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how long does it take to close on a house with a va loan?

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how long does it normally take to close on a VA foreclosure using a vendee loan?

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asked Apr 25, 2017 in Business and Finance by Kary

2 Answers

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I specialize in working with investors in real estate and specifically VA foreclosures. Purchasing a VA foreclosure using Vendee Financing takes two months minimum. VA will not sign a contract normally unless the closing date is two months out or longer. Due to the risks inherent in purchasing a foreclosure, I have seen a few take as long as four months to close.

The great advantages of these VA foreclosures are numerous. VA normally prices them with tens of thousands of dollars in equity (or below true sales price for non-distressed properties) to balance the risk of a foreclosure and possible repairs associated with the property. The Vendee financing continues to be the best financing for an investor in the country: only 5% down with a 4% interest rate (for excellent credit). No bank can beat these terms. For homeowners looking to occupy the property, Vendee allows 0% down. Bank of America currently maintains the government contract for Vendee financing and provides it to both veterans and civilians.
answered Apr 25, 2017 by David Sattelmeyer
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How long does it take a va loan to go through?
We had the appraisal done and it came in higher then what we currenly owe on are mortgage. Everything is ok, are credit scores, income and dept to income. How long should it take to process? We are refinancing but we currently do not have a va loan.
answered Apr 25, 2017 by Hamilton
I contributed to this post back in June and see a number of replies since then.  As a Veteran, I am very annoyed that the blame for lender incompetency is still be placed on the Veteran borrower.  My advice to VA borrowers is to be very careful when selecting a lender regardless who refers you to a specific lender.  Keep in mind a Loan Officer is the key to a successful closing, so a conversation directly with the Loan Officer needs to occur.  Ask how many VA loans they have closed this year, and what the average time to close was.  Find out if they stay totally involved in their/your file from application to attending closing.  Another very important aspect is not to let a Realtor or Seller set an unrealistic closing date.  There should be no reason for a rush closing date, as that could set the tone for lots of heartburn for everyone.  Appraisals take different timetables depending on the local area.  Someone closing a loan in 21 days is a pipe dream if the appraisal itself takes 2-2 1/2 weeks to come back.
Get pre approved by a competent Loan Officer upfront, and discuss closing times with him or her, prior to committing to a closing date in a Sales Contract.  VA loans can be viewed negatively by Sellers (as per this post) and by Realtor's.  When I have a VA borrower, I contact the borrowers agent to assure them of borrowers qualification.  I also contact listing agent prior to their offer being presented, to assure them on the strength of borrower and time table loan process will take.
Every Veteran deserves to be treated professionally and with respect, and the pre approval process with a competent Loan Officer should eliminate the negative outcome mentioned in this post.

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