VA Loan Approval with conditions?
My fiance is buying a house for our us and our son. I am a SAHM and don't work so all of our bills come out of his paycheck. After being pre-approved we found a house within our pre-approved price and started to home buying process. We are now in the underwriting phase and they see the bank statements and they were wondering if my fiance had a student loan. He doesn't...it's in my name. So now we are wondering if that is going to decline us all together?
On his bank statements he was transfering money to me and I was making the payment but he recently added me to his bank account and so that payment comes out of our account directly. They also wanted to verify why he had lived at several different addresses within the last 5 years but it's because he is military! Any advice?
P.S. We didn't think we had to tell anyone about this payment because it wasn't in fiances name or on his credit report. It was just coming out of our joint bank account.
- Sharon TLv 79 years agoFavorite Answer
Since your fiance doesn't owe this bill, he should not be in trouble for not listing it. It would have been better to keep your finances separate until after the loan was approved, but you cannot be expected to know that.
If you have explained these things to the loan officer as clearly as you did to us, I don't foresee a problem getting the loan approved.