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My husband is in the military and we are planning on buying a house in the next 3 months in San Diego, CA. We spoke to a real estate agent, who recommanded us to a mortgage broker to get pre-approval, so we know how much our budget should be for our house...etc. We are also planning on using VA loan, but my husband still has to get his VA certificate. At the time our morgage broker told us that it should be no problem, as my husband definetely qualifies being on active duty for the 4th year now.
We faxed over our info last Monday, and didn't hear anything. Last Friday we sent an email to see what our status was, since I thought pre approval letters can usually be processed in a day or two. The answer we got back was that they are putting together a package for the loan programs and/or products we can choose from. Today is Tuesday and we still haven't heard back from them exactly what this "package" contains or at least a budget we should have on buying a house.
What package? I thought this is just the preliminary step for us to see how much can we be approved for? Not only that, we are definetely going with the VA loan, as we will not be making a down payment, so why putting together different loan programs?
Correct me if I'm wrong, but I thought one of the pre approval processes involves pulling credit reports from the applicants, my husband and I. I have Equifax credit watch, and so far, I have no alerts about my credit report being inquired? Should I be concerned? Or am I just being inpatient?
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,848,852 times
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This definitely does not sound right. If you have already submitted pay-stubs, W-2's, bank statements, and any other required documentation then there is no reason why you can't be pre-approved in a matter of a couple of days. Perhaps you should talk to another broker?
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