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Contributor
One of the worst days of 2016 for me was today 8/11/16 and sadly my wifes birthday. Loan officer gives me the news that underwriting did not approve my loan after i have spent close to 3,000 dollars in home inspections and lawyer. Loan originator pre approved me for the loan and said im good to go and i should have no issues. I was told today that my debt to income ratio was too high and claims that what made to high was the loan for my leased car which i have transfered to another person as of 7/29/2016 but i remain on the loan even doe it was transfered. I asked the gentleman (USAA) via email that if the loan gets paid in full and has zero balance it would make a difference but i have no response yet. I am upset because this is all time sensitive and the seller took the price down of the home by 50,000 dollars and now that i was denied through usaa i dont want the house to be sold to another potential buyer. I spoke to another VA lender and they said they would approve me. I do not want to go with another lender because i have my banking, car insurance and home insurance with usaa. If someone here can provide some advice i would greatly appreciate it. I do not want my 3,000 dollars that i have invested to go to waste. Also i received an email today from the loan officer stating that the only way he can help me is if i can come up with 50,000 to 100,000 thoudand dollars down payment, where in the world am i going to get that amount of money theres a reason i am doing a va loan. Please help this is heart breaking.

9 REPLIES

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Quick find another loan. Your membership means less than nothing. USSA will screw you.
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For a VA Loan they want they for a down payment. That's absurd to ask a individual when you were already pre-approved. I hope it work out for you.
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USAA wouldn't do a mortgage for an investment property, Quicken Loans was quick & easy for me. The whole process was complete in 30-days

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Just go with a different lender. You don't have to have your banking all in one place. Also, were you approved for a VA home loan before you financed the vehicle? It is very important when purchasing a home to not acquire ANY additional debt during the buying process bc your credit will be pulled again at the closing. Also the vehicle was switched to someone else, but name is still on the title so that mess you are still responsible for the debt, also what could have happened is that it is still not reflected on your credit report since you just transferred it from your name to someone else...
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post corrections: Your name* that means*

Joe Mar,

 

We regret to hear of your experience with your mortgage loan in process. This is not the type of experience we want for our members. We have escalated your concerns for research and response.

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I like USAA and I've been with them for 28 years.   I'm not married to them so if I get a better rate somewhere else I don't consider it cheating. 


Your first loan didn't work out with USAA for some reason, go to the next guy who wants your business.  Nothing wrong with that.    If you want to see if USAA will refinance it in a few years ask then - unless rates go up of course. 

 

Some local credit union is offering 2% on up to $4000 in their 'Holiday Club account"  eighty bucks is eighty bucks. 

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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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MikeS011,

 

We understand this matter is important to you and have addressed your concerns on a prior post. Please review this post for our response.

 

https://communities.usaa.com/t5/Buying-a-Home/USAA-Home-loan/m-p/98839#M2287