Closing a VA home loan in 30 days in Las Vegas, Nevada
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I've been a Mortgage Banker for over 20 years and I have been amazed at some of the misconceptions from Real Estate professionals regarding closing a VA home loan in 30 days in Las Vegas, Nevada.
In today's Las Vegas real estate market, sellers do not want to enter into a contract that requires more than 30 days for closing. Most Real Estate Professionals believe that a VA loan is a long and hard process that is cumbersome due to more stringent underwriting criteria. Both of these issues can be resolved when you are dealing with someone that is knowledgeable with VA home loans and with a Mortgage Banker that is has VA underwriting in house.
Last month I received a contract for a $399,000.00 purchase in Aliante gated community on November 1. The buyers agent has been a Real Estate professional for over 9 years and his main market is working with Veterans active or retired. I have been his Mortgage Banker for the last two years since his previous lender retired.
When doing a VA home loan or any home loan it is imperative to do a a full application pre approval. This requires fully documented income verification, assets verification, credit verification, and DU approval before issuing a pre approval letter.
Here is the time-line for the contract dated November 2nd, 2014.
VA loan Process:
1. Pre approval (10/04/2014) Met with clients on a Saturday.
Income verification, Asset Verification, Credit worthiness, DU Approval
2. Contract (11/02/2014)
Signed Contract
3. Application (11/03/2014)
Borrowers completed signed loan application
4. Uploaded to underwriting (11/03/2014)
5. Buyers home Inspection (11/06/2014)
6. VA Required Pest Inspection (11/06/2014)
VA Pest Inspection report signed and returned (11/06/2014)
7. Underwriting Approval (11/07/2014)
8. VA Appraisal Order placed in VA Portal (11/07/2014)
9. VA Appraisal Inspection (11/13/2014)
10. VA Appraisal Completion (11/20/2014)
11. VA Certification of Value (11/24/2014)
12. Final underwriting and clear to DOCS (11/25/2014)
13. DOCS ordered (11/25/2014)
14. Docs signed (12/02/2014) Due to Sellers out of town for Thanksgiving Holiday.
15. Funding and recorded (12/03/2014)
If you have a VA buyer and need a expert to get their VA home loan please contact me. Did you also know that a Veteran can have two VA loans simultaneously? Ask me how. For all of your home loan needs, FHA, VA, Conventional, Hard Money, Reverse Mortgage Purchases please feel free to contact me.
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