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Old 07-02-2012, 04:40 PM
 
134 posts, read 458,778 times
Reputation: 65

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I have 800 credit score. ZERO debt to income ratio. Not even a car payment as of this month. I cleared $46,000 last year and was preapproved for almost $180,000 mortgage. I have been told repeatedly by my loan processor that it is harder for me to get a loan because I'm a veteran. Isn't the system a little flawed when a vet with perfect credit and sufficient income can't get a loan.

My loan processor and underwriter have been ABSOLUTE idiots. I know lots of people say that, but mine truly have.

1. I have given them EVERY single document the same day they have asked for it. Some of them I have had to send as many as 5 times because they have lost them. Some of them they didn't ask for until July 2 the final day to close. Shouldn't this all have been taken care of by the loan processor before it was even submitted to the underwriter.

2. They told me some of them didn't have signatures. Not only did they have the right signatures, I had sent them 3 different times both though scanned PDF and fax.

3. The underwriter is an idiot and delayed us for 3 days saying we no longer could afford $110,000 house afer being approved for $180,000. The first time she said whoops I forgot to include some of your job commissions which is nonsense. They only amount to about $300-$400 a month. Then she said whoops I accidentally deducted for taxes like federal, medicaid,etc. when the system does it automatically so therefore I got hit twice. Isn't this one of the first things they should have checked is my income.

4. She made us pay for two septic inspections because she said having my dad do it was a conflict even though he did the original system on the house. Wouldn't he a licensed inspector/repair/maintenance man be the guy who would surely tell me if it was bad.

5. I could go on and on. But the main thing is I gave them everything SAME day and now we missed our close date.


Now I am out a few thousand that I spent on inspections, getting the electric on, etc.

Last edited by unteagle; 07-02-2012 at 05:13 PM..
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Old 07-02-2012, 04:54 PM
 
Location: SF Bay Area
1,290 posts, read 1,702,170 times
Reputation: 806
Yes it's crazy and darn frustrating. Is it too late to go to another lender?
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Old 07-02-2012, 05:12 PM
 
134 posts, read 458,778 times
Reputation: 65
yes, the listing agent has cancelled our contract. the loan papers are going to be ready to sign TOMORROW. And they denied us an extension. IT's a VA LOAN.
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Old 07-02-2012, 05:24 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,535,708 times
Reputation: 6356
Missed close dates suck, but you should be able to get an extension of time to close. These days almost all lenders seem to be oblivious to contract dates.

Good luck!

Ooops OP posted just before my reply.

I'd find out what agency regulates lenders in your state and file a complaint and call the owner/broker of the lender and work him for a refund of the money you are out.
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Old 07-02-2012, 06:00 PM
 
Location: Salem, OR
13,743 posts, read 31,562,927 times
Reputation: 12105
It is really important to use lenders that know the ins and outs of VA loans. They just have some different forms and such. The seller is under no obligation to extend and it sounds like they lack confidence in your lender. I feel bad for you, and no being a vet doesn't mean it is harder to get a loan. The VA loan program just has its own quirks and you need people that just know the system.
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Old 07-02-2012, 06:20 PM
 
134 posts, read 458,778 times
Reputation: 65
well the lendor and seller or the same in essence. It's a foreclosure from the bank and I used them for the loan. Thanks for the suggestion on finding out the regulating agency. appreciate that.
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Old 12-05-2012, 12:05 AM
 
Location: Farmington Hills, MI
19 posts, read 36,248 times
Reputation: 15
Quote:
Originally Posted by unteagle View Post
I have 800 credit score. ZERO debt to income ratio. Not even a car payment as of this month. I cleared $46,000 last year and was preapproved for almost $180,000 mortgage. I have been told repeatedly by my loan processor that it is harder for me to get a loan because I'm a veteran. Isn't the system a little flawed when a vet with perfect credit and sufficient income can't get a loan.

My loan processor and underwriter have been ABSOLUTE idiots. I know lots of people say that, but mine truly have.

1. I have given them EVERY single document the same day they have asked for it. Some of them I have had to send as many as 5 times because they have lost them. Some of them they didn't ask for until July 2 the final day to close. Shouldn't this all have been taken care of by the loan processor before it was even submitted to the underwriter.

2. They told me some of them didn't have signatures. Not only did they have the right signatures, I had sent them 3 different times both though scanned PDF and fax.

3. The underwriter is an idiot and delayed us for 3 days saying we no longer could afford $110,000 house afer being approved for $180,000. The first time she said whoops I forgot to include some of your job commissions which is nonsense. They only amount to about $300-$400 a month. Then she said whoops I accidentally deducted for taxes like federal, medicaid,etc. when the system does it automatically so therefore I got hit twice. Isn't this one of the first things they should have checked is my income.

4. She made us pay for two septic inspections because she said having my dad do it was a conflict even though he did the original system on the house. Wouldn't he a licensed inspector/repair/maintenance man be the guy who would surely tell me if it was bad.

5. I could go on and on. But the main thing is I gave them everything SAME day and now we missed our close date.


Now I am out a few thousand that I spent on inspections, getting the electric on, etc.
Just out of curiosity, did you happen to resolve this matter?
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Old 12-05-2012, 04:02 AM
 
Location: DFW - Coppell / Las Colinas
29,931 posts, read 34,535,636 times
Reputation: 35926
Quote:
Originally Posted by chri_s View Post
Just out of curiosity, did you happen to resolve this matter?
He has not posted on CD since August.
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