Does anyone know how long these usually take to close, and what Bank of America and veterans affairs actually look for when approving these?
Thanks!
Hello Jennifer,
I hope you are doing well and wanted to thank you for stopping by my website and asking this question.
By your question, I assume you are well along in the mortgage process. Congratulations and I wish you and your family well.
As far as how long it takes for the Bank to approved a VA home loan, well that varies from lender to lender. Keep in mind that the Veterans Administration is a branch of the US Government and will be the ones reviewing the loan for qualification purposes. The VA guarantees the loan to your bank.
It normally takes around 60-90 days to close a VA home loan.
Now as to what they look for, again a whole host of things come into this picture. Follow the link just above for a load of information related to this.
The thing that may take some time is the home appraisal itself. VA has their own appraisers and they will inspect the house and place a value on it. You never see a copy of the appraisal and all you really learn if the house passes is that it is worth what the seller is asking.
I hope you find this helpful, please feel free to pay it forward and tell some of your friends about our friendly community.
I hope all goes well for you. I would really appreciate it that after you close, come back to my website and share your home buying experience and leave a picture of your new home for others to see.
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