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Anyone familiar with VA home loans is aware some lenders take longer to close VA loans. In fact, the most common question from VA clients is “how long does funding a VA loan take?” VA loans take 30 to 45 days right? Arizona Real Estate agents make the same assumption and that is that VA loans take a long time. They are all wrong! VA home loans do not need to take more than 30 days to close.
Apply for a VA Home Loan Now
Team@JeremyHouse.com
602.435.2149
Why VA Loans Have a Slow Closing Rep
VA home loans come custom equipped with unique rules capable of slowing the loan process down when not managed proactively. The infamous VA appraisal process is the most potent variable. A close 2nd place for worst time kill is the perception that VA loans are processed and underwritten off-site. Lets’s dissect both.
VA appraisal Process
VA appraisals DO take longer. Its a fact. A VA appraiser is given a 7 business day turn time in Arizona. Turn times are different from region to region in the United State. What’s more is that a VA appraiser will likely take each and every one of those 7 days to complete and deliver the appraisal. While longer, the VA appraisal turn time is 2-3 days longer than most non VA appraisals.
Offsite processing & underwriting
The HOUSE Team processes and underwriters every VA home loan in-house. There is no shipping it to an outside lowly motivated delegated authority. This cuts turn times down significantly.
Apply for a VA Home Loan Now
Team@JeremyHouse.com
602.435.2149
Closing a VA Loan Quickly
First of all, a 2 week VA closing should come with a Rogaine-like disclaimer – “results may vary and results seen here may not be typical.” However, VA loans can absolutely close in 30 days or less barring extraordinary circumstances.
The key to quick VA loan closing is simple – communication. It is crucial the Phoenix area VA loan officer communicate with the buyer and seller side regarding the appraisal order. Every day lost is very costly during a VA transaction. Due to the appraiser having a 7 business day window to complete the report there is no room to gamble away 24 hours at a time. The loan officer should coordinate with the agents regarding the timing of the appraisal order.
With regard to local processing and underwriting – that is simple. Choose an Arizona VA mortgage lender with delegated authority who can underwrite VA loans in-house. Too much control, communication and time will be lost when your VA home loan is shipped offsite and placed in a stack to be reviewed.
Apply for a VA Home Loan Now
Team@JeremyHouse.com
602.435.2149
By Jeremy House
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