VA Home Loan Quick Close

Running out of time

No, I have not started to write fiction – just hear me out.  A quick close on a VA loan is possible.  Anyone who knows anything about VA mortgages probably has also criss crossed paths with a lengthy turn time when it comes to getting an Arizona VA loan closed.  In fact, that is one of the first questions I am asked when a VA client calls me.  VA loans take 30 to 45 days right?  This is also one of the first assumptions an Arizona Real Estate agent  makes when they are making a VA offer for their buyer or reviewing a VA offer for their seller.  I am going to show you that an Arizona VA loan quick close is possible and why a VA does not need to take more than 30 days to close (see below for more).

Why VA Loans Have a Slow Closing Rep

VA mortgages are custom equipped with a few very specific regulations that can slow the overall loan process down if not managed proactively.  The most critical time suck is the infamous VA appraisal.   In a close 2nd place for biggest time kill is a perceived off-site VA processing/underwriting process.  Lets’s dissect both:

1. VA appraisal

VA appraisals DO take longer end of story!  A VA appraiser is given a 7 business day turn time in the Arizona market place (time-frames differ throughout the United States).   Guess what?   The VA appraiser will typically take each and every one of the days they are given.  While this takes longer – there is a solution (see below)

2. Offsite processing & underwriting

The HOUSE Team processes and underwriters every VA home loan in-house without shipping it to some other outside lowly motivated delegated authority.  This cuts down on turn time significantly.

The Key to a Quick VA Loan Closing?

First let me say this – 2 week VA closing commitments (if given) would come with a disclaimer similar to what you see on Rogaine commercials – “results may vary and results seen here may not be typical.”  However, a VA loan should absolutely close in 30 days or less barring any extraordinary borrower or appraisal issues.

The key to success / a VA loan quick close is simple – communication.  It is crucial that the Phoenix area loan officer working the VA mortgage approval communicate with both the buyer and seller side regarding the appraisal order.  Every day lost is potentially deadly on a VA transaction.  Since the appraiser has a 7 BUSINESS day  (not calendar day) window to complete the report a VA transaction cannot afford to gamble away 24 hours at a time.  The loan officer handling the transaction should coordinate with the agents to time the appraisal order request with respect to home inspections and property availability right up front.

As far as underwriting in-house or offsite – that is simple.  Choose an Arizona VA mortgage lender with delegated authority to underwrite their VA loans in-house.  Too much control, communication and time will be lost if your VA home loan is shipped offsite and placed in a stack to be reviewed.

If you are looking for a quick VA close or have questions on how long a VA loan should take please feel free to call.  

Phone:  602.435.2149  
Email:  
Team@JeremyHouse.com

By Jeremy House
Google

Comments

  1. I have worked with Jeremy on a handful closings and I must say as a closing coordinator I work with many Lenders, Jeremy and his team ALWAYS stand out from the rest. They do such a great job at communication which is key in this business. Not to mention they close deals in a timely matter. I look foward to him working on my loan when the time comes!

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