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What Is The VA Loan Program?

Qualified veterans of the US Military Services will probably want go straight for a mortgage loan through the VA loan program rather than the non-VA alternatives.  It’s fast, economical and, compared to other types of loans, there really is very little red tape.  In fact, the VA has created a lender approval process called the Lender Appraisal Processing Program (LAPP).


The VA Loan Program Is For Vetrans... Men or Women

The VA Loan Program Is For Vetrans... Men or Women


Under the LAPP program, the lender may bypass much of the credit application process and write your loan with very little bureaucratic paperwork.  This makes for very fast loan approval especially when compared to other types of loans.

The VA loan program takes into account the reality of the U.S. Military Veteran.  You probably don’t have a down payment but you do have a family that needs a safe, secure place to live?  A 10- or 20-thousand dollar down payment is sometimes a real-tall order if you just discharged from the Service and have no, or poor, credit history and no long-term employment experience to talk about other than the US military?

The United States Congress thought of that.  They recognized that separating still-in-service veterans and their families probably would have little or no savings, “bread-winner” job history and would probably be seen as serious credit risks.  They knew that it wasn’t right to treat those  who helped guarantee our freedom and way of life that way.  So they did something truly great!

They created the VA loan program to help qualified veterans get a home for themselves and their family without being taken advantage of and without needing to jump through hoops like you might need to do with some conventional loans.

Maybe you looked at some FHA HUD homes in the past.  But, the ones that you could afford were in areas that you wouldn’t go into without a full, combat-ready infantry platoon with armored support… Let alone taking in the ones that matter the most to you… your spouse and children.

You may feel pretty hopeless right now about ever getting a nice home for you and your family, but, If you are a veteran and a first-time home buyer the VA loan program can help.


Because, as long as they can qualify, first time home buyers can get a zero-down mortgage loan without plopping  down their hard earned cash just to get the bank to talk to them.

And, there are three other benefits they will get if they go with a VA mortgage loan:

  1. Like FHA loans, it’s easier to qualify for a VA-backed mortgage loan than for a conventional loan.
  2. VA loans can be cheaper than FHA mortgage loans and will most likely be cheaper than conventional loans for two reasons.  First, you don’t need PMI (private mortgage insurance).  And, second, the interest rates can be lower… especially when compared to conventional loans.  Finally,
  3. The VA home appraisal process is designed to keep you from getting ripped off by the sellers, the real estate agents and the lending institutions because they ensure that you are not overpaying for your new home.

This section of Financing Your First Home.com is all about Veterans and how they can get the benefits and rights that they have earned by risking their life and limb in the service of their country.

So, if you need a home mortgage, can meet the financial qualifications and are a qualified US Military Veteran then a VA loan may be exactly what you want to apply for.