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pre-qualified for VA loan but worried about a couple things..

I was just pre-qualified with Veterans United for 204K and received all of the paperwork for pre-approval today.   I am concerned about underwriting and anticipate it will be a difficult process.   I want to know if I even have shot at surviving based on my circumstances.    My credit scores were: Experian:697, Equifax: 703 and Transunion 742.  First, is Veterans United well known and can I shop around, for example look at mortgage broker or local bank as well?   Will this hurt my credit? I know that in underwriting, my employment will be verified several times.   I have a really great job as a personal chef, but I work for someone who is very old and and may not live another 3 or 4 years.  I am not self-employed and when the underwriter verifies employment, he/she will be speaking to the personal manager of the person I cook for.  I have been working this job several years and I have been in the food industry for many years (25). But  I wonder if this will come into play in the employment verification and end my mortgage application in denial. 



  • February 28 2014 - Central
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Answers (5)

Great questions :)

It looks like your employment will be fine to show continuity of income.  You shouldn't have any problems there.  Your credit also will be fine as the general threshold for credit on a VA loan is anything above 620, and lenders will look at the middle score out of the three. If you are still looking to get a competitive quote to assess your options feel free to reach out to me. 
  • July 16 2014
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@allison81900

Thank you, for the clarification.  So you do have W2's, which is great so the person that you work for is the person you cook for, which must put a company name on the W2's or just their name since they are wealthy that they can do that.  Do you receive paystubs and how often are you paid? 
  • February 28 2014
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Geofrey Merino,

I don't work for a company per se, the person I cook for, is wealthy enough that she has a staff.  One of the staff members is a professional manager.  This person handles all the HR and personnel issues and would be the person who will, most likely, be providing the employment verification.  I do receive a W2 every year for my taxes and in April, I will be there 3 years. 
  • February 28 2014
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With your current position are you W2?  please explain how your current employment works, it sounds like you are a personal chef but do you work for a company?

It is always good to see what else is out there, not needing to pull credit every time you speak to someone but just asking what they have to offer.
  • February 28 2014
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HI there, based on what you described above, you should be ok. You should not have to wait and re apply. IF you are W2'd and show 2 years in the same position, it is likely that the verification of employment will only be to verify your position and dates of employment. The age of your employer should not be a factor. If you have substantial overtime or bonus income used to qualify, then a written verification may be asked for and there is a box that is asked "employment likely to continue." answered yes or no from the employer. 
  • February 28 2014
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