If you love USAA banking you will ABSOLUTELY hate their home loan experience. I have had such a miserable time buying a home with USAA I am considering closing every account and going elsewhere. If you ask for lets say 350k and they pre approve you don't be surprised if after you go under contract with a home you absolutely love, get a home inspection and put down your earnest money if all of a sudden under writing is like OH sorry we cant approve it, So now you are left having to jump hoops thru your own butt to find ways to come up with a down payment or you can screw over your Realtor by firing them to save the commission. All 3% worth I just hope he or she isn't a friend or family. So now you are out $400 bucks because you already paid for your home inspection but the deadline pasted to request the repairs because you were left in a weird limbo situation about the house. Ohh did mention that you will have your credit run more times than you have ever in your life. I am up to 5 now 1 of them was definitely my fault but over and over if ANYTHING changes on your application or contract. Thank god I did my credit applications 30 days apart otherwise my credit would have been left semi intact after so many pulls. But who cares its just my score and life anyways. They will say under writing looks at things like that and doesn't hold it against you but this also the same under writing that will say one thing and do another come time to finalize the loan. The actual loan agent was great even after I got repeatedly upset with her but she is simply following company policy and doing as management directs. Also plan to have it drag out for days, days on end and feel like its never going to be resolved. If you still decide to us USAA make sure you have unlimited mins on your phone because you will also need about 25 hours worth to get thru this mess.
I think I am about to get screwed. I was told last Wednesday that I was cleared by underwriting. Now, I am scheduled to close this Friday, 9 days after cleared by Underwriting. I get a call today, Tuesday (my closing is 3 days away) and am told that Underwriting denied my loan? WTF? I havean 820 credit score, putting down a large amount. And they have known everything since the appraisal that was sent to me by USAA after they received it on June 8, 2016. Now, with a closing in less than three days, I have to wait until tomorrow to see if Underwriting will change their mind after I clarified something in an email to the processor that she claims was given to her Director who is working with the Director of Underwriting to try to get it approved. Talk about ridiculous. I started this process in April, 2016 and now, 3 days before closing this happens. I am sick to my stomach trying to figure out what to do. There are pets involved that will have no place to stay, I have all my stuff that will have to be put in storage, the seller is moving out by Friday and the house will be in limbo with utilities and everything else. USAA ****-up will end up costing me and others lots of extra money with the delay and now I have to get another mortgage somewhere else. They are losing out on $200,000 in interest over the 30 year life of the loan. Do they really care about veterans and members with over 20 years with them, I don't think so. They should be bending over backwards for someone with my credit score and steady income and not a late payment ever in my life (I am 46). Now I have to figure out the mortgage fiasco and then where to go get my auto and home insurance, move all my retirement accounts somewhere else, and set up direct deposit somewhere else and move all my money out of here. They can prevent that and make money on interest if they just get their head out of their ***. I have to wait until tomorrow morning (Wednesday, 2 days before the scheduled closing for a decision which everyone else is telling me underwriters never change their mind). Well, wish me luck.
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