Veterans affairs: VA home-loan program offers benefit with very little red tape By Paul Hiott correspondent May 3, 2003 The more you know about the VA home-loan program, the more you will realize how little red tape there is. The loans are often made without a down payment and frequently offer lower interest rates than are commercially available. Aside from requiring a veteran's certificate of eligibility and a VA- assigned appraisal, the application process is not much different from any other type of mortgage loan. If the lender is approved for automatic abn amro mortgage group abn amro mortgage group processing, a loan can be processed and closed by the lender without waiting for the VA's approval of the credit application. Here is some basic information about the loan program. Question: What is a VA-guaranteed loan? Answer: These loans are made by a lender, such as a mortgage company, savings and loan or bank. The VA's guarantee on the loan protects the lender against loss if the payments are not made. The amount of guarantee on the loan depends on the loan amount and whether the veteran used some entitlement previously. interest only loan abn amro mortgage group With the current maximum guarantee, a veteran who hasn't previously used the benefit could obtain a VA loan up to $203,000. Q: How do I apply for a VA-guaranteed loan? A: You can apply for a VA loan at any mortgage lender that participates in the VA home-loan program. At some point, you will need to get a certificate of eligibility from the VA to prove to the lender that you are eligible. Q: How do I get a certificate of eligibility? A: You need to submit form 26-1880, Request for home secured loan abn amro mortgage group Determination of Eligibility and Available Loan Guaranty Entitlement. You can visit the county Veterans Services office to obtain it. You must include a copy of your DD214 with the form 26-1880. St. Lucie County Service Officers will be attending the annual Florida Department of Veterans Affairs annual training program and the county Veteran Service Officers Association spring conference from May 5-9. Service officers will not be available for claims assistance during this week. The main office will remain open for transportation and administrative needs. Paul J. Hiott is the veterans services mortgage rate calculator abn amro mortgage group director for St. Lucie County.