How Long Does the VA Home Loan Process Take?
Are you a veteran looking to buy a home? You might be wondering, “How long does the VA home loan process take?” On average, you will close on a house within 50 days — but there are other factors that influence your timeline.
A Timeline: How Long Does the VA Home Loan Process Take?
Your specific timeline will depend on your pre-approval, lenders, and sellers, among a range of other factors and players. Here are a few questions to take into consideration.
#1: Did You Get a True Pre-Approval?
While it’s easy to log onto a real estate website, get a quick pre-approval offer, and begin your house hunt, this seemingly quick and simple process can come with a range of problems down the line. Many times, the offer you receive is not a true pre-approval. A real pre-approval will use verified data--through a credit check, as an example--to provide you an offer on how much you will actually be able to borrow. This is an important first step as it will give you a sense of your budget, keeping your house hunt realistic.
However, once you are pre-approved, your lender won’t waste time reviewing your application — they will simply have to ensure that the property you wish to buy meets VA loan requirements.
#2: Is Your Seller Delaying Your Closing?
Your timeline and your seller’s timeline may or may not align. They could be ready to move out almost immediately or they could be looking to stay until the end of the year, for instance. Regardless of your circumstances, you and your seller will need to agree on a closing date. The later the date, the longer your timeline.
#3: Are You Selling Your Home?
When you’re selling your current home, you will need to complete that process before you can borrow money for your new home. If selling your home takes a long time, that will inevitably push your new closing back.
#4: How Long Will Your Appraisal Take?
Only a VA appraiser can appraise your new home. While the appraisal process usually takes around 10 days, your area might not have many VA appraisers available. This is especially true for rural locations. The process of locating an appraiser can significantly extend the loan process. Additionally, an appraiser will determine if the home needs repairs. Any lengthy reparations can push your closing date by months.
#5: Are There Underwriting Issues?
After your appraisal comes the final underwriting. If your underwriter requires more documentation or notices issues with your eligibility, then this process will likely extend your closing date.
Make Your Closing as Smooth as Possible
How long does the VA home loan process take? It all depends on the choices you make. Start by obtaining a solid pre-approval offer. Be sure to work with an experienced VA lender to advise you on the best choices to make before, during, and after your pre-approval and closing. Taking the right steps will help you snag the keys to your new home sooner rather than later.
At Champions Mortgage, we guide you through each of the VA home loan steps and help eliminate roadblocks pushing your closing date. To ask our lenders any questions, call us at 855-853-1522.
Want to explore the home loan process before you begin? Check out our Borrower’s Guide.
Ready to obtain your pre-approval offer? Start your application today.