Home buyers often ask how long does it take to close on a VA loan? The VA loan closing process is really no different when compared to regular conventional loan or FHA mortgage. VA purchase loans take on average about 25-35 days to close. Keep in mind in a purchase transaction there are many different “moving parts” outside of the lender. You have the home seller, realtors, appraiser, home inspector, insurance company, surveyor, title agent, and the list goes on. The VA closing time takes into account all these service providers completing their part in a “normal” time frame.
It’s also important to note that the home buyer plays a crucial role in the process. Are you responding to your lender’s request in a timely fashion? Often times the home buyer will need to provide additional documentation during the loan process. How quickly they respond will determine how quickly they can close.
With that said, the VA streamline refinance transactions can close much quicker, sometimes in as little as 2 weeks. The reason for this is the VA streamline refinance (IRRRL) loan does not require a lot of the service providers required on a purchase transaction. Also, the documentation needed from the homeowner on a VA streamline refinance is much less when compared to the purchase transaction. And the big one… no new appraisal is needed on a VA streamline refinance. This alone can save over a week in time. Homeowners can learn more about VA streamline refinance here.
Contact us today to learn more about how to get started on your next VA purchase, VA Jumbo or refinance. Just submit the Info Request Form on this page for quick service.