topic Re: Denied a VA Loan from USAA in Mortgage Loans

Denied a VA Loan from USAA

Anonymous — Tue, 17 Jan 2012 13:10:23 GMT

I was recently denied a VA loan from USAA. Reason, Insufficient Assets. What is the minimum amount of assets do I need?

Re: Denied a VA Loan from USAA

llecs — Tue, 17 Jan 2012 13:19:16 GMT

When we went through the process for a FHA, our lender requested for us to have 6 months' worth of payment somewhere like in investments, cash accounts, etc. outside of our down payment money. I don't think that's a rule but I think it was our lender's preference. At the least, I'd call USAA back and ask what that requirement may be.

Re: Denied a VA Loan from USAA

Anonymous — Tue, 17 Jan 2012 13:26:22 GMT

Thanks for the info. Ill give them a call back.

Re: Denied a VA Loan from USAA

Anonymous — Tue, 17 Jan 2012 14:14:54 GMT

OK. I called USAA back, they told me depending on the closing cost for the particular loan, I need to have those cost in my checking, saving, or other liquid asset account. Does that sound right?

Re: Denied a VA Loan from USAA

webhopper — Tue, 17 Jan 2012 15:04:50 GMT

Well ya, although with VA, I thought you were allowed to roll certain closing costs into the loan? Basically they need to make sure you have enough for down payment, plus closing costs such as title fees, appraisals... etc.