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Retire from Army in 6 months and underwriters will no longer approve my loan what can I do?

I am pending retirement in 6 months and I had a house built now they are trying to pull out and sell to someone else cause the underwiters will not approve me due to debt to income ratio.  I am looking for a job now and fell confident I wioll secure a good job before my date but not in time to close according to the builder schedule.  I was preapproved and was doing a VA loan have invested 2500 so far
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January 17 2010 - Villages of Westcreek
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Answers (6)

What I would suggest as the first step in the Home Buying process is to find the right lender. To me, a good lender one of the most critical steps in the purchase of your home. The debt that you are obligating yourself to will be for the next 20 to 30 years, so make sure it fits your income, your debt structure and your life style.

A good lender will be your best friend going through this process. once you have been pre-qualified, always check with the lender before any major changes take place. This ensures that your potential loan will go through.

In your case, if the home can not be sold to you because of a major change, then you may have to wait until a job is found and the income can be verified. If so, your earnest money should be returned.

The last thing I would suggest, is to ask your lender to check into any circumstances that may be covered because of your military background and because you are applying for a VA loan.
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October 31 2013
There are definitely ways around this.  Understanding the VA loan process is a very difficult one and I can definitely help you...  please let me know if you are still in need of some more advice in this area.  Thank you and God Bless...!
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October 31 2013
You should have up to the date in the Sales Contract to close and possibly be able to get " a reasonable time to arrange financing" delay after that. Hopefully, you will find a new job soon. Your $2,500 earnest money deposit should be refunded if you are not able to get  loan approval to be able to close. If you really want to live in that community, ask builder about building a similiar house for you. During the 4-5 month construction period, your new job should materialize.
Good luck and thanks for your service.
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January 17 2010
Rudi has given great advice!  You do not want to qualify to purchase a home that you can not afford.  The only thing that you can do is try like heck to get a job as quickly as possible.  Once you know exactly what your income will be and that you fully qualify try getting a permenant loan. 

In most cases a bank can close a purchase loan in two weeks on a rush.  Don't get yourself in a bad situation it truly is not worth it. 

Best of luck!
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January 17 2010
Thank you for your Service to our Great Nation!

IMHO, you should be thankful you haven't closed on this property. Especially, since your DTI is too high now.

$2,500 is small change, compared to the consequence. No employment and not being sure when or what the pay scale may be, you would be positioned to become another foreclosure casualty. That's no way to start civilian life again.

Rent, find work, save more money, enjoy civilian life for awhile. Property values will remain low for several years. Interest rates may rise but that's no reason to put your future financial situation in jeopardy! .... Best wishes, Rudi
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January 17 2010
Have you tried a different lender... one who specializes in VA loans?
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January 17 2010
 
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Retire from Army in 6 months and underwriters will no longer approve my loan what can I do?
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