If you are applying for a VA mortgage, you may be anxious about the closing process. As with any other type of mortgage, delays can take place during closing if certain issues come up. To help you avoid those issues, let’s go over some common reasons for delays during the VA mortgage closing process.
Issues Can Cause VA Loan Closing Delays
- Mistakes in the info you provided. All of the information you provided during your application needs to be 100% accurate and consistent. Even something as small as having written an incorrect number of mistakes could lead to closing delays.
- A decline in your credit score. If your credit score has dropped at all since you submitted your VA loan application, that could cause other delays during your closing process. Knowing that in advance, you can prevent these issues to some extent. Keep up with your current bills, and avoid applying for additional credit or loans while you are waiting for closing to be completed.
- Issues with the appraisal. Hopefully, your appraisal will go smoothly. But if it does not, it could cause short or long delays, depending on what the problem is and how swiftly the seller addresses it.
- An employment change. As with a change in credit, a change in employment can delay closing of your VA mortgage application. And that is assuming that you are still working in a similar role in the same industry with a similar income. If there have been large changes with respect to any of those, you might be facing more than a delay. Your loan application might even be denied.
- Difficulty verifying assets. You need to have at least enough assets to pay any closing costs for your VA mortgage. If those assets are not verifiable in your account or were just recently transferred in, there could be an approval delay.
- Large deposits or withdrawals. Any significant amounts of money moving in or out of your accounts could cause delays during the closing process for your VA mortgage. In particular, be aware that if you deposit a lot of money in your account, you may have to document its origins, which could take extra time and hassle.
Premier Lending Corp Can Walk You Smoothly Through the VA Loan Process
At PLC, we have helped many borrowers apply for VA mortgages in South Florida. We are intimately familiar with what can cause delays during the process, and can help you to avoid such pitfalls. That way, you can look forward to smooth and rapid approval and closing.
You can get started with the VA mortgage process today by giving us a call at 954-840-8811 to schedule your consultation.