I applied online for a VA loan through USAA.. all was fine and dandy until my wife called them wanting some more information about something.....
they told her my approval was suspended because they weren't sure how my current (post military) job relates to my military job?? doesn't make sense to me- and I'm going to call them in the morning... anyone heard of this?
pete

Yes. You have to be able to show at least 2 years in that type of work or something similar to it. What did you do in the military and what do you do now?

Paul
See my profile for contact information

i was a ch-46 crew chief for 5 years as a Marine

now, im a "technical sales associate"- so says my business card.

im pretty sure i can swing the relation (i havent called usaa yet)-- my job is basically a tech rep/technical service dude for an industrial automation company. lots of manuals, lots of schematics, etc...

i never ever in a million years thought you had to have a job related to your military MOS to qualify for a va loan... i thought service and a couple combat tours was enough..
pete

Hi Pete, because VA backs the loan they have certain rules and guidelines all lenders that offer VA loans have to follow. Is there a reason you're going VA vs. Conv? With Conv, you do have to put a min of 5% down right now, however you only need 30 days of verifiable income. I highly recommend giving USAA a call back to speak more in detail with someone. Feel free to ask me questions as well. I'm happy to spare my knowledge and help where I can.
~Jenn

hi jen---
the only reason im checking into a va loan vs conventional is simple... just weighing our options. we (my wife and i) got prequalified at a local bank last week, and thought "what the heck" -why not try a VA loan. ive learned over 10% disabled and there are no funding fees. of course the next step is preapproval- but given our 100% honesty or underestimation during the prequal- its not going to be a problem.

we dont have much saved for a down payment- but if i borrow against my 401k, we could do a 5% down payment.

our credit is outstanding, and we're dead set on living well within our means. because our credit is so good, ive heard that i would more than likely be better off going conventional.

our local bank offered us 6% with 100% financing- no down payment. we only asked to prequalify for 200k, because thats what i feel we could comfortably afford at todays rates.

im not really worried about a loan approval- im sure we'll be fine in that department- what im trying to discover is where the best deal is.
pete

Good afternoon Pete Comparing and shopping for the best deal is only natural. I always recommend to members when comparing, always ask for a good faith estimate upfront so that you can compare side by side. Lots of banks charge different fees (junk fees) and others, like USAA doesn't.

Also, don't compare interest rates as many banks offer the same interest rates. For example your local bank may offer you 6% on a 30 yr fixed and USAA may also offer 6% on a 30 fixed but the APR with each will be different. Any time you are quoted an interest rate, by law the bank is required to quote the APR as well. The difference is the APR helps you determine which loan is costing you more. The APR calcualates the interest rate and the cost to do the loan and annualizes it over the term of the loan.

As for VA, if you are exempt from paying the funding fee, its a no-brainer then. RIght now rates for both VA and Conv are pretty close but if you don't have to pay the funding fee, that would be ideal to go that route.

Keep me posted on how things work out.
Depending on the situation with your current job, if VA is not going to work out and you need to go conv and put money down, you may al

With 100% financing, the VA loan will always be a lower monthly payment than a conventional loan even if you do have the funding fee. The difference in payment with PMI on conventional loans is significant.

Paul
See my profile for contact information

fyi, for anyone that cared, or in the same boat:

I got my preapproval done, I just had to call USAA and explain how my job now relates to the one I had in the Marines. Took all of about 10 minutes.

We're looking at loads of houses. In the area we are, 200k doesnt get nearly as far as it did back in NC... I looked just for giggles and back in Jacksonville I could get a 2 story new construction for that price, and here, I'm looking at 900 square feet ranch homes with 1/8 acre. Pretty huge difference.

The market is in our favor, hopefully I can wheel and deal with some of these homes that have been on the market for 200+ days, and there are plenty.

Pete

Hi Pete, I'm so glad to hear everything worked out for you. Good luck with you home search venture. Not sure if USAA mentioned their movers advantage program, but it's great for you as far if getting a cash back bonus. Doesn't cost you anything either. Take care and keep us posted.

hmmm... thanks for the tip on the movers advantage. ill have to look into that.