How Long Does It Take to Get a VA Loan Approved?

A VA loan provides an important benefit for eligible veterans, active-duty service members, and certain surviving spouses, enabling them to purchase a home with favorable terms. This government-backed mortgage often features no down payment requirements and competitive interest rates, making homeownership more accessible. The process of securing a VA loan involves several distinct stages, each with its own set of requirements and timelines. Understanding these phases and their typical durations can help prospective homebuyers navigate the journey from initial inquiry to receiving the keys to a new home.

Initial Steps and Pre-Approval

The journey to a VA loan begins with obtaining a Certificate of Eligibility (COE), which confirms eligibility. Borrowers can typically secure their COE online through the VA’s eBenefits portal. Alternatively, a VA-approved lender can assist in requesting the COE on behalf of the applicant, or it can be requested by mail, which may take several weeks for processing.

After obtaining the COE, the next step involves selecting a VA-approved lender and seeking pre-approval for the loan. This pre-approval process typically requires providing basic financial information, such as income, assets, and credit history, along with authorization for the lender to perform a credit check. Lenders usually issue a pre-approval letter within one to three business days once the necessary information is submitted. This letter indicates the maximum loan amount for which a borrower may qualify.

Loan Application Submission and Processing

Once a pre-approval is in hand and a suitable home is identified, the full loan application process commences. This stage involves compiling a comprehensive package of financial and personal documents. Commonly required documents include recent W-2 forms, pay stubs covering the last 30 days, bank statements for the past two to three months, federal tax returns for the past two years, and their DD-214.

Additional documentation might be necessary depending on individual circumstances. Gathering all these documents can take a borrower anywhere from a few days to a couple of weeks. Once submitted, the lender begins an initial review of the application package. This preliminary processing by the lender typically takes about three to five business days before the application moves into the appraisal and underwriting phases.

Appraisal and Underwriting Phases

The VA loan process includes a mandatory appraisal, determining the fair market value of the property and ensuring it meets the Department of Veterans Affairs’ Minimum Property Requirements (MPRs). These MPRs are broad guidelines designed to ensure the home is safe, sanitary, and structurally sound. A VA-approved appraiser is assigned to conduct this evaluation, and the appraisal report is typically completed and returned to the lender within 10 to 14 business days from the appraisal order date.

Simultaneously, the loan application moves into the underwriting phase. The underwriter reviews all submitted documents, including the appraisal report, to assess the borrower’s creditworthiness and debt-to-income ratio. This review typically takes between seven to fifteen business days. During this period, the underwriter may request additional documentation or clarification, known as “conditions,” potentially extending the timeline as the borrower gathers and submits these items.

Closing Procedures

Upon successful completion of the appraisal and underwriting phases, the loan reaches the “clear to close” status, signifying that all conditions have been met and the loan is approved. This milestone typically occurs within one to three business days after the final underwriting review is complete. Following this, the lender issues the Closing Disclosure (CD), detailing final loan terms, fees, and costs. Federal regulations mandate a three-business-day waiting period after the borrower receives the CD before the loan can officially close.

During this waiting period, borrowers should carefully review the CD and compare it to their Loan Estimate to ensure accuracy. The final step is the closing appointment, where the borrower signs all legal documents. This meeting typically lasts between one to two hours. After all documents are signed, the loan is funded, and the borrower officially takes ownership of the property.