So i'm looking to buy a home and naturally came to USAA. I've been with them for years and have always received great service but I've never bought a home through them. I've read the reviews writtem by others and now I'm worried. Nothing but negative, horrible experiences. Now I know people are more likely to write a review after a bad experience so I'm reaching out to see if these bad experiences are the exception or the norm. Has anyone had a flawless experience getting a mortgage through USAA?
ART in NY,
Thank you for posting and considering USAA for your mortgage. While it saddens us to hear that any of our members may have experienced less than stellar service, we do not remove posts simply because a member has shared a less than favorable review of USAA. We have many satisfied members who do not post, but luckily some that do:
Please let us know if we can help you with anything during your mortgage research!
Thanks for the repsonse Briana. I've decided to go through USAA and I will keep posting as I go through the experience. So far I have dealt with a lady named Delia (I won't list her last name here) and she was wonderful. I have received my pre-qualification letter and will be making an offer on the house this evening. I will post again once I've cleared the next step.
I received word yesterday that the bank has accepted my offer. I am dealing with the bank as opposed to a seller because the house is a foreclosure. This will bring unique challenges since the house is being sold "as is" and the VA may require certain things get done prior to purchase. I will probably have to roll the cost of those (if any) repairs into the purchase price. Being I am purchasing the house for about 30% of what the bank has into it I can't fault them for not wanting to take more of a bath on this house. I contacted my USAA rep today via email and am waiting to hear back so we can get the process started. I will continue to update as things unfold.
FOR LOVE OF GOD!!! PLEASE READ MY POST before it is too late......When buying a foreclosed home or home that my require some repairs and using VA loan, you will face a major blow to stomach. I am going thru similar purchase. Foreclosed home, owned by Fannie-Mai. I am using VA loan. Now, I knew, VA appraisals and appraisers are very strict and so on so forth....I reached out VA ( give credit when due, it was USAA customer service who gave me the info to contact VA), VA replied, there is a waiver letter that lender forwards to VA, they usually grant waiver so repairs can be done after closing....So far so good? becuase as a buyer you cannot do anything to the property you do not own and foreclosed property own by bank, usually sold AS IS.... Now, MY loan officer KNEW THIS!! Loan officer SAW my contract, house sold AS IS and I am using VA. I contacted my LOAN OFFICER few times asking for the nature of and procedures of VA waiver letter...I have been IGNORED.....FINALLY, just yesterday 4 Nov 2014. I managed to speak with my LOAN OFFICER and REPLY WAS " we -USAA- DO NOT CARE about VA waiver letter because IF our appraiser reports any required repairs on the property and these repairs ARE NOT fixed by closing, USAA WILL NOT APPROVE YOUR LOAN!!! This info comes to me 2 weeks after or into processing the loan.....it is a foreclosed HOME, owned by FANNIE- MAI YOU KNOW, there will be hick ups... but as long as they are not HUGE or UNSAFE, since purchasing the house relatively low price, as a buyer I am willing to make those repairs or UPGRADES myself. Not with USAA, you are NOT. You WILL LOSE the purchase, PERIOD! BE WARN fellow New Yorker....ASK THE QUESTION. Horrible customer service will NOT be up front with you... Ask appraiser and appraisal questions.
Thanks OZ. I found out a little earlier in the process than you did I think. Foreclosed home, VA loan. Pretty much the same thing. Well I was unable to go through USAA. The type of loan I need is called a 203K. That is, I am borrowing money on top of the purchase price in order to make the necessary repairs. USAA doesn't offer 203K loans though. The VA doesn't approve them either. I didn't know a waiver was possible but I am going a different route already so I'll stick with it. I am refinancing my current home into a VA loan to get a lower interest rate and I am buying the foreclosed house with the 203K. Everyone I worked with was great. I know some have had bad experiences but I received nothing but great service and advice right up until we realized that USAA did not offer what I needed. If I buy another home in the future I will give them another try.
I am extremely saddened to hear about the service you received and would like to get an expert to review your situation to see if we can make things right and learn from our mistakes going forward. We would truly appreciate it if you messaged us here with the best way to contact you.
Probably the bad experiences are over-represented. I've read some posts here that expressed nothing but sunshine. That said, I didn't have a good experience. In fact, I gave up on USAA, and tried my luck at a second credit union that also disappointed. In the end, I paid cash, because I wasn't sure that any mortgage provider could complete my paper work in 30 to 45 days.
I think USAA has some structural problems that make it very difficult for them to provide the same sort of experience you see on the general banking and insurance side. Things like:
- you don't have a dedicated partner at USAA until after you have an offer on a house accepted and need to start the application process.
- it can be hard for the seller's agent to get in touch with anyone in the mortgage department.
- USAA isn't actually lending you the money. They only originate the loan and sell it on to another company. As such, the home buyer is actually the product being sold.
- the pre-qualification letter is worthless/meaningless since they don't really do much digging in your finances prior to letting you download it, but that's true of any of the companies in the business.
If all your paperwork is in order, and there is nothing out of the ordinary about you or your house, USAA probably does as good/bad a job as any of the mortgage loan originators out there. The biggest problem is that you think they are interested in selling *you* a loan, but actually they are interested in selling *your* loan to someone else. They have a built-in conflict that makes it hard to shine.