Currently in underwriting for VA Loan with Regions Bank in GA -WAITING is killing me!

[dunno]

Hello, all.

The facts:

We filed Ch13 in Oct 08. Had a 5 year plan, but careful, diligent budgeting got us done in 3 1/2 - Jun 2012.

Our Home was originally included in the BK, but was short sold before foreclosure in Mar 09.

Hubby and I are both vets with CoE.

Current scores are: Hubby, Equifax: 673, Experian: 642, Trans Union: 672
Me, Equifax: 631, Experian: 609, Trans Union: 684

Hubby makes aprx $75K/ year
Debts are Car, $330, 2 little credit cards started this Spring to est credit (both @ about $150 revolving out of $500 credit limit) and deferred student loans (I am back in school).
Current rent is $1260/mo. New mortgage would be $1050 PITI/month ($175K @ 3.49%, 30 yr fixed VA loan)

The home we found/offered on is in great condition and priced below current market (eager seller) and he has agreed to pay all closing costs. We made our offer based on Regions loan officer having verified we qualify for the VA Loan.

Underwriter is concerned about 2 things: 1) a 2006 lease that terminated May 2008 with 0 balance mis-reports on Experian (bt NOT on Equifax or Trans) as late pmt in Feb 2011!!! I secured proof from BMW FS immediately, and 2) what happened to the shortfall on the short sale. This was a forgiven debt, 1099C. I sent proof of both immediately.

NOW, I am on the edge of my seat, near panic and/or heart attack.

If they reject us, WHO do I go to??? DOES ANYONE KNOW A LENDER/BROKER THAT WOULD WORK FAST???

Thanks for any help,

Mary

[justbroke]

I think you're in the best spot you could be in. You are in underwriting and you answered their questions quite well and definitively. Remember, underwriting is looking for ways to approve your loan, not reject it! They are trying to make sure it "conforms" to the guidelines for VA loans. To me, and I'm no underwriter, you look to be an eligible candidate. Your middle scores are not the best (> 680), but they are certainly not the worse (< 620). Looks like you have a low DTI (debt to income) rating as well.

I would just roll with it and be patient.

[dunno]

Thank you so much, JB!

Maybe that heart attack will wait, then.

I forgot to add that we had an approval letter prior to making the offer, and good faith estimates of closing, too.

I hope it's just them doing a final behind covering and no real worry for us!

It's making focusing on my school work VERY DIFFICULT (51 y/o just got my AS and starting on BBA-mgt: Int ACCT I, business Statistics, Princ of Mgt and Princ of Mktg this semester.)

I can't wait to do gardening again!

Mary

[dunno]

Two things have happened since I originally posted.

My Real Estate agent called and said she'd spoken with the LO who had filled her in. Agent said LO didn't sound worried.

I also posted on city-data and a loan officer with First National Bank in Brooklyn, NY contacted me and said he'd have no problem quickly getting that loan done.

I have a little more peace, but am tired of WAITING!!!

I guess I may be being a little too impatient and need to be more grateful....

[justbroke]

Yes, please just relax. You have made it this far through the process!

[dunno]

According to LO, it should not have happened that way and she is resubmitting. She seems confident she'll get it thru....

We were distraught, of course - BLINDSIDED! NO indication this could happen!

She chased it down and insisted that the package get reviewed with this information by another UW. We repackaged with just Hubby.

Naturally, I scrambled to find another LO. Also started another loan app with another LO - but not proceeding until Friday, which is when she says she should get a response from UW.

It's hard to imagine anyone put this amount of time and energy into a loan without the conviction it is do-able. I hope our optimism is not misplaced.

Real Estate agent filed an amendment giving us more time to get financing and has also filed another one that seller will repair minor roof damage ($380).

We paid the rent on the current apartment, and have decided to let God handle it.

[justbroke]

Well, hopefully they can sort through any issues in the underwriting process and get you on your way.

[dunno]

So, guess where I'm sitting? IN MY NEW HOME!!!!!!

Closed Oct 10, 4pm.

VA Loan, 3.25%, $0 down. Seller paid all closing AND left all the appliances, living room, master room, and a big ol' flippin' back yard grill with the lawn mower and trimmer!

Yep. Life is good.

Found a DIFFERENT LO on a different forum that has people from different cities/state/countries data on it.

HE CLOSED IT IN UNDER 30 DAYS!!!!

Pure genius.

We DID hafta pay off a Gold's Gym BS charge off and prove others were included in BK, write a statement about how we got into BK and prove we did not owe anything after the short sale.

TA-DA! HOMEOWNERS!!!! Just in time, before the prices and interest start inching up again! This will be an "own forever" property.

[tobee43]

CONGRATS!!!!!!!!!!!!!!!!!!

your situation is VERY important for many out looking to buy!!! ( i must admit especially me as i'm looking in georgia and nc ).

i'm so glad for you and also i'm glad to hear about the VA loan!!! we have one of sitting in the yard ;0 really actually never used it. regions i think??? is just down south. at least i never saw one prior to moving to the south.

anyway i'm soooooooooooooo happy for you and your new house:

may it be blessed with much happiness and love!!

[keepsmiling]

Huzzah!!!
Much happiness in your forever home.
Great inspiration for many.

[basketsbears]

Congrats! My husband and I just were discharged. Hopefully we can get VA in a few years when we want to find our "forever" home too!

[ironpirate]

So, guess where I'm sitting? IN MY NEW HOME!!!!!!

Closed Oct 10, 4pm.

VA Loan, 3.25%, $0 down. Seller paid all closing AND left all the appliances, living room, master room, and a big ol' flippin' back yard grill with the lawn mower and trimmer!

Yep. Life is good.

Found a DIFFERENT LO on a different forum that has people from different cities/state/countries data on it.

HE CLOSED IT IN UNDER 30 DAYS!!!!

Pure genius.

We DID hafta pay off a Gold's Gym BS charge off and prove others were included in BK, write a statement about how we got into BK and prove we did not owe anything after the short sale.

TA-DA! HOMEOWNERS!!!! Just in time, before the prices and interest start inching up again! This will be an "own forever" property.

Can u pm me Lo info

[Cycleguy]

Can you pm me the info also?

Thanks

[Sandkw1]

So, guess where I'm sitting? IN MY NEW HOME!!!!!!

Closed Oct 10, 4pm.

VA Loan, 3.25%, $0 down. Seller paid all closing AND left all the appliances, living room, master room, and a big ol' flippin' back yard grill with the lawn mower and trimmer!

I am a veteran looking for a mortgage after our 13 finishes next year. Would love to know the LO and Bank or Broker who got this done for you. Thank you.

Yep. Life is good.

Found a DIFFERENT LO on a different forum that has people from different cities/state/countries data on it.

HE CLOSED IT IN UNDER 30 DAYS!!!!

Pure genius.

We DID hafta pay off a Gold's Gym BS charge off and prove others were included in BK, write a statement about how we got into BK and prove we did not owe anything after the short sale.

TA-DA! HOMEOWNERS!!!! Just in time, before the prices and interest start inching up again! This will be an "own forever" property.

I am also a veteran who will be looking for a new mortgage when our 13 finishes next year. Would you please pm or post the LO and Broker/Bank you successfully used to obtain your loan? Thank you

[mynameainttracy]

We will also be trying for a va loan in a few months. Could you pm me the LO info as well? Thanks and congrats!