How long would it take for a va loan to be approved? & Is VA better than FHA?

VA one of the best loan products out there, however, you must have VA eligibility to obtain VA financing. VA charges an upfront funding fee which varies depending on your how you served in the military, and if your disabled, the upfront fee can be waived. FHA charges everyone 1.75% upfront regardless. VA loans do not have any mortgage insurance, FHA charges up to 1.35% annual mortgage insurance premium, and in most cases, its for the life of the loan. The down side to VA financing usually has to do with the seller and the seller's agent. VA has some very specific appraisal requirements, and VA appraisals take twice as long as FHA appraisal. This benefits the buyer, but could be a deterrent to the seller. Also, VA protects the buyer from paying absorbent closing costs, in turn prohibiting certain fees being charged to the Veteran. Again good for you, bad for the seller since the seller will more than likely have to pay those costs that VA wont allow. If the seller is allowing buyers to submit offers using VA financing, you need to go that route.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi Ryan, Thank you for your service to our country. The length of time a VA loan takes will vary on a lot of factors. Your preparedness, the lender, appraisal, and title, among other things. At some lenders, you can get a pre-approval to get a jump start on the process (Movement Mortgage is one). True pre-approvals are loans that have been approved by an underwriter (the person who makes loan decisions) and are just waiting for you to find a home. These loans can close very quickly, so if you are in the home search phase, you may want to begin this process now to get a head start.VA vs FHA. As the others stated, the fees are going to be lower for a VA loan than they will with an FHA loan. You will want to get a loan quote for both from your loan officer so that you can compare rates and fees. Many people who qualify choose VA over FHA because of the lower down payment and lower upfront and recurring fees.Best of luck on your home purchase!

VA may be your best choice. As others have stated, you can have approval in a matter of days, if your paperwork is complete.

Thank you Ryan for your service. I can only imagine what you have lived through and seen. Both VA and FHA loans are great loans. Each one serves a purpose. It's my job to discuss those options with you to decide which one (or a conventional loan) would best suit your needs and financial goals - both now and in the future. Typically both VA and FHA loans can take the same amount of time to process. A purchase can be closed easily in 30 days. Please feel free to reach out to me to discuss your options. I'd be happy to answer any question you may have.

Ryan, Thank You for your service. 1. VA loans offer significant savings over FHA because you do not pay mortgage insurance with a VA loan as someone with an FHA loan does. 2. A VA loan can be completed and closed in as little as 14 days calendar days. 3. Choose a Lender that systematically closes VA transactions quickly. like me.David SchwartzMission Hills Mortgage Bankers1403 N. Tustin Ave., Suite 220, Santa Ana, CA 92705A DIVISION OF PACTRUST BANK714-227-5087 CELLhttp://dschwartz.mhmb.com MLO# 508484

VA is better than FHA primarily for two reasons. No down payment and no mortgage insurance. Closing times will depend on the lender, but from the moment I have a full file in my hands - your signed application, documents, and purchase agreement - you should expect about 3-4 weeks. www.VA-IRRRL-Loan-MN.com

If you qualify for a VA Loan you will enjoy some significant savings over an FHA Loan.VA does not require recurring Mortgage Insurance Premiums as FHA does.VA initial qualifying can be completed in a matter of days with closing occuring as quickly as 15 days.

Ryan - Typical turn time for VA loan is three weeks with a full file which includes your application, title work, insurance, and the appraisal. VA has no mortgage insurance and a slightly higher Funding fee that can be financed, in essence no money down. It is a way of recognizing your efforts to our great country. CHEERS! Let me know if I can help! David Webber 214-771-8696

one day approval for VA, FHA requires down payment but VA can be at 100% financing

Make sure you use a lender familiar with the VA process and have your DD 214 ready it will be the key part of you getting a quick Certificate of Eligibility. You should be able to have your VA loan closed in 30 days on average.