{"id":18050,"date":"2018-03-30T14:38:54","date_gmt":"2018-03-30T14:38:54","guid":{"rendered":"https:\/\/one.sightlinemg.com\/airforcetimes\/uncategorized\/2018\/03\/30\/report-average-va-loan-closing-times-fall-slightly-remain-the-longest\/"},"modified":"2026-08-08T01:47:07","modified_gmt":"2026-08-08T01:47:07","slug":"report-average-va-loan-closing-times-fall-slightly-remain-the-longest","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/airforcetimes\/home-hq\/2018\/03\/30\/report-average-va-loan-closing-times-fall-slightly-remain-the-longest\/","title":{"rendered":"Report: Average VA loan-closing times fall slightly, remain the longest"},"content":{"rendered":"\n

The average time it takes to close on a VA-backed loan dropped by about three days from January to February, according to a recent report, a bit more than the two-day drop in overall loan closing times.<\/p>\n\n\n\n

The report, from mortgage data company Ellie Mae, puts the average closing time for a VA loan finalized in February at 47 days, down from 50 in January. Purchase loans dropped from 50 days to 48, while refinance loans \u2015 which include cash-out<\/a> and interest rate reduction refinancing loans<\/a> \u2015 fell from 49 days to 46.<\/p>\n\n\n\n

The numbers show little year-over-year change: The average closing time was 48 days last February.<\/p>\n\n\n\n

They also continue to dispel the long-serving myth<\/a> that VA loans take dramatically longer than conventional loans to close. Conventional purchase loans closing in February took 44 days, four days longer than VA products. The widest gap came in the refinancing sector, where conventional loans averaged 37 days to closing, nine days faster than VA products.<\/p>\n\n\n\t