We currently have a pending VA home loan. I must say, this experience has been, thus far, not kind on my ulcer and depleting my Nexium supply (lol). While there hasn’t been too much things that should have led to this, it is quite an unnerving process!
1) We got a prequalified for a VA loan on 27 Feb.
2) We got the preapproval on 03 Mar.
3) We found a home and went under contract on 5 Mar.
4) Home appraised above loan amount and inspection was good.
5) Our application is with the underwriter since 26 Mar.
From the time we went under contract to when it went to the underwriters, we completed a few things. There were no delinquencies, foreclosures, bankruptcies, etc., but the DTI was kind of high, so we paid off $ 3,000 on one loan, and will be paying off another loan for $ 1650 at closing. Also, prior to submitting for the preapproval, we had actually paid off an additional $ 4500 on a credit line and $ 900 on a credit card, but it had not reflected on the credit report since report date had not passed.
So, it is now day 2 (excluding weekend) with the underwriter, and I am coming unravelled after reading all of these google stories. There has been no changes, nor any expected upon repull of credit report, with the exception of decreased debt. However, I am still really concerned.
Our GFE was strange. It included fees we’d paid, such as appraisal and inspection. Also, of course, it did not include the decreased obligations due to repayment or prepayment of credit accounts. I was advised not to worry as all of those would adjust at closing. I am wondering if any of these not reflecting would affect the underwriter’s decision.
My main concern is that we are currently in a hotel with small children going on a month. We currentlly PCS’ed to the area to the new duty station, and originally thought to rent but with my husband having 20 years and still on active duty, BAH would cover the mortgage, as well as his retirement pay thereafter when he leaves the service. We are due to close on 7 April but I’ve been hopeful it would be earlier. Unfortunately, I don’t know if I’ll survive this wait game!