My husband and I are in week 3 of the home loan process. While our loan processor is nice, she doesn't seem to understand the military. We tried a local lender, but since husband is retiring, they wouldn't close before we have to move and he start his new job. So, we went with USAA because they said it wouldn't be a problem. So, now into the process they give us a closing date of 30 days after he starts a new job. Which then puts us moving to a new state and no place to live. Now, they are saying they can't move forward in the process until he has his DD214. He doesn't get that for another 2 weeks. While we understand, they are basically saying if you are retiring, don't plan on getting a loan until after you have already received the DD214. He is still active duty now, so why can't we move forward without the DD214? This was not told to us when we first started the process, even though they knew all of this before.
Then, to make it worse, they had no idea what TERA (early retirement) was so we had to get a MAR admin for them explaining why he could retire early. Aren't they military affiliated? How do they not know about this? Feeling very frustrated and reading all these negative comments has me horrified..........
I cannot imagine the stress with all of the changes going on on in your life. I would like to get a mortgage specialist in touch with you to go over everything to see what we can do to speed things along for you! Please email us at firstname.lastname@example.org with your member number and the details you provided above. We look forward to hearing from you.
The only reason they should need his DD214 is if your applying for a VA Home Loan. He will need it or A current statement of service: signed by (or by the direction of): the adjutant, personnel office, or commander of the unit or higher headquarters to apply for Certificate of Eligibility (COE).
Your husband can actually apply for the COE his self and provide it to the lender. That is what I did.
The only reason I can think of they would want the DD214 before obtaining the loan is because of the early retirement. Maybe they want to verify he is actually retiring. But to obtain the loan, you would have to provide some type of documentation as to what his retirement pay would be to support the mortgage.
Let us know what you finally find out.
We submitted a letter from the Marine Corps stating what ihs EAS was and the amount that his monthly retirment pay would be, but they still want the DD214. I sent an email, so hopefully someone will call us. He starts his job while on terminal......hence, the reason we are trying to move this along.
I understand your frustrations, we are also in the process and can't get past the underwriters. The latest is because his ETS is December 2017 and it is less than 3 years, they can not use his income now. I need a letter stating what his rank and years of service will be when he retires so they can base the purchase now on his income 3 years from now. But don't include any disability or 2nd career income. The best part, they don't work our debts the same way...they stay and factor in our debt to income today. STUPID!!!
I probably wouldn't be so bothered if someone from USAA would call and ask instead of suspending the process until I call and get aggrivated with them.
I can understand your frustration, you should have received a call. We would like to get in touch with you to make sure we are meeting all of your needs and have everything in order to get past the underwriters. Please email us here at email@example.com with your member number and the details you provided above. We look forward to hearing from you. Thank you.
I feel your pain. Trying to explain anything military to them has gotten so frustrating. They said the VA are wanting the DD214, but when we called the VA, they said as long as we close before his EAS, they don't need it. So, I just don't understand......I am about to be homeless. l