Veterans home loans backed by VA take a really long time to close, don't they?
Not at all! A lot of people think that it takes longer to close on a VA home loan than a regular mortgage, but that simply isn't the case. Even though the Department of Veterans Affairs stands behind every home loan, the decision whether to approve an applicant is largely left to private lenders.
Certified VA lenders are given a set of guidelines to help them determine whether a candidate poses too great a credit risk to qualify for a VA home loan. This is part of the VA underwriting process, and it doesn't take any longer than the underwriting process for an FHA or other type of loan. Many lenders actually employ a VA underwriter on staff. This not only helps move the process along, it allows applicants to get their questions answered by a professional in a timely fashion.
There are very few circumstances that would require VA to step in and look at an individual loan application. In fact, many VA home loans can be closed on within one month.