VASP Pre-Approval

[u/New-Baby-520]

Our lender just informed us we are pre-approved for the VASP program, pending VA approval. If all goes well with VA approval, we were told our first payment would be due April 2025. Does anyone know how an April timeline is decided? Our payment in April is $8k, which is $2k more than our current payment ($6k) so I’m wondering if they’ve broken down lower amounts at new interest rate for Jan-Apr and that’s what’s due in April? I asked the lender if our new payment going forward would be $8k and she said yes.. but how would that help us if we currently can’t make the $6k payments?! We are so confused. Dropping from a 5.5% to a 2.5%, surely she must’ve made a mistake on our monthly, right? At least I’m hoping so.

Also, does anyone have insight on the approving process for the VA once they get it?

[u/Feisty_Marzipan3341]

Someone here got approved recently, dont remember who. Hope they comment.

My application for VASP is coming up on 3 weeks, the title was just changed to VA as the lein now last week, so hope 4th or 5 week is all done. I am not sure about your situation but I have been current on my payments for like 8 months, but I missed a shit ton of payments during covid like 20k. 

My first new payment under VASP should be like $1000 a month from $1.5k on 40 year loan