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USAA Home Equity line of credit personel have no idea.

I contacted USAA to get a home equilty line of credit to finish a remodel.

Unfortunatly our house had more issue that needed to be fixed than we knew about, and we are now over budget.

So I went through the home equity line of credit with USAA to get the additional funding I needed.

I went through the entire process and was a week out from closing when I was denied by the underwriter.

I have come to find out that, you cannot get a line of credit if the home (remodel) is under construction.

I was up front with USAA from the begining that I was in the middle of a remodel, and that I needed the money to finnish the project.

USAA never told me you could not get a Line of credit at the phase of the remodel that I am in. Their Loan agents should have known this and not proceded with the loan.

USAA needs to better educate their loan agents, so people don't get sent down a path that is known to be unacceptable.

I am very disappointed with USAA.

1 REPLY

It Gets worse. Now that I have to go else where, it seems every other bank knows that you can't get a line a credit while the house is under construction, so why didn't USAA? So I have to get a personal loan, but since USAA did, not 1 but, 2 credit inquires, my credit score has gone from 806 to 765. Why did they do 2 credit inquires 2 days apart? USAA is messing up my credit, and they should have known better!