USAA stands for
DO NOT use USAA for your mortgage!! They do not give a rat's *** if you are a veteran or a first time homebuyer...or both! You would think that they would take extra good care of their soldiers (one who has been deployed TWICE in 3 years) as they claim to do in their new commercials but that is the best example of false advertising I've seen yet. Here is what happened: They convinced us to go with the VA loan since it would be a "better deal" in their opinion even though we had 25k to put down. Our realtors cringed when we told them how we were planning to finance the house...we should have known then. Since we are not married yet they said only my fiance could be on the loan. The contract was signed by both of us since we originally were going with the conventional loan. So of course the FIRST question we emailed to the processor was if we had to ammend the contract. She said no only to change her mind 3 weeks later. We were shocked at this recommendation since we didn't think we would be approved on just one of our salaries. They "ran the numbers" and said that my fiance would be approved based off of his current salary, excellent credit, no debt, and large amount of liquid assets. So we "locked in the rate" and proceeded with the contract, appraisal, title search, inspection, termite treatment, closing date, etc. In the meantime we had numerous un-returned phone calls, emails, and requests for multiple copies of documents even though they had been attached to previous emails and sent already. A huge headache in summary. After the "conditional loan approval" that was based off of the same salary that my fiance provided in the application, our processor called to say that he had been denied based on income. That's right.....the SAME income and credit and everything that they had approved him on, ordered an appraisal, and had us set up the closing date two days before. I am a mortgage officer myself and I know firsthand that appraisals and closing dates should not be set until affordability and credit history are reviewed and approved. They had absolutely no explanation or apologies for getting us this far in the process and then denying him based on information they had from the beginning. Not to mention we are now backed against a wall since our due diligence is up in two days and this was sprung on us this morning. So $1,000 is potentially out the window and the icing on the cake was the $350 processing fee assessed along with our denial letter. Oh and the manager returned our phone call SEVEN hours later and ten minutes before they closed. Of course we missed the call because we were doing honest work at our jobs unlike them. Do yourselves a favor and don't fall for their advertisements. Going through USAA may cause you to lose much of your hard earned money, your sanity and perhaps your dream home.
Raleigh, North Carolina
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