va home loan underwriting

VA Loans

How Long Does a VA Home Loan Take in Underwriting?

Applying for a VA home loan is just the tip of the iceberg when it comes to buying a house. You also have to wait for the underwriting process to finish before you can close on the property and start moving in. With conventional mortgages, it can take up to 45 days to close on a property. So, how long will it take to close when you’re financing the purchase with a VA home loan? Here’s what you need to know.

It Depends on Your Application

The sooner you start applying for financing, the sooner you’ll be able to close on the property. If you can, get pre-approved for your loan before you start looking at homes. This way, your lender will already be started on the underwriting process and can wrap things up much faster. Keep in mind that it’s still a good idea to shop around for different loans. Compare the rates you’re offered before you accept the pre-approval.

Appraisals Can Extend the Underwriting Timeframe

One of the requirements for buying a house with a VA home loan is that the property must be appraised by an experienced VA appraiser, not just a general home appraiser. When they’re busy and are working with dozens of buyers in your area, it may take a few weeks for them to view the property in question. It all depends on their availability and their schedule. If they’re free, you’ll move through the underwriting process faster.

Your Financial History Matters

Standard applications for VA home loans are easy for underwriters to process. However, if you’ve filed for bankruptcy in the past or have a relatively new credit score, underwriters will need to do a bit more research into your situation. In these instances, the underwriters will need to go through your application and information manually. They’ll make decisions based on their institution’s requirements. But since they’re having to go through everything by hand, you can expect the process to take a bit longer. The more complicated your finances and your history are, the longer it will take.

The Sooner You Start, the Better

If you’re thinking of buying a home with a VA home loan, the best thing you can do is start exploring your options early. Contact the mortgage experts at Mortgage Solutions Financial today. Our dedicated team will help you find the best loan for your needs and can guide you through the application process so you can make a qualified offer as soon as you find your dream home.