We are having trouble transitioning from Military Active to Medically Retired and getting a VA Home loan
Hello we are trying to buy a home in Omaha, Nebraska. The lender we are working with (Military Family Home Loans) has pre-approved us and we put an offer on a home. The buyers accepted and we continued with inspections and the paperwork to close on the home. The lender issued the appraisal two days ago and tomorrow the appraisal will take place. The lender called us today and said that they cannot finance us with out proof of income. I will not be separating until January 28, 2013, but start my terminal leave December 9, 2012. We are trying to close on the home on December 15, 2012. I will be receiving pay through my transition from active duty to medically 100% disabled (2 months maxim from date of separation 01/28/2013). They want a letter in writing of a date and an exact amount I will be receiving. As you may know that is not something our government does. When they get to it they get to it. Is there anything that you can suggest. Should we look for a new lender that will be flexible. I know that what we are asking is a little more then the normal person, but we have a family to move half way across the country and cannot afford to stay in a hotel for that long. Please any suggestions will be appreciated. Thank you and God Bless! by gillig_777_342 from Clovis, New Mexico. Nov 15th 2012
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
The VA funding fee is always waived for a disabled vet, period. As far as ordering the appraisal goes, that is always done very early in the process before any loan approvals are done, I'm not sure what Linda is thinking but the home's value must be established as part of qualifying for the loan amount requested. On the disabillity income, your lender should have known that it was going to be necessary to have documentation in writing to support whatever income you had reflected on the application. Unless you were planning on just using your regular rate of pay to get qualified for the loan. It sounds like you are in a transitional phase of income right now since you are about to go on full disability after having been on regular pay so you might need to wait for your disability pay to get established and in place before you do your loan. Hope this was helpful to you and I wish you the very best, thank you.
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
first of all, with a VA LOAN, it can not close that fast.. why did they order the appriasal before you were approved for the loan? i would ask that of my loan officer.. you really need to wait until you get your disablity papers.. they should be able to get you a letter stating what you are going to receive.. if your loan officer can not do it , you can call , and wait on hold , for a very loan time, and get it yourself if you have to move, i would suggest a apt for a few months, go month to month, unitl you get your disabiltiy papers.. a VA LOAN is based on income... linda you can email me at yourloanpartnerforlife@live.com ... linda
Linda,Thank you for your response. We put in an offer with a 45 day close. The lender said that was realistic. I do have my Disability papers. I was rated at 100%. Sorry if I did not explain that well. The loan officer started being unhelpful and short with us after we requested funding fee waiver. I suspect she is upset she is upset she is loosing commission. I assume that the best step is to talk to her manager since we can provide an amount of pay and estimated time frame. In your experience do loan officers act unprofessional like that?
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
if you are medically disabled , you are entitled to waive the funding fee.. its a little more work for the loan officer, but is it only a few dollars to the loan officer, and if she is that commissioned based crazy, i would look for someone else..for example on a 100,000 loan, it is only about $20 less to her wow , i had given up $5000 on a big loan, when the wife screwed up and went shopping and they didnt have enough funds to close, and he became one of my biggest referrals.. and after 5 yrs he is still a client of mine
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