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.
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.
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
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.
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.