The only issue that I had with VUHL was that I received pre approval and was told to put in an offer on the home. I put in an offer and was told everything was fine. I had attempted this in September of 2012 also and was told the same thing, put in an offer (which was accepted and paper work signed) I then was told the loan couldn't happen because I didn't make enough money and couldn't barrow money at that time. Well after putting in this loan for our current home and making an offer which was accepted and paper worked signed and everything looked great, I was told again that money was an issue and I may not make enough and Debt to income ratio, etc. Both times my family was very happy and excited to only be disappointed, twice. After having this happen one time with VUHL before and possibly happening again, I became very upset. Thank God everything worked out, but I do not believe it is ok to treat a family trying to better themselves that way. There must be a better way to work this process. Maybe finding out all information first and verifying that the loan will go through and not be blocked or denied because of something that should be handled very early in the loan process. I think that would help with a big let down for a family trying to buy a home.
You did a good job
When working with a loan officer, I feel it would be beneficial for all parties (buyer, seller, agent, etc) to know when the loan officer will be out of the office. There were multiple times when I wanted receive an update on our status and I would find out that my loan officer was on vacation. I was okay with a vacation for the officer but it would have been nice to know I shouldn't be expecting any status updates, during a time where updates were crucial in our transition from renting to moving into our home.
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Do not switch loan officers in the middle of the loan process even though Mr. Choi got it completely done the first go I would still recommend not doing that in the future. Second I would also have you loan officers speak to their managers about wording for some of the documents needed. For instance, My first loan officer seen that I have deposits in my bank from my bank itself and I told him that it was an advance. It was still my money but it would be taken out on my next deposit. He told me to say I have overdraft protection and that's why it was that way. Granted I do have overdraft protection but for that instance it wasn't overdraft protection. (I hope that makes sense)
streamline documents and if needed to review by underwriter, use checklist style signoff to optimize process
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