| 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 down payment 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
For more information:
The Veteran's Administration
Oakland office has a listing of VA-owned properties in Northern
California and Northern Nevada. You can reach their home page
at http://www.ccnet.com/services/va/
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