Profile picture for melmom8

What is the average time to close a VA loan? FHA loan?

I am trying to sell my home and the potential buyer is getting a FHA loan and the buyer of his house is getting a VA loan?  I want 30-45 days and they say it is more like 60+ days.  I dont want it to fall through and need to sell as I am paying 2 mortgages.
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May 07 2012 - US
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Answers (6)

Profile picture for naomihaskins
Im buying VA and was told its 45 day minimum with 60 day maximum... As soon as you have a contract- he should get a closing date.
Good luck!
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May 06 2013
30-45 days is the expected time to close on a VA/FHA loan. Unless there is an unforeseen problem.
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May 08 2012
The lender needs to step it up a notch. unless their are specified and required repairs on the property then it should take no more than 45 days to close on an FHA or VA loan. its all in the paperwork shuffle. good luck!
Rachel
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May 08 2012
Profile picture for melmom8
The buyer kept stalling before by saying that his contract was to be signed any day and that was 3 weeks ago. My broker is also his on this house so she is getting higher commission. 

My buyer is getting USDA and his "buyer" is getting VA loan which he states is 60 days.

I am worried with all going on that his "buyer" will bail out and I will have lost 2 months in a market where I am already in the market for 3 months.
I also am paying mortgage on this empty house so not very happy.
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May 08 2012
I believe the buyer is stalling.  You should only have a 21 day contingency on the buyers ability to secure financing.  The buyer should know by then if the loan will close.  You are giving them too much time to walk if they have a longer time.  A typically closing should happen in your 30-45 days.  If they need a longer time, then I would want extra escrow money that is non-refundable and no contingencies longer than 21 days.  If they have a bad mortgage broker, tell them to find one that specializes in VA loans.
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May 08 2012
It really depends on the lender. The lender that I use closes my FHA deals in 21 days and V.A loans it takes him 30 days to close. If the lender knows what they are doing I don't see a reason why it would take 60 days.
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May 07 2012
 
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