Veterans United Experience as a First-Time Home Buyer

Seeking Advice
1

I am a first-time homebuyer and began my mortgage process with Veterans United back in October, initially getting pre-approved for $280k. After finding a new construction home and providing an earnest deposit, the process moved to underwriting. The underwriter then requested extensive documentation that I felt should have been asked for earlier, such as bank statements, explanation of derogatory items, VA benefit letter, and more. It’s been overwhelming, and I’m wondering if this is normal or if I should consider switching lenders. I’m currently in the Dominican Republic, and if not for the need to secure a loan, I’d stay here where cash transactions are straightforward.

2

Dealing with Veterans United can be frustrating, and they often miss closing dates. I recommend talking to a mortgage broker who can offer lower rates and costs. They might even save your closing date, especially if the appraisal was done recently.

3

@Sage
Agreed. Expect high costs and delays.

4

@Sage
The appraisal was just ordered. They promised to pay for it two weeks ago, but I’m not sure if it’s even been done yet.

5

Vic said:
@Sage
The appraisal was just ordered. They promised to pay for it two weeks ago, but I’m not sure if it’s even been done yet.

Contact a local broker and explain the situation. They can guide you whether to wait for the appraisal or to switch immediately. I’ve seen loans canceled and appraisals having to be reordered, which is not ideal but sometimes necessary.

6

@Sage
Was the appraisal really ordered? I’m also dealing with unresponsive teams. If I cancel, do I lose my earnest money?

7

Vic said:
@Sage
Was the appraisal really ordered? I’m also dealing with unresponsive teams. If I cancel, do I lose my earnest money?

If the appraisal wasn’t ordered, you might want to consider withdrawing your application. A competent broker could get you further along quickly. Regarding the earnest money, it depends on the terms of your contract, which your real estate agent or an attorney should review.

8

@Sage
Thanks for the advice.

9

@Sage
What about alternatives like Rocket Mortgage or Navy Federal Credit Union?

10

You might want to look into Veteran Home Advantage for better terms.

11

Lex said:
You might want to look into Veteran Home Advantage for better terms.

I’ll check them out, thanks!