Veterans Administration Loan Program

A Quick Guide For Home-buyers & Real Estate Professionals

• Five Easy Steps to a VA Loan
• A Good Deal for Veterans
• What is a VA-Guaranteed Loan?
• What can a VA Loan be used for?
• Who is eligible?
• Had a VA Loan Before?
• How to get a VA Loan
• Need more information?

Why A VA Loan?

The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any downpayment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.

Additionally, if the lender is approved under VA's Lender Appraisal Processing Program (LAPP), the lender may review the appraisal completed by a VA-assigned appraiser and close the loan on the basis of that review. The LAPP process can further speed the time to loan closing.

• VA Pamphlet 26-91-1
  August 1993
  VA Home Loans