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Contributor

So we applied for a va home loan got pre-qualified found a home signed a contract. Paid home inspection and earnest money sent all docs in. File went to underwriter and was denied do to residual income. When I called to inquire and was told it was due to certain things on the credit report. Example I was told i pay 562 for student loans when i asked how you get that number I did not receive a straight answer. So I say well the app says 132 is what I pay for my loans, why is that? I was told the loan originator did it wrong. Wow so that is just like the reviews i read so after telling me to get home inspected (my cost) pay earnest money and set up home insurance I was denied. Can't believe this is how they are trained. You figure that all the bad reviews maybe its just them but I had the exact experience as others on here. I bet hopes of getting reimbursed for my home inspection. I will be moving on from usaa to another bank. The reviews most give are true.

6 REPLIES

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Dear member,

 

I have sent this comment over to our banking partners. Someone will be in touch with you to better assist. Thank you.

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Well according to your official letter i was denied for insufficient funds for closing when the seller was paying most of closing cost and I would be paying 86 dollars. This experience has really left a bad taste with me and usaa. Unless whoever you are proposing will contact me can reassure you are still a great company.

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That is ridiculous, what about cash?  They don't know how much money you have on hand or maybe someone else is covering the closing cost on your behalf.  OMG I am terrified going into this process.  I have no idea how to go through another lender

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Kinka,

 

I have responded to your initial post here. Thank you.

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It's frustrating the number of ways veterans are denied a loan.  I'm not convinced the VA home loan program lives up to its mission to make getting home loans easier for veterans.  My issue is similar to yours. I've been a truck driver for the last 7 years, but last August I changed from being a W-2 employee to an independent contractor. Though my income increased, no bank will offer me a loan, all of them citing VA federal guidelines. Taking every legal tax deduction, I show no taxable income, but banks treat paper losses like real losses and my income is now ineligible to be counted for a home loan.   This bias against self employed veterans seems to receive little attention, but it keeps me from being able to get a home. I feel like my country, who I defended during OEF/OIF is breaking its promise to me.

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Dear Jazz75,

Thank you for taking the time to post here in the community. I have shared your comment with a loan specialist who will review your situation and reach out to you personally. Thank you.