My wife is retiring in September after 20 years in the Air Force in California.
She was pre-approved for a VA loan a couple weeks ago and had the letter to give to the listing agent for the home we wanted to purchase. After our offer was accepted a few days ago, the loan broker contacted us saying our loan won't be funded because my wife doesn't have an additional year on her enlistment as per her Service record we provided last week. We were told this is a lender requirement, and one we were not aware of even after searching the net for qualifying criteria for a VA loan. The only other option is for her to supply a check stub from a new employer, or an offer letter before closing. She is a nurse, but can't get a job in IL, until she transfers her license to that State. She wanted to buy the house and have it ready to move into when she goes on terminal leave the 1st week of August For personal reasons she is applyed for the loan and qualified on her own. We have more then enough resources to make mortgage payments until she found a job, plus she will receive military pay until September, then her pension starts.
We have not yet found a lender who will approve the loan. This has made our house hunting trip a waste of time and money, and makes no sense that you have to buy a house in a new area a full 12 months before you retire.
I found a lender, edited for content, who is a local lender for a couple of new subdivisions in the area, who said they only look at your current income. They said it shouldn't be any problem getting this approved.
I received a message from them this morning that my application I submitted on the 3rd, will be completed by the end of this week!!
This message has been edited. Last edited by: MortgageGuru,
