Right now, the pre-approvals are only temporarily suspended. Unfortunately, we do not have a date as to when they will be available again. Please check back here in the community for updates. Thank you for posting in the community!
I was informed yesterday by the Member Advocate that:
1. USAA considers pre-qualifications and provisiional approvals (which must relate to a specific sales contract) to be sufficient for its members needs.
2. USAA will not be issuing pre-approvals in the forseeable future.
I am extremely disappointed by that response and feel that USAA is not meeting the needs of its members.USAA either is not serious about providing mortgage banking services to its members or is oblivious to the realities of buying consumer real estate in the post Dodd-Frank era. Before I give up on USAA entirely I am going to take one more stab at this so USAA will understand exactly what this decision means to its members.
I will obtain USAA's supposedly-sufficient pre-qualification and provide it when I contact the sellers of several pre-foreclosures and short sales in my community I am considering as a new home for my family. I will ask those sellers to respond iin writing when they indicate that the pre-quaification rather than a pre-approval is not sufficient to allow me to make an offer or participate in an auction and then forward those written responses to USAA. I will also share those responses here.
Thanks to everyone for the posts so far - very informative & enjoyable.
I'm ready to start the process of buying my first home, after 10 years of dorms and apartments. Considering myself as a long-time member and planning to be a lifelong advocate for USAA, I'm hoping I can stay company-consolidated with my finances.
I'm also in the Atlanta area. I have not found the number or the button to get in touch with a representative to help me start the process of 'pre-qualifying' for a loan, but it is time. The prices are expected to go up in this area, and I would not like to pay an extra $10k one year later for comparable similar real estate opportunities.
I also hope 'pre-qualification' will be sufficient. However, I don't have any opinion to compare a 'pre-approval'.
Good luck to everybody with these changes. We may need it?
Sadly I can tell you that a pre-qualification is not the same thing. After 14 years I started to give USAA a second chance after it demonstrated a complete lack of focus on it's customers in 2001.
I need a pre-Approval letter to make an offer on a short sale. I talked with the agent and they will not accept a pre-qualification letter. I guess USAA still doesn't have a focus on the needs of its customers.
I would love to have worked with USAA, but I guesse I will just give a local credit union the chance. Truly sad!