Forgotten Your Password?

Need to Register?

Question Icon

How or with whom can I qualify for a loan with less than 1 year left on my employment contract?

I am currently waiting on the underwriter for approving my VA loan application. I am nervous that I might not qualify and would either have to start all over with a different bank or not even qualify at all for any loan, be it VA, FHA, or last resort a conventional loan. I called around a couple of banks and asked, if I don't qualify for my current VA loan and have less than a year on my contract, would I be able to qualify for any mortgage loan? I was told that they would need a letter from my future employer, saying that they will definitely hire me and what my income would be. I am more than 7 months out from my transition date from military into a civilian workforce. Also I do not know exactly when I am leaving the military; it might be a couple of months longer or less. It would be impossible for me to secure employment right now. I also signed a statement that I do plan on re-enlisting to make my commitment longer than a year, but I don't know whether that would make or break my case. I've been waiting for a week now and am worried that the underwriter will not grant the loan. What do you think I could do? I really want the house that is bank owned and don't want to lose it, because I was not able to qualify for a loan. I only have enough for a 10% down payment if I were to go with a conventional loan.Thanks in advance. by rmiors_934_764 from Fairfield, California. Apr 14th 2013 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

If you already provided the letter of intent to re-enlist, you should not have an issue with the current underwriter. Although a week seems like an eternity, depending on the lender you are working with, a week may be normal. Many times with some of the bigger lenders when a file gets submitted to underwriting, it can take a week or longer just to rise to the top of the pile before the underwriter even takes a peek. I would not panic. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Apr 15th 2013
1
0
Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

if you are miltary, there are papers that underwriters will accept... linda do you have your miltary papers?

Apr 14th 2013
0
0
Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

i also have a great loan officer referral for you linda

Apr 14th 2013
0
0

Linda, I had an officer sign a statement that I was eligible for re-enlistment and I wrote a statement saying I was planning on re-enlisting.

Apr 14th 2013
0
0
Allison VanPelt (Allison)
#24 ranked lender in Indiana - 3 contributions

I've had this happen to some of my borrowers and we had to get a letter stating that they were planning to re-enlist.

Apr 14th 2013
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

VA regulations require that your separtion date be more than 12 months after closing or a signed statement from you that you intend to re-enlist for at least long enough to stay in the military for more than 1 year after closing. Thanks for your service and good luck!

Apr 14th 2013
0
0
Subscribe to our news feed.