new award letter showing proof he's getting more money from the VA a month, proof of paying rent on time, etc), house price is $122k and the appraisal came back a week ago for $124k with no repairs needed.

It feels like we've been in underwriting for years! After appraisal came in, a loan processor emailed my husband and said he was conditionally approved (we were already conditionally approved after the initial paperwork was looked at in underwriting) and asked for more paperwork to get to clear to close status, stuff that was already given to the loan officer a week before. She wanted the source of $15,200 (my husbands claim for a higher VA disability rating was finally approved and he received back pay), bank statement from August, another bank statement to show the earnest money check cleared (that was from back in June when we were under contract for another house, but sellers didn't agree to repairs. Money is still in escrow though), VA childcare letter, and closest living relative information.

Husband sent it all and never really heard from anyone again, loan officer didn't have any new information when called either. He finally received an email this morning from a disclosure specialist instead (now who is this?) that also CC'd both the loan officer and loan processor. She instructed him to go to the mortgage website and fill out more paperwork on there! Couple of items were the same thing (VA childcare letter and closest living relative), this time they also wanted authorization for SSA, VA disability questionnaire, and a request form for a CoE. We printed each form, he filled it out, we copied them, and turned it into a PDF for upload on this site.

It's starting to become repetitive to us. He gave them his CoE back in June, why do they need another? After submitting all these forms, he also emailed all three of these people together the same forms to make sure they all see them. He also added a bank print off from today to show he's getting $3,261 a month now from the VA and that we have $8k in checking for the estimated $5200 closing costs, he added his VA benefit summary, and also sent them the CoE from before.

Okay, now onto my actual question(s). Sorry this is so long, but we're growing impatient and frustrated. How much longer before we can get to CTC? Is it possible that it's soon because we had to look over different disclosures? Why are they asking for another CoE? Was the first one not good enough because it was back in June and shows his old VA compensation? I don't think it should matter, because it shows he's definitely eligible for a VA loan.

Sorry again, we just want answers that we're not getting from our loan officer. He seems just as in the dark as we are.

Re: VA Loan help

Anonymous — Thu, 06 Sep 2018 19:28:52 GMT

Hello.

Maybe a couple of more details regarding your location (as rules may differ state to state), which institution your working with? (Digital/Online or brink and mortar bank)

I went through my VA loan in April 2018 (this year) and closed approximately 40 days later. Originally scheduled to close 28 days after the process began, but VA requested several additional documents (some repetitive) towards the end.

Re: VA Loan help

Raisondetre — Thu, 06 Sep 2018 20:30:52 GMT

We're in Kentucky and we're working with Carrington Mortgage, which is in California. My husband was just instructed today by someone else to sign the KY Notice of Free Choice of Agent and Insurer, the VA debt questionnaire, and the VA verification of benefits

Re: VA Loan help

Anonymous — Thu, 06 Sep 2018 21:58:33 GMT

Seems like it’s full steam ahead. Best of luck and congrats on your new home.

Re: VA Loan help

MauiMan85297 — Thu, 06 Sep 2018 22:57:43 GMT

A VA loan depending on lender can close in about 40-55 days from once they have Pencil. Them asking for those items is nothing out of the ordinary.

Re: VA Loan help

VALoanMaster — Fri, 07 Sep 2018 16:24:46 GMT

Hi Raisondetre,

Unfortunately some lenders are more concerned with their own time then they are with customer service.

Here's what I mean by that.

The processor may have up to 20 files on their plate at any given time. For them it's easier to ask you to resend something instead of going back through your file to find it.

To be fair, sometimes it's a matter of the initial documents (like the VA forms you had to redo) were not correct initially so the lender will correct them and resend them to your for your signature when you get closer to closing. Not a big deal & happens all the time.

As far as the COE goes, it's very unusual that the lender is asking your for this to begin with considering we always pull our own copy from the VA portal. As far as making you provide a new copy of it, it's probably related to the increase in your husband's VA disability but also because the previous one is 3 +/- months old so it's "expired" from an underwriter's perspective.

I know this can be frustrating so hopefully "knowing" what's going on behind the scenes helps.

The key take away here for you is you are almost done!

Congratulations on your new home.