Wow, I am extremely nervous about my application now. After reading all the horror stories about being pre-approved then getting denied by the underwritters. What causes them to deny it? I am very new to this. My husband and I have been with USAA for a while. My husband's score is in the 750s and mine range from 690 to 700s, we are using VA; I am scared we may be denied. Does anyone have any recent advice or stories?
Thank you for posting in the Community. USAA strives to be there for our members and assist them throughout their home buying process. Any concerns expressed in the Community are addressed offline. For security and privacy reasons we cannot share any information with other members on the outcome. We recommend you contact one of our mortgage specialists at 210-531-USAA (8722) if you have any questions regarding the process. Thank you. -Gus
Boy, where do I start? We personally financed our house build and the time came to "refinance" the house. My first choice was USAA thinking of all the great experiences I've had over the past 19 or so years, so selecting them was without thinking. Was I wrong!
USAA initially stated that we were good for $117K. However, we were looking at $150K so I inquired that if I pay off $11K in debt, would we be able to get a $150K mortgage. No problem. Once we were directed by the USAA loan processor, we paid $11K out of our account to reduce our debt. Each time a request came in for documentation, I responded promptly. They needed a notarized statement, they had it the next day. They needed a site survey, I sent it to them without delay.
Things started going awry once the need for the notarized statement with the contracted title company arose. I was unaware that they already determined who was doing the title search, considering I already indicated to the loan officer that we just did a title search and would like to use the same company to claim a credit on the amount we already paid. We are told we can "shop" for these services, yet USAA (or their contractors) already "selected" it for us.
I also received my closing disclosure reflecting $150K loan with my breakdown of closing costs, so I thought things were running smooth.
A day after our tentative closing date, we were told that we will not get the $150K loan and that we could get $100K because my DTI was too high and that I was not employed for a year with my company.
My chief complaint is that if I provided all my financial documents to USAA and they cleared me for $150K, why did it take over 1 month to decide that I can only get $100K, or $113K, or $132K (three separate figures from three different people)??? Why wasn't this figured out during my loan officer discussion?
I am so disappointed in the lack of oversight and service provided by USAA. You say one thing, but at the last minute, change things.
We have received your Member Community post concerning your mortgage loan experience. We are sorry to hear about the disappointment we've caused you. Based on your feedback we would like the opportunity to engage our mortgage department and have them personally follow-up with you. Please allow 1-2 business days for us to follow-up with you and again we are sorry for the disappointment we've caused you with your mortgage process! - Darrell