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Loan Suspension

Help!!!!  I am totally going nuts.  We are supposed to settle on our property next week.  We have everything but blood type in with the underwriter.  We are applying for a VA loan and we did have some credit issues(ie 3+ year old bankruptcy).  We have very little CC debt and all loans (car and previous mortgage) have never been over thirty days late.  Our income is good and Credit scores are a 669 and 680.  The underwrite said the loan was suspended pending additional questions.  We did answer all the questions(three to be exact) the same day.  The only questions were about an explanation for the bankruptcy, documentation for a deposit for the new house, and 12 month payment history for our previous mortgages.  This information was obtained in the past so I just had to resubmit the information.  If a loan is suspended, is this a bad sign?  As you can see, I am totally wigging out! 
  • October 09 2012 - US
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Answers (4)

Profile picture for user94703008

I am in the same situation now where my loan is suspended because they needed additional documentation. The underwriter wanted me and my husband to write a budget sheet to confirming that we can afford the mortgage payment. In addition, I had to take a homebuyer class. Although I do not mind, I am scared that our loan might be denied, possibly due to my husband's credit issues in the past.  Since he also missed several of his mortgage payment in the previous home he owned, it might come be an issue although it was over a year ago. Also, since he filed for bankruptcy and it was dismissed, I don't know how an underwriter will look at this. I hope applying for the VA home loan will allow us more flexibility. I am anxiously waiting to hear back from the underwriter.Good luck!!!

  • September 08 2013
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  • October 09 2012
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Profile picture for user541138
Thank You Nancy.  We have just had sooooo much riding on this.  My mortgage person and the loan officer did say that it "looked good".  We are just nervous!
  • October 09 2012
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Try to remain calm.  This is not uncommon in the lending world today.  The suspension will most likely be lifted as soon as the underwriter has a chance to review all of the conditions beig satisfied.  We sometimes experience delays like this, but it does not always mean something "bad" will result.  Ask your loan officer if he/she sees a problem or if they have had open communication with the underwriter regarding this issue.

(they may still ask for your blood type).
  • October 09 2012
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