Rspray Posted January 1, 2012 Report Share Posted January 1, 2012 I had inquired about a VA loan to refinance my house 8 months ago and was told that the VA required a two year waiting period after a deed-in-lieu before I could get approved. I waited until the two years were up and applied through a local lender in November 2011. The VA review person notified my lender last week that they declined the loan because they now want a three year waiting period after the deed-in-lieu. All else, income, credit score, debt ratio is good. They also said that they will consider only a 75% loan for me, not the 90% they state.Questions:1. Can the VA arbitrarily make the three year waiting decision when they are stating a two year policy?2. Can they decide to loan only 75%, not the 90% they state?3. Can a VA reviewer/underwriter decision be appealed in any way?Thanks for your help!!! Link to comment Share on other sites More sharing options...
2ndTimeAround Posted January 4, 2012 Report Share Posted January 4, 2012 I had inquired about a VA loan to refinance my house 8 months ago and was told that the VA required a two year waiting period after a deed-in-lieu before I could get approved. I waited until the two years were up and applied through a local lender in November 2011. The VA review person notified my lender last week that they declined the loan because they now want a three year waiting period after the deed-in-lieu. All else, income, credit score, debt ratio is good. They also said that they will consider only a 75% loan for me, not the 90% they state.Questions:1. Can the VA arbitrarily make the three year waiting decision when they are stating a two year policy?2. Can they decide to loan only 75%, not the 90% they state?3. Can a VA reviewer/underwriter decision be appealed in any way?Thanks for your help!!!Solution - go to a larger/different VA-approved lender = different underwriter.... It is up to the lender to set their own guidelines. Link to comment Share on other sites More sharing options...
Rspray Posted January 5, 2012 Author Report Share Posted January 5, 2012 Thanks for the reply...The lender tried to make me think that the VA made the conditions. I guess it is easier to blame a Govt agency than your own underwriter! Link to comment Share on other sites More sharing options...
veteransadvocate Posted March 8, 2012 Report Share Posted March 8, 2012 I would talk to a VA approved lender. The VA direct loan program has a bunch of hoops to jump through. The guaranteed program is much simpler and after talking to the right people I'm sure you'll have more success. Link to comment Share on other sites More sharing options...
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