I posted this in another thread, but felt it important to post here as well......
Yikes, after reading all your posts, I guess I know the answer to the fight I'm fighting right now. 42 years with USAA, they "own" me, have all my investments, etc. We just moved our biz to Las Vegas from CA for tax reasons, and sold our home and rental properties in CA. Applying for a VA home loan on a house we found here in Vegas (after searching for 7 mths) and that is hundrededs of thousands (yes hundreds) cheaper than the one I just sold , only to be turned down due to being "self employed" for less than 2 years. Here I am a past Mgmt Executive for 20+ years and I have never been denied a loan for anything ! Yes, both my husband and I are now self employed (he retired after 20 years in Navy), and he is working fulltime in our biz, pulling a monthly draw (which they won't consider as income) and I am consulting with the company I left with a guarantee 3 year employement contract and MINIMUM monthly salary, yet they say our income is "unstable" and "unqualified" due to being self employeed status of 1099 . Our investments can't be "used towards the loan" so we're screwed until we have been self employed for 2 years !!! We are only on 14 mths.....REALLY ??? I am still hoping it goes through, I read the entire VA loan approval process and copied/pasted to them the considerations page, but I don't think loyalty, customer service, etc. is their priority. We are mere numbers on a page and checkboxes for employees to review to push through day to day to get out of there and go home. Needless to say, we will have to go to another lender and do a conventional loan, how disappointing that they don't believe in us where the house payment will be less than the rent we are paying....it is mind boggling how they stay in business. You'd think a 42 year history with a company would prove something. If this falls through, I'm with all of you, I will be OUT, investments and all...I'll keep you posted, but am sure I'll be there with you, it doesn't appear they really review anything. The worst part of the story was they denied us at first, I was ready to move on, then they called us back and said underwriting re-reviewed it and gave us a conditional approval to move forward on the house contract. We have been waiting on final approval since the end of June and just heard today that we are being denied !!! They couldn't have told us this weeks ago before we paid for inspections, contingencies, etc ? We are out quite a bit of $$$, I am NOT a happy camper right now.
I will say I had nice people I talked with and of course, it was their "boss" or another "dept" that is making the deicision of which you're not allowed to talk to !! These poor employees that have to deal with us disgruntled customers, I feel sorry for them, I hope they get paid ALOT !