It’s official. You’re ready to move on to the next chapter in your life. You’ve met the necessary service requirements and now you’re ready to apply for a VA home loan. But how long will it be before you’re able to close on your loan and get the keys to your new abode? Here’s what you need to know about the timeline for VA home loans.
How Long Does It Take to Buy a Home with a VA Loan?
The timeline for buying a home with a VA loan can vary depending on several factors, including the specific circ*mstances of the borrower and the housing market conditions. Generally, the process of purchasing a home with a VA loan takes about 30 to 50 days.
This does not include the time it takes to complete preliminary steps. 30-50 days is just the timeline for closing. You’ll also need to request a COE, choose a lender and a real estate agent, get prequalified, and search for a home. Keep in mind, it could take anywhere from a few weeks to several months for you to find a home you want to buy.
What Are the Steps Involved?
Once you’ve been prequalified and found a home you want to buy, the next steps are:
- Make an offer on the home
- Sign a purchase agreement (your real estate agent will help you)
- Order a home inspection
- Get the home appraised
- Review your Closing Disclosure
- Attend the closing appointment
Timeline for VA Appraisals
If you’re wondering how long it will take to get your VA appraisal report, you will be happy to know that this process usually only takes a couple of weeks. Depending on where you’re buying a home and the market demand for that area, the process could take anywhere from 7-21 days. The VA does set limits for the number of days allowed for completion. It’s important to note that in high-demand markets, the VA has extended timeliness requirements.
How Long Does It Take to Get Prequalified?
In some cases, borrowers can get prequalified on the same day they apply. However, certain factors may extend this timeline. Nevertheless, you most likely will hear back about your application within 7-10 days.
Reach Out to a VA Loan Expert Today
Are you ready to get started with the process? Do you have questions about VA home loans in general? We’d be happy to assist you! Call today to speak to an expert and get the information you need.
