How Long Does A Va Home Loan Take

Buying a home is a multi-step process, and everyone’s homebuying journey is different. But there’s a lingering myth that VA loans take forever to close. And that’s simply not the case. Most VA loans close in 40 to 50 days, which is standard for the mortgage industry regardless of the type of financing.

In fact, dig into the numbers a bit and you don't find much difference between VA and conventional loans. For the first three months of 2019, the average conventional purchase loan closed in 47 days, compared to 49 days for VA loans, according to Ellie Mae Let’s review five key factors that could affect the timeline of a VA loan purchase.

And only a VA-approved appraiser can perform a VA appraisal. VA lenders are responsible for ordering VA appraisals, which are completed in 10 days on average. But as VA appraisers are in short supply in rural areas, buyers should expect the VA appraisal to take longer in sparsely-populated locales. Factor #4: Will any repairs be ordered?

While ICE’s reported average time to close is 55 days, that means plenty of homes take longer to close. With some factors completely out of your control, you should prepare for the possibility of a longer loan.