Today, after my husband applied for a VA loan so we could move out of our ridiculously overpriced apartment and into our first home as a mortgage would be significantly cheaper, we were denied. If we can afford $1400/month in rent, we surely can’t be trusted with $1000/month for a mortgage, right? FML
Collection
Fall
Dead leaves, the first cold of the season and an umbrella flipped inside out: fall, the season of grace.
Today, I was supposed to close on a house. Unfortunately, our lender decided that they couldn't finance us and denied us a loan, after 3 months of us digging up paperwork, saving money, and packing. Now we have to scramble to find a new place, while our insane landlady screams at us. FML
Today, I have a good job, good credit, no outstanding loans or credit card debt, good savings and so on, yet when I applied for a mortgage for a £100,000 house, I was offered a measly £35,000. What the fuck should I buy with that, a second hand wet cardboard box? FML
Today, I got turned down for a home for low income people because my income was too low. FML
Today, after talking to the bank, I'd have to take a pay cut to qualify for a home loan. I'm still confused. FML
Today, after months of looking, my fiancé and I finally signed a lease. We are using my savings to pay for it. This apparently poses a "moral dilemma" for my in-laws, who think we should wait to be married. I'm paying for an apartment I'm not allowed to live in. FML
Today, my Food Stamp application was denied because my income is apparently “too high”. I pay $1800 in rent and water, $130 for the phone and internet bill, $400 on credit cards, $150 for electricity, and $120 on car insurance. Nice to know they expect me to eat with $50/month. FML
Today, we finally got paperwork saying we were approved for a loan to buy a house! The only problem? It's not eligible for the county we live in. FML
Today, I looked for an affordable home. I'm on SSI but only on a bare minimum (less than $950 a month), but I'm by myself so I thought it wouldn't be a big deal. All the homes in my area are over $1k. When I tried to look for one with less beds and baths, they demanded I make an account before I could search further. FML
Today, after I just bought a house that is pretty good and suits all our needs for space, my in-laws moved in because they ran into financial troubles. Guess who is stuck with all the extra expenditures? FML
Today, my husband told me the only reason we're still together is because he can't afford to move out. FML
Feel like sharing it with the other FML users?
Thanks, your FML was submitted, and will appear in the moderation queue soon!
Top comments
ciph3r 10
Damn, that is screwed up. I use VA loans as well and have never been denied. You should try a credit union rather than a bank. Also, find out why they denied you.
Phillycheeze 20
I've never had any problems with getting my VA loans. Try to find out why the said no. Try a loan thru USAA. I got a home loan thru Mr. Cooper. 2% interest. I really hope you get your home. Renting sucks
Add a comment · Reply to
You must be logged in to be able to post comments!
Comments (20)
ciph3r 10
Damn, that is screwed up. I use VA loans as well and have never been denied. You should try a credit union rather than a bank. Also, find out why they denied you.
maroongrad 13
Find a much cheaper "starter home" where you can build up some equity and credit. Do you have enough in savings to cover 6 months of rent in case one of you is injured and loses their job? If not, you may have a tough time getting a loan. Pick a small one-bedroom house (or as small as you can manage for your household). Aim for a decent neighborhood, and put your extra furniture in storage. Get a couple years of good payment history behind you, and then try again! Good luck!!
Justin Ross_560327999 6
You obviously don’t know anything about the VA loan
Phillycheeze 20
I've never had any problems with getting my VA loans. Try to find out why the said no. Try a loan thru USAA. I got a home loan thru Mr. Cooper. 2% interest. I really hope you get your home. Renting sucks
Phillycheeze 20
You do realize that when you get you home. You have to invite us all over for a house warming party.
RichardPencil 32
There must be some disgusting stain on your credit score. How well do you know your husband?
acmariner99 25
Sorry to hear that OP, check your credit history. Surely they gave you a reason for the denial. Also, with the market being volatile banks may be less eager to lend. Could just be a matter of timing.
rodfergie 18
Try different lender. More than likely the VA didn't turn you down the lender did, for whatever reason they decided. I had one lender the drag me around for almost 4 months saying he couldn't get my loan financed, then went to another and closed 27 days later.
Jorn van der Ar 13
Not necessarily. If you fail to pay the rent it is not bank's problem. If you fail to pay the mortgage it is. Besides being a home owner creates more expenses than just the rent. You are responsible for taxes, repaires etc.
PhoenixChick 26
Well, since you don't see the difference between you being expected to pay $1400/month of your own money per month and asking someone to put up the total amount of a mortgage and hope you will have $1000/month for 20-30 years...I'm with the bank. There's a BIG differnece between "they manage to pay this month every month" and "they want me to loan them hundreds of thousands of dollars for a decade or two and slowly pay me back." The risk is way, way different. It sucks, but they really are different things. Mortgage is not rent, and it has a whoooole different list of rules.
rickAUS 22
Sometimes banks have odd logic or make mistakes. This isn't exactly the same but.. I had a personal loan with my bank, had maybe $1500 left from an original $12,000 amount... wanted to refinance/get a new loan for $5,000 to pay that one out and the remainder to get a new car I would be paying almost 1/2 of what my original monthly repayments were, my income was better, monthly expenses were maybe $20 More from when the original loan was taken out and they were freaking out about monthly expenses versus income... Because some moron had set the original loan repayment in with all my other monthly expenditures so to them I wasn't paying out the other loan and the new loan payment was on top of everything, not replacing an expense. Sometimes they mess shit up. Would not be surprised if someone out a decimal point in the wrong spot or just entered a number wrong. Doesn't take much to skew figures. Plus mortgages are secured loans. They have an asset which can be seized when it's defaulted on. Their business model revolves around risk, so the only thing I can imagine being a problem is a really bad credit history
GamerChickxoxo 16
re-apply right away so they know your serious, use more information if you can. im 23 and just got my first house and they denied the mortgage the first time.just re-apply and pressure them.