Financing in Virginia Beach>Question Details

Douglas Allen…, Home Owner in Suffolk, VA

Freaking out over my underwriting process.

Asked by Douglas Allen Bramble, Suffolk, VA Fri Mar 1, 2013

My wife and I are now I'm the underwriting process and I'm a nervous wreck. We are using my va loan and were pre approved for 170k. We have a great real estate agent and found a house and put an offer in for 160k and quickly had a ratified contract. We just did the home inspect and now need to get the appraisal. I am so nervous though because my scores have dropped alot due to debts that had not shown up yet on my report during pre approval. However I have paid everything down to under what it was when I got my pre approval. I am also medically discharging from the navy in two months and am going to be recieving disability. My LO called today and said he noticed a judgement and asked if I had a plan I said yes and am just going to pay ot off Monday. He has all the paperwork confirming that my past debts are paid and my credit cards are paid down. He keeps telling me your good but I'm still scared of denial. He said he's been doing it for 16 yrs and that I'm fine but I don't feel fine.

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I'm glad you removed your last post! Good luck!
0 votes Thank Flag Link Sat Mar 2, 2013
Douglas, If you would like a free second look I would be more than glad to take a look for you.

Robert H. Ashburner, Jr. – Loan Officer
NMLSR 607856
Monarch Mortgage
2809 South Lynnhaven Road, Suite 200
Virginia Beach, Virginia 23452
(757) 390-2235 Direct Line
(757) 652-5851 Mobile
(757) 390-2335 Direct Fax WEB
0 votes Thank Flag Link Sat Mar 2, 2013
Douglas, you are giving WAY too much private information online. Delete your post and email your concerns to your lender. The loan process is like making sausage. It can be worrisome and aggravating. Don't do anything at all with your payments or anything without talking to your lender. Do not fill out any questionnaires at the mall, credit card applications...nothing.
0 votes Thank Flag Link Sat Mar 2, 2013
I hope they are figuring your income on what you will be getting after you are discharged and not your current figures. From what I understand, you will need to give a statement showing how long you are going to be active duty before you close.

I've had VA buyers get debt paid off at the closing table as part of negotiations with the seller - if that becomes an issue.

Be upfront as possible with your lender and let them know everything in detail that is going on with you. It will come up eventually and better now than the day before closing. If your lender knows everything and has been doing this for a long time, hand the worry over to him.

Underwriting is a pain for everyone. I joke around with my buyers that the lender may ask them for a DNA sample the day before closing to prove who they are. Good luck
0 votes Thank Flag Link Sat Mar 2, 2013
I'd stick with your loan officer and ask them directly for specifics rather than rely on the previous answer you received.

"How long are you in UW. It does not sound good did yoy asked for a letter from your creditors that show paid in full as agree to be sent to the credit bureau and have them to re-score your files. I do belive your LO dont know as much as he should."

Pot, meet kettle.
0 votes Thank Flag Link Fri Mar 1, 2013
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