How Long Does the VA Home Loan Process Take?

Introduction

How long does the va home loan process take?The process can take anywhere from 30-60 days on average to close. However, the exact timeline can vary depending on several factors. Here’s an overview of the how long does the va home loan process take process and timeline:

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Steps in the VA Home Loan Process

The main steps in the how long does the va home loan process take process include:

Pre-Approval

Meet with a lender to get pre-approved for a VA loan

Provide documents to verify income, assets, credit, etc.

Receive a pre-approval letter stating loan amount you qualify for

Property Search

Work with real estate agent to find a home within your budget

Make an offer and begin negotiations with the seller

Underwriting

Provide all required documents for underwriting when offer is accepted

Loan officer submits your file to the underwriter for approval

Underwriter reviews application and issues clear-to-close if approved

Appraisal

The lender will order an appraisal on the property

An appraiser will inspect the home and determine market value

Final Underwriting Approval

Underwriter does final review of all documents pre-closing

Issues final loan approval if everything still meets guidelines

Closing

Review final Closing Disclosure (CD) form 3 days before closing

Sign loan documents at closing and receive keys!

Timeline for VA Home Loan Process

The typical timeline for each step of the how long does the va home loan process take is:

• Pre-Approval: 2-7 days
• Property Search: 30-90 days
• Underwriting: 7-21 days
• Appraisal: 3-10 days
• Final Underwriting Approval: 1-2 days
• Closing: 1-2 weeks after final approval

So in total, expect how long does the va home loan process take to take approximately 30-60 days on average from start to close.

Here is a table summarizing the typical VA loan timeline:

VA Loan Step	Timeframe
Pre-Approval	2-7 days
Property Search	30-90 days
Underwriting	7-21 days
Appraisal	3-10 days
Final Underwriting Approval	1-2 days
Closing	1-2 weeks
Total Time	30-60 days

However, here are some factors that can influence the timeline:

Factors Affecting VA Home Loan Timeline

Your financing – Getting preapproved can speed up the process vs. prequalification.

Offer and negotiations – A protracted negotiation can add days or weeks. Making a strong initial offer can help move things along.

Your response time – Submitting documents quickly prevents delays in underwriting.

Appraisal timeline – Appraisers may be booked out 1-2 weeks. Complex appraisals take longer.

Closing date – Asking for enough time between final approval and closing is important.

Financing contingencies – Keep contingencies flexible in case delays occur.

Seasonality – Home buying season impacts lender and appraiser timelines.

So in summary, to help shorten the VA loan timeline:

• Get preapproved early
• Make a competitive offer
• Respond quickly to lender requests
• Build in closing date buffer time
• Keep financing terms flexible
• Avoid peak homebuying seasons

Tips for a Smoother VA Loan Process

Here are some additional tips for making the how long does the va home loan process take go smoothly:

Check your credit – Review credit reports and scores so there are no surprises.

Get prequalified – Talk to a lender to get an idea of your amount approved.

Save up for downpayment – Shoot for at least 3% down to keep costs down.

Gather all documentation – Tax returns, pay stubs, bank statements to speed up underwriting.

Communicate regularly – Ask your loan officer questions to avoid surprises.

Lock your rate early – This can provide rate protection even if closings delays occur.

Be responsive – Return forms and documents to your lender right away.

Plan ahead for closing – Get homeowners insurance quotes and complete inspections early.

Understand the process – Knowing what to expect will avoid stress and delays.

So in summary, being organized, proactive, and communicative can help expedite the VA loan process and make for a smooth experience.

How Long Does VA Appraisal Take?

A VA appraisal typically takes 3-10 business days on average after ordering. However, it can take 1-2 weeks or more during busy times of year.

Here are some factors on VA appraisal timelines:

• Experience level of the appraiser – new appraisers may take longer
• Complexity of the property – unique homes take more time
• Appraiser’s current workload – wait times increase during peak seasons
• Location – rural areas with fewer appraisers may have longer waits
• Required appraisal type – VA requires full Uniform Residential Appraisal

To help speed up the VA appraisal:

• Provide all requested home access and documents
• Be flexible on timing – appraisers work normal business hours
• Avoid peak buying seasons like spring and summer
• Hire an appraiser familiar with VA guidelines

So allow 1-2 weeks for the VA appraisal, but know it can vary based on many factors. Stay in close contact with your lender so there are no surprises.

Does VA Loan Take Longer Than Conventional?

On average, a VA loan takes about the same time to close as a conventional loan – between 30-60 days in normal conditions.

However, there are a few key differences between VA loans and conventional loans that can impact timelines:

Appraisal

VA appraisals are often more complex than conventional loans

VA full interior and exterior appraisal takes more time

Underwriting

VA underwriting scrutiny is usually more rigorous

More back and forth may occur requesting additional documents

VA Prior Approval

VA requires prior approval before closing if not automated

Adds 1-2 weeks if sellers are trying to close quickly

VA Funding Fee

Must be paid at closing

May require extra processing time from the lender

So in general, VA loans can take a little longer than conventional due to appraisal and underwriting differences. But with a knowledgeable lender, the timeline difference should only be a few days in most cases.

How to Speed Up VA Loan Process

If you want to speed up the VA home loan process, here are some tips:

• Get preapproved – Preapproval can shorten the underwriting time later
• Be ready with documents – Have pay stubs, tax returns, bank statements ready to go
• Use a VA-approved lender – They will know how to streamline the process
• Pay for a faster appraisal – Some lenders offer a rush fee for faster turnaround
• Communicate quickly – Be responsive to lender requests to prevent delays
• Shop off-season – Avoid high volume seasons like summer
• Remove contingencies – Waiving appraisal and financing contingencies
• Close at beginning of month – Lenders process closings faster before month end
• Extend closing date – Build in buffer time in case lender needs more time
• Pay discount points – Reduces rate in exchange for quicker closing

So in summary, being an organized buyer, using a knowledgeable lender, and being flexible on terms can help expedite a VA loan. But you’ll want to balance speed with making sure all steps are properly completed.

Final Thoughts

How long does the va home loan process take? It typically takes 30-60 days but can vary based on many factors. Getting preapproved, responding quickly to your lender, and understanding the key steps can help expedite the timeline. 

But don’t sacrifice diligence just for the sake of speed. Be sure to take the necessary time to find the right home, negotiate the best deal, and complete the due diligence for one of the biggest purchases of your life.

That’s an overview that Bigdatawiki.net has compiled. If you have any questions, don’t be shy to contact with us, we are looking forward to your responses.