How much can they approve me for?

[Anonymous]

Hello, 2 days ago i submited a application for a VA home loan, the lender is countrywide. They told me that the application needed to be manualy underwritting and that it can take up to 5 working days. My question the score they took was 606 and the DTI is 34% i am asking for a loan of 90K. Can someone tell me with the information and from past experience what could be the most we can get approve for? the reasone i ask is beacuse the loan officer told me that they needed a number in the application for them to work for i really havent decided on a place or the price, so i told him that just to tell me what is the must i can qualify for, but he told me he coudent do that that they needed a especifict amount, so i told him 90k, i really dont know if we can get approve for that much ( we are crossing our fingers that we could) the other question is if by a miricale we do get approve for that much, can we then later ask to see if maybe we can push it to 100k or 110k? i think that will requier for it to go to the underwritter againe dosent it? but what i am trying to say out of all these is with a DTI of 34% what could be the must we can ask for? and can we change the loan amount if the amount once the application is approve?

[Anonymous]

I don't think 34% is high. From what I know, they can approve with a much higher DTI than than. I say ask for higher than you need so you have more room to work with. Just make sure the payments are comfortable for you.

[Anonymous]

So i should wait after the underwritter approves or application ( wich i hope) and then ask for more? beacuse they told me once the underwritter has the application that we cant change the amount during that process.

[Anonymous]

Then I would call them and say I need to rethink the numbers to stop them from going forward.

Also, I would seek a different VA lender. I think it is pure BS that they cannot give you even an idea. I would tell then to hold the underwriting then also seek a new lender.

I have a score of 655 and went to a VA lender. After pulling my credit report, they could tell me right away how much they can approve me for. I didn't even tell them how much I wanted. I say try a different lender. Also ask the lender how much their origination fee is. It should be no more than 1%. Even with 1% try to talk them down.

[Anonymous]

Wow, the loan officer said it would take five days to go through manual underwriting, I have been waiting for close to a month now and the underwriter still hasn't gotten to my file.  Can you keep me posted on when the underwriter makes a decision on your file?  Because I would like to inform National City that other banks are working a lot quicker than they are.

[Anonymous]

Thanks, But i would hate to stop the process and then go through another lender and they pull my credit report againe that might lower my score a little more and seens they already went with a 606 what will the other one go with if my credit score drop a little more? But cant we change our amount once the loan is approve?

[Anonymous]

I think I read somewhere that pulls within 14 days count as one. Regardless, multiple mortgage pulls are expected.

But you have to ask yourself this: are you willing to scarfice a higher loan just to save a few points?

[Anonymous]

Hey can you please give me a idea on who would be a good Va lende?

[Anonymous]

I just looked up lenders in the phone book then called and interview them to see how much experience they have with VA. I then went with the one that knew the most info about it. A couple of places that I called claimed to have done VA but when I asked them a general question like what is the max loan va offers (even though I knew the answer was $417k), they said they would have to get back to me. I knew right there that I wasn't going with them. The one I picked is a local lender.

As for underwriting I think they just took about a week but I was not in a rush at the time. Even after I got all of that approved through under writing, I could adjust my amount if I wished.

[Anonymous]

Ok just to follow up, i just got of the phone with my loan officer manager seens the loan officer is not in today. These was our conversation, he told me that with the 34% DTI and with the amount i don't want to go over in mortgage and insurance payment i could provaly ask for 110k to be in the save side.So know he told me he will go to the underwriter and change our original amount of 90k and out it to 110K ( i am praying everything turns out good ). Regarding the origination fee yes is 1% which will be 1100 or so, he told me that i do have a option of either pay that amount or not, if i choose not to, the interest rate will go up example is the interest rate is at 6% and i pay the 1% then it will stay at 6% the interest rate, if i decide not to pay the origination fee then my interest rate will jump from 6.0 to 6.5 or something like that. I just found out u can negotiate the origination fee and i will try to do that. they did told me that we should have a answer no later than Thursday of next week, meanwhile ill keep my fingers cross that everything goes well and they get us approve.