We were preapproved for home loan before house shopping. Found a home below the max approved amount. Called USAA multiple times to verify that everything was fine to move forward with the purchase, and they always said yes. We put down $2000 earnest deposit, paid over $500 for inspection, supplied USAA with every desired document. Today, 2 weeks before closing, 3 weeks before Christmas, USAA denied our loan. They miscalculated school loan monthly payback amout and refuse to correct it. So angry I can barely write this. We will be taking our banking, insurance plans and business elsewhere. We are through with horrible support and false information. You fail, USAA, and we will be happy to spread the word so others can be spared the heartbreak.
A preapproval is not an approval. However, we have found usaa to not have an interest in our lian needs and have now owned three homes and had them all financed through wells fargo. Much easier and professional bank. Hope this helps!!
We were aware that preapproved did not mean approved and that is why we were active in communication with USAA who always assured us the loan process was fine and no problem at all. The big issue we have is that we were denied only because of a miscalculation USAA made, and refuse to correct, the loan officer told us when we called out the miscalculation "we can do whatever we want when approving or disapproving a loan". We are going through a local bank now to complete our mortgage. Thank you for the recommendation of Wells Fargo.