cal vet loan appeal

Asked by Jon D., 92870 Sun Feb 24, 2008

Me and my wife applied for a loan with cal-vet. Our income approved us over the amount that we are trying to borrow. I have excellent credit, but she has poor credit (with a pending collection that is being paid). Because of this reason, we were denied. Anyone know what's the chance of appealing this denial. I have enough funds in the bank to cover 2 years of mortage, I don't know if this help in determing the approval.

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4
Chuck, Home Buyer, Northern California
Thu Dec 11, 2008
Hi, we wound up going through the appeal process, which we were told would take about 2 weeks. It actually took them over a month and the only reason it was done then is because I called everyday. We were denied again for the very same reason they denied us the first time (wifes credit, though she does not work and does not contribute to the mortgage). I wound up going with the VA loan and they approved me without my wife (wells fargo).

The problem i have with the Cal VA appeal process is that the same person who rejected my application the first time, was also the person who reviewed my appeal. I am very happy with my regular VA loan, 100% financing with 0 down, 6.25% fixed for 30 years. So you may want to investigate the regular VA Loan and skip cal-va process.

Chuck
0 votes
Julie, Home Buyer, California
Thu Dec 11, 2008
Hi Chuck, I do not have an answer to your question but thought I'd ask you one instead. My husband and I are appealing a denial also. Did you use a form for that or did you freehand write a letter to them? We are unable to locate a form online. Also, they are not specific about the denial. Just said we had a "slow pay" meaning that we were late on a payment within the last 12 months. They will not be more specific than that so we don't know which charge account they are talking about. Did you have this much trouble with CalVet? How long did it take for them to get back to you regarding your appeal?
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Chuck, Home Buyer, Northern California
Thu May 1, 2008
I am in the same exact boat. Did you appeal Cal-Vet's denial? I have appealed and I am still waiting for a response. I am curious if anyone has successfully appealed?

Thanks,
Chuck
0 votes
Sean Giorgia…, , 92553
Fri Feb 29, 2008
Mortgage approvals are complex these days. Seems to me like you have a good chance of getting one despite this temporary setback. Since each mortgage truly is unique, please let me know if you'd like my Lender to contact you. I know he's helped others in similar situations. Looking forward to helping you.
Web Reference:  http://frclsrtv.com
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