Once you find the house of your dreams, it’s normal to want to move in immediately. Unfortunately, you’ll need to wait to close on the property before you can start moving in. The length of time you have to wait varies whether you’re using a conventional or a veteran home loan to buy the house. For most buyers, you’ll close on the house in about 50 days, but there are a few things that influence that timeline. Here’s what you need to know.
It Depends on Your Loan Application
It’s always easier to close on a house quickly when you’re pre-approved for the home loan before you make the offer. Pre-approval means that you’ve found a lender to issue a veteran home loan and they’ve already determined that you’re eligible for the full amount of the loan. Once you make the offer, the lender doesn’t have to spend time reviewing your application. They just have to make sure the property meets the minimum requirements for the VA loan.
The Sellers Can Delay Closing
Believe it or not, sellers can either intentionally or accidentally delay the closing time on the property. They may take longer getting the necessary repairs done or may request to stay in the property for a few weeks longer than the bank needs to close on the loan. It all depends on their personal situation and what you and the sellers agree to when making and accepting offers. If you want to be in the house as close to the 50-day mark as possible, you’ll need to make that clear to the sellers as soon as possible.
Selling Your Home Can Push Closing Back
If you’re moving out of a rental property, you’re able to close whenever is best for your situation. However, if you’re selling a house and using a veteran home loan to finance the new home, you’ll need to sell your current home before you can borrow the money you need. If your home takes a while to sell, you may have to wait longer to close on the new property.
Get the Advice You Need
If you’re worried about closing on your new home quickly, the best thing you can do is apply for a veteran home loan as soon as possible. The sooner you start your application, the sooner you’ll find out how much home you can afford. Apply online and get started today.
