Veterans Administration Loan
Program
A Quick Guide
For Home-buyers & Real Estate Professionals
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
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