Closing a VA loan in Orange County in 30 days or less is not only possible, but is easy. But for the loan to close this quickly, all parties involved must be ready to react quickly to requests from the lender.

What Needs to Happen For a 30 Day VA Loan?

• Borrower – it helps tremendously if the borrower has already met with an Orange County Direct VA Lender and has a PreApproval in hand. If the borrower is already PreApproved for a VA loan, then the lender should have tax returns, paystubs, bank statements, loan application, and credit. The lender may need to update the file with new paystubs or bank statements, but PreApproval will give the lender a good head start in closing the deal quickly.
• Real Estate Agents – The lender will need the complete purchase contract and any counter offers, as well as escrow company contact information. The Orange County VA lender needs this information so they can contact escrow immediately.
• Escrow Company – The lender will send the “Initial Fees Worksheet” to the escrow company, along with the lenders contact information. The lender needs to receive the Estimated HUD-1, also known as the Estimated Closing Statement, from the escrow company prior to completing the Good Faith Estimate and loan disclosures for the borrower. The appraisal can’t be ordered until the lender has sent loan disclosures out, so receiving the Estimated Closing Statement from escrow is an important step in closing escrow in 30 days or less.
• Appraisal – The VA appraisal is ordered by the lender through the VA Portal. It can take anywhere from one to two weeks to receive the appraisal from the day it is ordered, so the lender needs to order the appraisal as soon as possible.

If there is a break in the chain, if one of the parties involved in the transaction causes a delay, 30 days can quickly turn into 35 or 40 days. For this reason, the lender should have a timeline mapped out and make it clear to all parties that items needs to be received quickly. An experienced lender can pull off 30 days VA loan closings almost every time as long as everyone works as a team.

VA Loan PreApproval is the First Step

The first step is to get PreApproved for a VA loan before making an offer on a home.  Finding an experienced VA loan officer who works with a Direct VA lender in Orange County is important. While it is easy to find VA lenders on the internet, Orange County has some very experienced VA loan officers. Also, it can be helpful to meet face to face with the loan officer and get all of your questions answered.

Authored by Tim Storm, an Orange County, CA  VA Loan Officer – Please contact my office at Home Point Financial for more information about an Orange County, CA home loan.  949-640-3102. MLO 223456

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

tstorm (at) ochomebuyerloans.com