Why a VA loan?

The more you know about this 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.

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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.

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Frequently asked questions about the VA home loan program:

• Why a VA loan?
• What is a VA guaranteed loan and what can it be used for?
• Who is eligible for a VA home loan?
• Why is VA financing a good deal?
• What if I've already had a VA loan?
• What are the necessary steps to obtaining a VA loan?
• Are there any costs involved?
• How do I apply for the loan?

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