- January 23, 2012 at 9:26 am #241963Raymon RobertMember
My DH and I were going to begin the preapproval process for a mortgage in April but our loan officer (referred to us by our agent and has over 15yrs of experience) stated that we were ready now after pulling our reports and reviewing our income.* We have to be our of our rental by the end of May so I thought this was great we could get a jump start.* My mid score is 641 and my DH’s mid score is 652.* Our combined income is $106,000.* Our loan is for $225,000.* We have nothing late in the last two years on our reports and a few old collections that will fall off this year.
Our loan officer kept saying how confident he is and how this loan “makes sense” and tells me not to worry.* He stated our loan has cleared their underwriter and has cleared the DU (desktop underwriter), but something about the VA not wanting to see overdrafts.* We have overdraft on our second bank account that we sometimes use like a credit card.* It is made up when my check goes in direct deposit.* Nothing is returned, it just goes negative and is made up.* So the loan officer says the VA didn’t like this last night and also stated we had insufficient assets.* So today I forwarded the loan officer the statements on my 401k which total $7,400 and a letter from the bank stating this “privilege Pay” is similar to a line of credit.* He states this was great and it should go through with no problem and we should get conditions on Monday.*
Well obviously this is driving me nuts waiting until Monday.* I told him I wanted him to be up front with me if he thought this wouldn’t work.* He stated that he deals with VA loans all the time and their company does a huge amount of these and he feels very confident because this loan “makes sense”.* I also fogot to mention our debt to income ratio is 32%.
Should I believe this loan officer or do you think we will be denied?* Any input or experience offered would be very much appreciated.
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