Veterans United Mortgage Journey

[T_Lab_89]

I'm using this as a journey for future mortgage hunters. 

I was pre approved for a mortgage through veterans United in feb 2020. Pre approval amount of 315,000. My income is 66,000. I only have 40,000 in student loans and maybe 400 of CC debt. My FICO 5,4 and 2 scores at the time of application are EQ: 649, TU: 640, EX: 635. Middle score of 640. I have a 4 year old $2800 repossession charge off. They did not say anything about this.

During this time I didn't think I'd actually find a house so I applied for 3 CC to

1. Lower my utilization/increase credit limits.

2. Got a rewards card for the sign up bonus and to make my main card. It was a limit of 10,000.

I recently learned this is a big no no during the mortgage process and I immediately informed the loan team asking if I should write a Letter of Explanation (still waiting to hear back). All of my balances on my cards (both old and new) are $0 except for one with $400. I have around 13,000 in credit total. So my utilization on CC is 400/13000 not including my student loans which is around 400 a month.

I recently found a house for around 230,000 put in an offer and it was accepted. Seller to pay closing costs. 
I will keep everyone updated and wish me luck (although I'm not hopeful since I stupidly got new cards).

My current FICO 5,4 and 2 scores are EQ: 639, TU: 644, EX: 645. Middle score of 644. Estimated close date of 1st week of May.

[T_Lab_89]

I have officially entered initial underwriting.

[homeloanexpert]

Best wishes to you my fellow Vet!

[T_Lab_89]

Thank you! I just locked in at 3.5%. Hopefully I'm approved.

[Anonymous]

Hey I'm almost in the exact boat as you. My middle score is like 630 and I was preapproved for 350,000. I found a house and went under contract for 335,000. Inspection is done and now I just paid for appraisal. Is the file in underwritting now? Did you have the appraisal first? I submitted all the documents except the home insurance one. How did you do that one? Thanks for the help and good luck!! 

[T_Lab_89]

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@Anonymous wrote:

Hey I'm almost in the exact boat as you. My middle score is like 630 and I was preapproved for 350,000. I found a house and went under contract for 335,000. Inspection is done and now I just paid for appraisal. Is the file in underwritting now? Did you have the appraisal first? I submitted all the documents except the home insurance one. How did you do that one? Thanks for the help and good luck!! 

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I went under contract and then immediately had them order the appraisal. As for the home insurance I called the company and did a quote.

The insurance company will ask for the lender address and loan # (the VU will provide this if you click on the "provide home insurance" in the "to do list". It will pop up with that information or you can ask the loan specialist. The insurance company will then email the proof of insurance to the lender (if you ask them to and give them the loan specialists name and email) with you copied on it. I also downloaded the proof of insurance and uploaded it to the documents on veterans United website just in case. 

[T_Lab_89]

And now the appraisal came back right where it needed to be. I've provided all documentation up until this point. So far so good. Wish me luck!

[Anonymous]

Any update?? I been following you. I went into official underwriting on Thursday and they said I should expect a conditional approval by Tuesday! It's Tuesday so I'm on pins and needles lol. My appraisal came back 3000 over what I paid for it for so I am pretty happy. I'm supposed to close at the end of this month. Hows it going with you? 

[Anonymous]

Congrats to you! I'm working with Veteran United as well.

[Anonymous]

That's awesome. Why part are you  at? I'm in underwritting now. They said I should hear back something today. Fingers crossed!