| 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
For
more information:
The
Veteran's Administration Oakland office has a listing
of VA-owned properties in Northern California and Northern
Nevada.
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