Posted on: 27th Feb, 2011 08:33 am
Okay, so we were supposed to close on our house tomorrow (the 28th). My husband is using his VA loan for the 2nd time. He was medically retired at the end of October 2010, and has a 40+ hour a week job within a month after that, & has maintained it ever since. He is 80% disabled.
Everything was going just fine with the whole process until the underwritter on Friday came back & told our loan officer "No, the VA won't approve". That didn't sound right to us or our loan officer. So she did some digging & found out that the VA said no such thing, and that it was actually the underwritter who had the issue with my husband. The underwritter claimed that my husband has not held his new job long enough according to Century 21's standards (which they say is anywhere between 6 months to a year). But the VA said that they had no problem with that, & that they take each individual person's situation into consideration because no two are the same.
[I should also mention that with the 1st VA loan we had, we had also gone thru Century 21 for that one, and that we had never missed a payment & were always on time with our payments.]
This underwritter would not budge on his decision after our loan officer practially begged & pleaded with him all day Friday. So our loan officer took action and asked if we would be comfortable with switching lenders (which we are). So she {our loan officer} contacted another lender whom she also does business with, and she faxed over all of our paper work to the new lender late Friday afternoon.
They (the new lender) looked everything over thuroughly and said that they would lend to us.
So basically, from what our loan officer that we've been working with all along up until this point has told us, that because we've already done all that major paperwork, inspections, appraisal - all of that - that it's pretty much now just how quickly they can change over everything to this new lender.
She said that they seller of the house we are buying would like to have everything taken care of and done by Thursday of this coming week {which would be March 3rd}.
So I guess all in all here, my question is, has anyone ever experienced anything like this before, and is it possible to switch lenders like this and still be able to close fairly quickly here?
Like I said, we've already done all of the major stuff that we did earlier on in the past 30 days, and our loan officer that we've had all along up to this point said that any fees that may come up with switching lenders that she will have them take that out of her 'bank' or 'fund [I believe is what she called it].
She feels that the underwritter that turned us down at the last minute is discriminating against my husband because he is a disabled veteran, and because he hasn't had a job for more than 6 months to a year (even tho he's only been a civilian for 4 months and has held this job he has no for 3 months of those 4 months).
*** I did forget to include that the seller did agree to an extension, he's already said that he wants to sell this house to us [he's a re-habber].***
Everything was going just fine with the whole process until the underwritter on Friday came back & told our loan officer "No, the VA won't approve". That didn't sound right to us or our loan officer. So she did some digging & found out that the VA said no such thing, and that it was actually the underwritter who had the issue with my husband. The underwritter claimed that my husband has not held his new job long enough according to Century 21's standards (which they say is anywhere between 6 months to a year). But the VA said that they had no problem with that, & that they take each individual person's situation into consideration because no two are the same.
[I should also mention that with the 1st VA loan we had, we had also gone thru Century 21 for that one, and that we had never missed a payment & were always on time with our payments.]
This underwritter would not budge on his decision after our loan officer practially begged & pleaded with him all day Friday. So our loan officer took action and asked if we would be comfortable with switching lenders (which we are). So she {our loan officer} contacted another lender whom she also does business with, and she faxed over all of our paper work to the new lender late Friday afternoon.
They (the new lender) looked everything over thuroughly and said that they would lend to us.
So basically, from what our loan officer that we've been working with all along up until this point has told us, that because we've already done all that major paperwork, inspections, appraisal - all of that - that it's pretty much now just how quickly they can change over everything to this new lender.
She said that they seller of the house we are buying would like to have everything taken care of and done by Thursday of this coming week {which would be March 3rd}.
So I guess all in all here, my question is, has anyone ever experienced anything like this before, and is it possible to switch lenders like this and still be able to close fairly quickly here?
Like I said, we've already done all of the major stuff that we did earlier on in the past 30 days, and our loan officer that we've had all along up to this point said that any fees that may come up with switching lenders that she will have them take that out of her 'bank' or 'fund [I believe is what she called it].
She feels that the underwritter that turned us down at the last minute is discriminating against my husband because he is a disabled veteran, and because he hasn't had a job for more than 6 months to a year (even tho he's only been a civilian for 4 months and has held this job he has no for 3 months of those 4 months).
*** I did forget to include that the seller did agree to an extension, he's already said that he wants to sell this house to us [he's a re-habber].***
only the new lender can tell you how long it will take.
but with everything done, a rush might get you done in a week.
but with everything done, a rush might get you done in a week.