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VA manual u/w

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VA manual u/w

My husband is a veteran and just graduated law school so isn't currently working. I have had the same RN job at a hospital for 3 years and make about $60,000, sometimes more with overtime. In June of 2013 I was 6 months pregnant and put on bedrest for complications. Unfortunately by September 2013 we could no longer make our mortgage payment. We did not make mortgage payments from September through December (at which time I returned to work). Once I realized in September we would have trouble making payments I contacted our mortgage company and applied for a forbearance, and they ended up just doing a loan modification instead. I made 3 trial modification payments for January february and March 2014 and signed permanent modification papers for April. Since that time I have been current.

Because we have $60,000 in equity in our current house we decided to sell and we close on 12-12-14. We have found another house to buy and are currently in manual u/w for a VA loan. My middle score is a 653 and my husband's middle score is a 650. Our anticipated DTI for the new house will be right at about 40%. (My husband will start working in April after he takes his bar examso our DTI once he starts working will probably be 15%)

The LO seems positive but it has been in manual u/w for 2 weeks and I'm very nervous. We have never had late payments on anything before this hiccup last year. They had me write a LOE, get a letter from my doctor about the pregnancy and send bank statements showing proof of the loan mod payments as well as a copy of the actual loan mod agreement.

Thoughts?
Message 1 of 6
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Moderator Emeritus

Re: VA manual u/w

Welcome to the board! There are some mortgage types that drop in from time to time that may offer some insight. For my own VA Loan without any complications it took the VA four weeks and two good swift kick in the back end to get them to move. Even went to the VA Mortgage Office and had a "fireside" chat. Let it go at that and mine was so simple?! Well my point is there may be some time that is longer than say a Conventional Mortgage (so don't give up the ship) and stay on top of it. Smiley Happy
Message 2 of 6
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Contributor

Re: VA manual u/w

That sems very long.

 

manual DU should not take longer than 5 days.

 

Were the late pays past 12 months?

Message 3 of 6
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Super Contributor

Re: VA manual u/w

what is taking so long?

is it a big bank like wells/bofa?

 

Retired Lender
Message 4 of 6
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New Visitor

Re: VA manual u/w

and they ended up just doing a loan modification instead. I made 3 trial modification payments for January february and March 2014 and signed permanent modification papers for April. Since that time I have been current.

 

 

 

 

 

 

_______

hanif

Message 5 of 6
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Contributor

Re: VA manual u/w

My wife and I also went through the manual process with our VA loan. It took about three weeks. We too had some issues from a previous mortgage (Countrywide Smiley Mad) and had to submit a letter explaining what happened, etc...

 

In the end it all worked out. No, its not fun to wait and is nerve racking!

 

Good luck!


@Rueocnom16 wrote:
My husband is a veteran and just graduated law school so isn't currently working. I have had the same RN job at a hospital for 3 years and make about $60,000, sometimes more with overtime. In June of 2013 I was 6 months pregnant and put on bedrest for complications. Unfortunately by September 2013 we could no longer make our mortgage payment. We did not make mortgage payments from September through December (at which time I returned to work). Once I realized in September we would have trouble making payments I contacted our mortgage company and applied for a forbearance, and they ended up just doing a loan modification instead. I made 3 trial modification payments for January february and March 2014 and signed permanent modification papers for April. Since that time I have been current.

Because we have $60,000 in equity in our current house we decided to sell and we close on 12-12-14. We have found another house to buy and are currently in manual u/w for a VA loan. My middle score is a 653 and my husband's middle score is a 650. Our anticipated DTI for the new house will be right at about 40%. (My husband will start working in April after he takes his bar examso our DTI once he starts working will probably be 15%)

The LO seems positive but it has been in manual u/w for 2 weeks and I'm very nervous. We have never had late payments on anything before this hiccup last year. They had me write a LOE, get a letter from my doctor about the pregnancy and send bank statements showing proof of the loan mod payments as well as a copy of the actual loan mod agreement.

Thoughts?

 


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