Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 9 years ago

VA Home loan through USAA?

I am currently active duty Air Force and looking to buy a home. My price range is under $140,000. I called USAA who I bank through to get a VA loan and they pre-approved me for $140,000 @ a 30 yr VA loan. Their website says they only do fixed rate 30 yr VA loans and the current rate is 4.25%. After running the numbers based upon the listing for the house im interested in (which includes the taxes $1385) and getting a quote through USAA for home owners insurance for the type of house I'm interested in (~$40)... I came up with ~$675.00 (Principle, Interest, taxes, Insurance).

My pre-approval letter says the PITI is ~$868.00.

How can I be so far off from the approval letter? Are their any other factors that I could have forgot?

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  • 9 years ago
    Favorite Answer

    I'm not sure where you are running your numbers through, but 140,000 at 4.25 is 688.72. That's not even factoring in the guarantee fee, or your taxes and insurance.

    Also keep in mind that your preapproval is either an estimate of PITI or a maximum PITI that you are approved for. It can never be an exact figure since it has no idea how much your taxes are, how much your insurance will be, or what the rates will be when you lock (they have gone up dramatically over the past week...if you are looking for 4.25, you are going to be paying up front for it right now).

    I also want to caution you against USAA for your mortgage. For banking, they are great. For insurance, they are excellent. I actually refer a lot of my veterans to USAA for their insurance quotes because they are the lowest around. For a mortgage, their customer service is terrible. You do not speak with a licensed loan officer. You get pushed off to a processor who will not return your phone calls. You upload your documents and hope for the best. The documents get lost and your closing does not happen on time. That's exactly what happens when you go with a company rather than a loan officer. I personally closed 2 VA loans last month with borrowers who started with USAA. And that's just me.

    USAA does so many great things for our vets. Closing loans just isn't one of them.

    Source(s): ****************************************… Mortgage banker for 15 years. We lend in 49 states. Concentrate on government loans - FHA / VA / USDA and first time home buyers. There is still 100% financing available in some areas and I can help you get preapproved! Real estate paralegal for 10 years prior to working in mortgages.
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  • 3 years ago

    Usaa Loans

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  • Anonymous
    9 years ago

    There are many variables in the calculation of your payment (PITI). You also may not be dealing with an experienced VA Loan Specialist. You could save yourself some time, money and frustration by working with the Best VA Loan Specialist's in the country.

    Get more options then only a fixed rate and get all your questions and concerns addressed by calling toll free (800) 485-2332 or go online:

    http://www.vamortgageleader.com/top-va-loan-origin...

    Source(s): Scotsman Guide the premier mortgage publication always ranks Flagship Financial Group - VA Mortgage Leader as the number one VA Loan Originators in the country!
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  • kroner
    Lv 4
    3 years ago

    Usaa Home Loans

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  • Edgar
    Lv 4
    4 years ago

    va home loan usaa

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  • Anonymous
    5 years ago

    GET A FAST LOAN FROM A TRUSTFUL AND RELIABLE COMPANY WITH LOW INTEREST RATE CONTACT VIA EMAIL:finance.ericson@hotmail.com

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  • 9 years ago

    points and bribed under another name; seriously

    ask for a specific read out in advance!

    Source(s): RE broker, ex army
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  • Anonymous
    3 years ago

    The same question shows up again

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