VA Program

VA Loan Process

Q: What is the VA appraisal?

The VA appraisal is performed by a VA-assigned, VA-approved appraiser. It determines the property value and ensures it meets VA Minimum Property Requirements (MPRs) — basic health, safety, and structural standards.

Q: What happens if the appraisal comes in low?

If the appraisal comes in below the purchase price, options include: renegotiating the price, the buyer covering the difference, requesting a Tidewater or Reconsideration of Value, or in rare cases, walking away.

Q: Can I close faster than 21 days?

Yes, in some cases. If the VA appraisal comes back quickly and all documents are submitted promptly, closes in 14-18 days are possible. IRRRL refinances can close in as little as 10 business days.

A step-by-step guide from pre-approval to closing day.

Get Pre-Approved Discuss This Loan

Program Overview

The VA loan process follows a structured path from initial pre-approval through closing. While it shares many similarities with conventional loans, there are important VA-specific steps — including the Certificate of Eligibility (COE), VA appraisal, and funding fee calculations — that borrowers should understand. With the right advisor, the VA process is extremely efficient. Our average VA loan closes in approximately 21 days from contract to keys.

Who Is This Loan For?

✓ Veterans preparing to buy their first home
✓ Active-duty members planning a purchase at a new duty station
✓ Military families who want to understand the timeline before house hunting
✓ VA borrowers refinancing with IRRRL or cash-out programs
✓ Real estate agents working with VA-eligible buyers

Key Benefits

Step 1: Pre-Approval

Submit basic financial info, pull COE, and receive a pre-approval letter showing how much home you can afford.

Step 2: House Hunting & Offer

Work with your agent to find a home and submit an offer. Your pre-approval letter strengthens your position.

Step 3: Processing & VA Appraisal

Loan file goes to processing. A VA-assigned appraiser inspects the property for value and minimum property requirements.

Step 4: Underwriting & Closing

Underwriter reviews the full file, issues conditions, and once cleared — you schedule closing and get your keys.

Qualification at a Glance

CreditNo VA minimum (most lenders: 580-620+)

Down Payment$0 — no down payment required

OccupancyPrimary residence

Property TypesSingle-family, VA-approved condos, 2-4 units, Manufactured homes

General Requirements

Step 1: Pre-approval (Day 1) — Apply, provide documents, pull COE
Step 2: Offer accepted (Days 1-14) — Negotiate and go under contract
Step 3: VA appraisal ordered (Days 3-7) — Scheduled by VA-assigned appraiser
Step 4: Appraisal received (Days 7-14) — Value and MPR determination
Step 5: Underwriting review (Days 7-18) — File reviewed, conditions issued
Step 6: Conditions cleared (Days 14-21) — Clear to close issued
Step 7: Closing (Day 21+) — Sign documents, fund, get keys

Advantages

✓ Fast process — average 21-day close
✓ Pre-approval takes 24-48 hours typically
✓ COE can be pulled electronically and instantly in many cases
✓ VA appraisal protects the buyer from overpaying
✓ Streamlined IRRRL process even faster for refinances
✓ Digital application and document submission available

Tradeoffs to Consider

↔ VA appraisal may flag property condition issues conventional would not
↔ VA-assigned appraisers (cannot choose your own)
↔ Minimum Property Requirements (MPRs) must be met
↔ Tidewater and reconsideration process can add time if value comes in low

Common Scenarios

21-Day Purchase Close

A veteran gets pre-approved, finds a home, and goes under contract. The VA appraisal comes back in 5 business days at value, underwriting clears conditions by Day 16, and they close on Day 21 with keys in hand.

PCS Move with Tight Timeline

An active-duty member has 30 days before reporting to a new station. Pre-approval is done before the move, house hunting starts on arrival, and an aggressive 18-day close schedule is set with the lender and agent.

VA IRRRL in 10 Business Days

A veteran refinances their existing VA loan using the IRRRL program. No appraisal, no income verification — just a rate and term improvement. The entire process completes in 10 business days.

Documents Typically Needed

Certificate of Eligibility (COE) — we can pull this for you
DD-214 (separated) or Statement of Service (active duty)
Last 30 days of pay stubs
Last 2 years of W-2s and/or tax returns
Last 2 months of bank statements
Government-issued photo ID
Purchase contract (once under contract)

How long does the VA loan process take?

Our average VA purchase loan closes in approximately 21 days from executed contract. The timeline can vary based on appraisal scheduling, property condition, and borrower responsiveness with documents.

What is the VA appraisal?

What happens if the appraisal comes in low?

Can I close faster than 21 days?

Broker Disclosure: Scout Financial Group Inc DBA Airus Lending is a licensed mortgage broker (NMLS #2187418) and does not make loans or credit decisions. Airus Lending works with multiple wholesale lenders to help borrowers compare available loan options. Final approval depends on the lender, automated underwriting findings, documentation, state requirements, and overall borrower profile. Not all applicants will qualify.