The Loan Process
I started the process of working through a loan with VAMC. So far, the process is quite simple. I left my information on the site and got a phone call from one of the case workers, Nate. He called me and asked for a little more information about my financial history like all good mortgage companies do. When we get to Alabama, we’ll be buying a home and try to avoid military housing.
I told him about my two 150-foot yachts, vacation home in Sweden, gold plated H2 Hummer and my side income working the streets of DC. Okay, I really don’t have any of that, but with all my debt you’d think I do. My theory of “I’ve got money as long as I’ve got checks” doesn’t seem to work. It’s also not true that you can get a new credit to pay off an old credit card and just keep doing that (eventually they find out).
Now that I’ve got your attention with the absurdities of the previous paragraph, I’ll tell you that the process is quite simple. Naturally, the first step is that you have to qualify for a VA loan. To do that, you have to be a….veteran. That is something that we would normally take for granted, but in today’s economic environment this benefit becomes even more important to us. Most people are having issues getting home loans, but veterans are practically guaranteed VA loans. Not only that, but we aren’t required to pay a down payment (though it’s a good idea to put SOMETHING down when purchasing a home).
So, after only about 10 minutes on the phone, Nate will plug my information into the computer (I called him after hours, so I didn’t get an instant reply like most people will get) and get with me first thing in the morning. He will take the information to the lenders and come back with a pre-approved figure (which I won’t be sharing). It shouldn’t be hard since I’m not looking for a $500,000 home, even though the VA backs up to $416,000 (more for high cost areas).
As for Nate himself, he was a very courteous man. Even when I told him that half my brain was repossessed and i would be selling my kids in Mexico for extra income next year, he remained calm. He’s also got a new 6-week old child, so he’s busy. Congratulations Nate!! (when they’re older, I can hook you up with a good coyote who specializing in child commerce)
Okay, for those who don’t me, I’M KIDDING!! Lighten up and go watch a good dogfight or something.
Kathi
August 20th, 2007 at 11:52 pmROFL. CJ, you’re a character:)
(and I love the line “I’ve got money as long as I’ve got checks”…priceless!)
Seriously, thanks for sharing this info. Good to know, and it seems pretty easy!
Terri
August 21st, 2007 at 4:53 amToo funny CJ. Sounds like your alter ego (David) was writing that post for you. So far the process for me working through the same company has been relatively painless and we’ll be closing on our new house at the end of the month. Good Luck!
Donna
August 21st, 2007 at 5:32 pmHa! Ha! CJ, You are soooo funny! I love it!!
It sounds like your mortgage will go through without much difficulty. I’m so glad that they give veterans a break on the downpayment etc. It does help I’m sure especially if the interest rates are lower.
joyjoyfromnj
August 21st, 2007 at 7:01 pmCJ, take it easy with Nate. Remember back to the sleepless nights when you had a 6-week old baby in the house. He’s probably functioning on little sleep and lots of caffeine so don’t stress out his brain too much with your antics. Besides, everyone knows gold plated hummers are a dime-a-dozen; if you were really rich, yours would be platinum. :-)
Sylenne
October 3rd, 2007 at 6:00 pmI am still waiting for a answer to my VA loan. I am glad that it has been quick for some but my loan agent has yet to contact me and my husband with a yes or no decision. He told us that since we haven’t had a respose that is a good sign. I don’t need a sign just a decision. Has anyone else had a loan that took more than a couple of days to get approved.