Regardless if you already own a home or are looking to make a purchase, the timing of your VA loan is critical. Let’s examine WHEN you need to go to your local bank and apply for financing.
60 days is a good rule of thumb.
In today’s market, closing on a VA mortgage will take somewhere in the neighborhood of 45 to 60 days. While it IS possible to make a closing in 45 days or less, I always suggest to err on the side of caution. Appraisal issues, termites, and slow insurance companies can add to your delay. By staying a step ahead and planning for the worst, you’ll be stress free and sleep soundly.
If you are selling your home AND buying another home
- In today’s target rich environment (and by that I mean the market is flooded with homes for sale) you should have no problem finding your next home.
Nobody wants to move twice
- This allows you to finalize the transaction but still remain in the home.
Putting your next home under contract
- You may need to offer the seller some cash for the extension rights, but it’s definitely worth having.
In a nutshell- get your VA loan financing started and plan on closing in 60 days. Make all your other arrangements around this time frame and you’ll enjoy a seamless hassle-free closing.
About the VA Loan Store: This is a veteran owned and operated company specializing in VA Lending. With over 20 years of combined experience, the VA Loan Store founders have been published writers on www.military.com, and featured speakers on mortgage financing across the country. Their proven, “no-nonsense” approach to lending, has made the VA Loan Store a trusted resource for government loans nationwide. Find more information check out www.VALoanStore.com or www.NOBSVALoans.com"
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