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Old 04-20-2015, 05:12 PM
 
Location: Jacksonville,NC
19 posts, read 24,699 times
Reputation: 10

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Hi, I'm new to the forum and is just recently went into the underwriting process of purchasing our first home. My husband was in the military for the last 9 years and just recently started a new job as a overseas contractor for a Security company. As we wait on the process in which we should hear something by 4/27 I wanted to channel some of this anxiety to reading some Good closing stories along with horror denied stories dealing with the VA loan program. All stories welcome. I need motivation along with worse case scenarios. Thanks in advance!
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Old 04-23-2015, 02:13 PM
 
165 posts, read 267,483 times
Reputation: 83
Depends on the bank you use,

Some banks can get you an underwriter approval in 2-4 days,

Some of the larger banks, wells, BofA, citi, chase can take 2 weeks.

VA approvals are usually the easiest, I love doing VA mortgages.
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Old 04-23-2015, 08:17 PM
 
Location: OK
2,717 posts, read 6,299,282 times
Reputation: 1844
I am on the VA appraiser panel. One of the most important things is something most Loan Officers and Realtors don't tell the sellers: make sure your house meets minimum property standards. Basically, any safety or health issues, such as hand rails on steps higher than a few feet, holes in the siding, peeling paint, access to crawlspace and attic, etc. If these items are remedied BEFORE the appraiser comes out things will go a lot smoother.
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Old 04-27-2015, 08:55 AM
 
Location: holiday
77 posts, read 79,203 times
Reputation: 67
I'd like to hear answers too. Currently in pre-underwriting at nfcu and freaked out about the horror stories I've read that it's impossible to get approved by them.
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Old 04-27-2015, 09:08 AM
 
Location: Herndon, VA
1,916 posts, read 1,819,822 times
Reputation: 6197
If it is, then go to another bank. I've closed on four homes using my VA loan, and it's been smooth each and every time.
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Old 04-27-2015, 11:20 AM
 
Location: Jacksonville,NC
19 posts, read 24,699 times
Reputation: 10
Thanks for you all responses....Well today is the day I'm suppose to hear something from the processor and so far nothing at all so I'm going to give her until tomorrow before I reach out to see if any word from the underwriter pertaining to the initial conditions.... keep me in your prayers pleas and I will keep you with updates as I embark on this journey.
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Old 04-27-2015, 11:30 AM
 
Location: Jacksonville,NC
19 posts, read 24,699 times
Reputation: 10
Quote:
Originally Posted by farewellohio View Post
I'd like to hear answers too. Currently in pre-underwriting at nfcu and freaked out about the horror stories I've read that it's impossible to get approved by them.
Hello when you say pre-underwriting is it pre-underwriting for a preapproval letter or have you already found your house and your file is now sent up to the underwriter for approval. Can you collab a little more.
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Old 04-27-2015, 02:16 PM
 
Location: holiday
77 posts, read 79,203 times
Reputation: 67
Submitted all loan paperwork but it hasn't gone to underwriting yet. Still waiting on appraisal report...2 weeks tomorrow when the appraiser was at the house.
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Old 04-27-2015, 02:18 PM
 
Location: holiday
77 posts, read 79,203 times
Reputation: 67
Contractor what lender and closing date are you using?
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Old 04-27-2015, 02:29 PM
 
4,787 posts, read 8,780,490 times
Reputation: 12592
The lender has the appraisal. The VA does not permit its appraisers to take 2 weeks to submit a report after viewing the home. However, the lender does have five working days to get around to reviewing the report after it is submitted. Then they may have questions of the the appraiser or want additional info, etc. or otherwise not be ready to sign off on it. You'll hear from the lender when they are ready. Underwriters won't rush on this. There are too many regulations that have to met, too much responsibility to just toss a loan package together for the sake of speed. Hang in there- try to be patient as difficult as that can be for a borrower.
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