How Long Does It Take a VA Loan to Close? A Helpful Guide for Homebuyers

Purchasing a home is likely one of the biggest financial decisions you’ll make in your lifetime. If you’re eligible for a VA home loan, you can take advantage of great benefits like no down payment and low interest rates. But if you’re new to the home buying process, you probably have a lot of questions. One common question from first-time VA loan borrowers is, “How long does it take to close on a VA loan?”

The VA loan closing timeline is similar to other types of mortgages On average, you can expect the entire process to take between 40-50 days from the time you make an offer to when you get the keys to your new place However, every home purchase is unique, so your timeline could be shorter or longer.

In this article, we’ll walk through the standard VA loan process and timeline. We’ll also look at the key factors that influence how long it takes to close on a VA mortgage. Follow along for a helpful guide on what to expect when purchasing a home with a VA loan.

Overview of the VA Loan Process

Before we dive into the details on closing timelines, let’s do a quick rundown of the typical steps to obtain a VA mortgage

• Get Preapproved – Work with a lender to get preapproved for a VA loan amount This shows sellers you’re a serious buyer

• Find a Home – Search for a home that meets your needs and VA requirements. Make an offer when you find one you love.

• Home Inspection – Hire an inspector to evaluate the home’s condition. Negotiate repairs with the seller if needed.

• Appraisal – Your lender will order a VA appraisal to ensure the home is worth the purchase price.

• Underwriting – Your lender will verify your finances, income, and eligibility during the underwriting process.

• Closing Disclosure – Your lender provides final loan costs 3 days before closing.

• Closing Day – Sign final paperwork and get the keys!

Now let’s look at how long each step takes and what impacts the overall timeline.

Factors That Influence VA Loan Closing Timelines

Many different factors go into determining how quickly you can close on a VA loan. Here are some of the key considerations:

Type of Purchase

• Existing Home – For existing homes, the typical closing timeline is 30-45 days. Sellers may need time to move out after closing.

• New Construction – Purchasing a newly built home often takes 45-60+ days to account for construction time.

Processing Time

• Preapproval – Getting preapproved only takes a few days to a week.

• Appraisal – VA appraisals are typically completed within 1-2 weeks.

• Underwriting – Automated underwriting is quick, while manual underwriting can take several weeks.

Financing Contingencies

• Loan Type – VA cash-out refinances may require more processing time than VA purchase loans.

• Repairs – Timelines are extended if repairs are required based on inspection or appraisal findings.

• Credit Issues – Borrowers with credit challenges may need to clear up accounts to pass underwriting.

External Factors

• Sellers – Timelines depend on the seller’s needs and ability to move out timely.

• Title Issues – Problems with title insurance or deeds can cause closing delays.

• Supply Chain – In a hot market, delays can happen due to inspection or appraiser availability.

When Should You Start the VA Loan Process?

Ideally, you’ll want to begin the mortgage process 60-90 days before your target closing date. This provides plenty of buffer in case any hiccups occur along the way.

Here is a sample VA loan timeline from preapproval to closing day:

Day 1 – Apply for preapproval with a VA lender

Day 7 – Receive preapproval letter

Day 14 – Make an offer and enter escrow

Day 21 – Home inspection completed

Day 28 – VA appraisal completed

Day 35 – Clear underwriting

Day 40 – Receive Closing Disclosure

Day 45 – Closing day!

As you can see, the entire VA loan process can potentially be completed in 45 days or less with an experienced lender.

How to Speed Up the VA Loan Process

There are a few things you can do to help expedite the mortgage process:

• Get preapproved early – This gives you a head start on documentation and underwriting.

• Be responsive – Quickly provide any additional documents your lender requests.

• Avoid major purchases – Don’t buy a car or furniture until after closing.

• Work with a VA specialist – Lenders like Griffin Funding who specialize in VA loans can streamline the process.

• Choose a move-in ready home – This avoids delays related to repairs or renovations.

• Schedule inspections quickly – Book inspectors and appraisers right after going under contract.

How Long Does It Take to Close on a VA Cash-Out Refinance?

VA cash-out refinancing typically takes between 30-45 days to complete. Since there is no home purchase involved, VA refis can often close more swiftly than purchases.

Here are the primary steps and timeline for a VA cash-out refinance:

• Preapproval – 1 week
• Processing and Underwriting – 2-3 weeks
• Appraisal – 1-2 weeks
• Closing Disclosure – 3 days before closing
• Funding – As soon as 30 days from start to finish!

Work With a Trusted VA Lender to Streamline Closing

Preparing for the VA loan process can feel overwhelming for first-time buyers. But the right lender will guide you smoothly through every step.

Griffin Funding has years of experience specifically helping Veterans purchase homes with VA loans. Their VA loan experts will assist with paperwork, track your loan progress, and communicate every step of the way.

With Griffin Funding, VA borrowers can typically close loans in just 30 days. They’ll work diligently to eliminate any delays and get you settled into your new home as quickly as possible.

You Can Soon Be a Homeowner With a VA Loan