I recently worked with a nice young man (wow that makes me sound old). He served time in the miltary and is now home and going to school taking advantage of the GI Bill.
He contacted a well known bank (who shall remain nameless because if I start ranting about them I will probably get in trouble with somebody). It was determined that between his monthly stipen of $1400 from his GI bill and a part time job he would pre-qualify for a mortgage.
So, pre-qual letter in hand off we went to look at houses. He chose a nice foreclosure that did not need much work. Do to complications with the bank attorney it took a long 6 weeks to get fully executed contracts.
My client spent money on a home inspection and even bought a few things for the new house.
Now 8 weeks later his lender tells him he will not qualify for the mortgage and that they cannot included his GI bill stipen as income. It seems that the original loan officer who pre-qualified him when he shouldn't have and the new loan officer would not put the loan through.
On top of all that this unnamed bank checked his credit report 7 times in a 4 week period, lowering his credit score so drastically that he could not go to any other banks to get qualified.
Needless to say, this poor kid served his country, was promised a VA loan at a good interest rate in return for his service and gets screwed by the banking system.
Since when does a monthly stipen from the goverment that is under contract not qualify as income. He now makes more than he did when he worked full time.
The whole banking system aggravates me to know end. Crushing dreams and causing undue disappointment.
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