Mortgage Lender Wants 3 Years Continuous Payment of Ssi

K99

PEB Forum Regular Member

• #1

Hello all!! I am on TDRL at 100%. I am in the process of purchasing a home and my mortgage lender just asked me for letter from DOD and VA which guarantees income for the next 36 months (VA guidelines for loan). I have done some preliminary research and have found that DOD and VA do not provide this letter. Has anyone encountered this before? Please let me know how to address this, Thank you in advance!!!

• #2

I obtained a statement of service from my finance office and it worked for my refinance. All the statement of service provides is proof of current income/employment. I had to explain that the military doesn't have a crystal ball and isn't able to "guarantee" my future employment. The banks have really tightened their belts since the whole sub-prime lending fiasco...we are all paying the price for the bad loan underwriting that forced the bailouts of the banks.

K99

PEB Forum Regular Member

• #3

I obtained a statement of service from my finance office and it worked for my refinance. All the statement of service provides is proof of current income/employment. I had to explain that the military doesn't have a crystal ball and isn't able to "guarantee" my future employment. The banks have really tightened their belts since the whole sub-prime lending fiasco...we are all paying the price for the bad loan underwriting that forced the bailouts of the banks.

Unfortunately, the finance office is not an option. Not sure how to deal with this.

• #4

oyu can get a statement of service from Ebenefits I believe.

• #5

Hello all!! I am on TDRL at 100%. I am in the process of purchasing a home and my mortgage lender just asked me for letter from DOD and VA which guarantees income for the next 36 months (VA guidelines for loan). I have done some preliminary research and have found that DOD and VA do not provide this letter. Has anyone encountered this before? Please let me know how to address this, Thank you in advance!!!

Kind of a pain, but I would provide your orders putting you on TDRL. That should indicate your percentage. Then get them a copy of the regulation that says what happens with TDRL retirement. Next a copy of your RAS will tell them how much you are making. Then the VA letter on Ebennies will state you are disabled and at what percentage and how much your monthly income is. Put it all in a packet with a cover letter explaining the enclosed information.

OR

Find another lender!! There are plenty of banks out there that understand and know how things work.

K99

PEB Forum Regular Member

• #6

Kind of a pain, but I would provide your orders putting you on TDRL. That should indicate your percentage. Then get them a copy of the regulation that says what happens with TDRL retirement. Next a copy of your RAS will tell them how much you are making. Then the VA letter on Ebennies will state you are disabled and at what percentage and how much your monthly income is. Put it all in a packet with a cover letter explaining the enclosed information.

OR

Find another lender!! There are plenty of banks out there that understand and know how things work.

Thanks!!! That's what I was thinking! Absolutely, hate this as it reminds me of the MEB/PEB process!

• #7

Thanks!!! That's what I was thinking! Absolutely, hate this as it reminds me of the MEB/PEB process!

Completely agree with Ranger......NEW LENDER!!

If your VA paperwork doesn't stipulate a re-evaulation date I would use that to your advantage. Explain it as proof that they do not anticipate your rating decreasing. Then explain that DoD is your back-up should something change (assuming you are not in receipt of retirement pay due to receipt of VA compensation).

* I was on TDRL and receiving 100% VA when we purchased using a VA loan. I explained it was impossible to have paperwork proving 36 months. The lenders know how to work the numbers and paperwork. Shop around for different lenders....especially if you're contemplating using a bank that starts with [email protected] I have a few mortgages and they were by far the worst from start to finish. Keep in mind that's my opinion.

K99

PEB Forum Regular Member

• #8

Completely agree with Ranger......NEW LENDER!!

If your VA paperwork doesn't stipulate a re-evaulation date I would use that to your advantage. Explain it as proof that they do not anticipate your rating decreasing. Then explain that DoD is your back-up should something change (assuming you are not in receipt of retirement pay due to receipt of VA compensation).

* I was on TDRL and receiving 100% VA when we purchased using a VA loan. I explained it was impossible to have paperwork proving 36 months. The lenders know how to work the numbers and paperwork. Shop around for different lenders....especially if you're contemplating using a bank that starts with [email protected] I have a few mortgages and they were by far the worst from start to finish. Keep in mind that's my opinion.

Thank you!!!!

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Source: https://www.pebforum.com/threads/mortgage-lender-wants-3-year-letter-guaranteeing-income.20241/

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