Myth of My Father's VA - Part 3
Jason Stier
Director of VA Lending | Veteran Community Mortgage | Community Builder | Top 1% Originator | Speaker Educator & Coach | Teaching Veterans how to maximize their VA Home Loan Benefit | Coach @ The Honor Foundation
Myth 3: VA loans take forever to close
VA loans have long fought a reputation for being slow and choked with red tape. Some of that reflects old truths, but the program has become considerably more efficient over the past 15 years.
Long a sore spot for buyers and real estate agents, VA appraisals now come back in about 10 business days on average, which is on par with the other loan types. Wait times can be longer in more remote parts of the country. If you know your way around the VA Regional Loan Center in Houston you have a distinct advantage.
There’s also little difference between VA and conventional loans in terms of getting to the finish line. The average VA purchase in December closed in 51 days, which was a day longer than the typical conventional loan, according to mortgage software provider Ellie Mae. My average closing days on VA Loans that I originate is about 21 days. I actually closed one for a borrower who was deployed at Camp Djibouti Africa in 15 days.
VA loans also had a higher closing success rate than conventional loans throughout all of 2015. Don't let people discourage you from using your eligibility. You earned it and you are entitled to it!