Question Details

Nino, Home Buyer in Toms River, NJ

how long does it take to get the final mortgage commitment for a va loan?

Asked by Nino, Toms River, NJ Thu Sep 13, 2007

i have bought a home and we are closing on the 21 this month we have the title and the VA has are paper work all we are waiting on is the mortgage commitment. Do you think its possible that we can still close by this date please be honest and don't be harsh my wife has been in tears the last two days thinking we are going to lose this home we love.

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Buying a home and waiting on the lender is ALWAYS torment. What your wife is going through most buyers, even investors go through on every purchase whether it is their first home or tenth. I've owned 15 properties and each time find myself sliding down the slippery sloap of worrying about what I can't control and remind myself...'oh yeah, we all go through this when we buy a home.' It just makes me more sensitive when I see my clients worrying needlessly.

I hope you TRUST what I am about to say, because this is a very special time for you both and it sounds like you are worrying NEEDLESSLY.

I work with lots of VA buyers and my husband is retired military. If there was any loan I'd want to be applying for in the current market it would be VA. Before the loan process even started the lender/bank you chose put you through a VA automated unwriting system and got a pre-approval. The actual approval takes time. Provide the lender with every document the underwriter request and don't panic if you think there is possibly nothing else they could ask for and then they ask for your first born's blood (at least that is what it will feel like) the day before closing. Just oblige the underwriter, ASAP with their request, and odds are you will close on time.

Sometimes loan committments happen an hour before closing but rarely one and half weeks out. Actually, I've never had a loan committment 1 1/2 weeks out. In a better mortgage market at best 5 days out, but not in this current market. Loan committment doesn't generally occur until days before the loan closes and in this fiasco of a mortgage industry we're currently in don't be surprised if it is the day of closing. Title committment takes less than hour to produce. It is an insurance policy simply put. Getting a loan is much more monumental than an insurance policy.

HONESTLY, relax, you are a week and half out from closing and NO WHERE NEAR needing to be in panic mode. The VA knows the closing date, and if for some very unlikely reason you don't close on time, most sellers won't forfeit the contract, and will allow for additional time to let the VA finish what they need to do. ESPECIALLY in this market. If you told the truth on the loan application and can provide all the supporting documentation to back it up, I'd start worrying about what color I was going to paint my first room, or what new furniture I need and not waste my energy on something that is not unusual in this business. Again, RARELY are loan comittments made one and half weeks out.

So enjoy, get excited, a little anxious is ok, but not panic.
Congratulations, it sounds like you all are about to be homeowners.
Best wishes, and trust the VA.
0 votes Thank Flag Link Thu Sep 13, 2007
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