The Step-by-Step Guide to the VA Loan Process — It’s Faster Than You Think

by Skylar St. Pierre

Introduction:

A common myth surrounding VA loans is that they take much longer to close than conventional loans. However, the reality is that VA loans typically close within the same timeframe as conventional loans, often in as little as 30 to 45 days. If you’re organized and work with an experienced lender, the process can move quickly and smoothly.

In this blog, we’ll walk you through the step-by-step VA loan process and explain why it’s just as fast as other types of mortgages.

The VA Loan Myth

Myth: VA loans take longer to process and close than conventional loans, making them less desirable for sellers and buyers.
Fact: VA loans typically close within 30 to 45 days, which is the same as conventional loans. Learn more about VA loan timelines here.

The Step-by-Step VA Loan Process

1. Pre-Approval

The first step is to get pre-approved for your VA loan. During this process, your lender will review your credit score, income, and debt-to-income ratio to determine how much you qualify for. Pre-approval also gives you an advantage when shopping for homes, as sellers know you’re a serious buyer.

2. Find a Home

Once you’re pre-approved, you can start your home search. Be sure to work with a real estate agent who is experienced with VA loans, as they’ll understand how to navigate the specific requirements.

3. VA Appraisal

After you’ve found your home and made an offer, your lender will order a VA appraisal to ensure the property meets VA standards for safety and market value. The appraisal typically takes one to two weeks.

4. Underwriting

During the underwriting process, the lender will verify your financial information and review the appraisal. This is the final step before closing, and it usually takes about two to three weeks.

5. Closing

Once underwriting is complete, you’ll close on your VA loan. This is when you’ll sign the final paperwork and get the keys to your new home.

Why VA Loans Close Just as Quickly as Conventional Loans

No Down Payment Required: One of the reasons VA loans close quickly is because they don’t require a down payment, which simplifies the process for both the buyer and lender.
Experienced VA Loan Lenders: Working with a lender who specializes in VA loans can speed up the process, as they understand the VA’s specific requirements and how to navigate them efficiently.
VA-Approved Appraisers: The VA has a network of approved appraisers who are familiar with the program’s requirements, ensuring that the appraisal process moves quickly.

Conclusion: VA Loans Are Just as Fast as Conventional Loans

Don’t let the myth that VA loans take longer to close hold you back. The VA loan process is designed to be streamlined, and with the right lender, your loan can close just as quickly as a conventional loan.