VA Pamphlet 26-91-1
& Real Estate
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. Aside from the veteran's certificate of eligibility and the fact that the appraiser
is assigned by VA, the application process is not much different than any other type of
mortgage loan. And if the lender is approved for automatic processing and the Lender
Appraisal Processing Program (LAPP), 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 or for VA to review the appraisal.
Lenders are also able to use VA recognized automated underwriting systems, such as Loan
Prospector and Desktop Underwriter, to facilitate the underwriting process.
FIVE EASY STEPS TO A VA LOAN
1. Apply for a Certificate of Eligibility (COE).
A veteran can obtain a COE by completing VA Form 26-1880, Request for a Certificate of
Eligibility, and mailing it, along with proof of military service, to an eligibility center (see
office list at back of pamphlet.) Also, veterans who have already begun the loan application
process with a lender may request the lender to try and obtain a COE through ACE (Automated
Certificate of Eligibility). More information about this online system can be found at our
website which is: www.homeloans.va.gov.
2. Decide on a home the buyer wants to buy and sign a purchase agreement.
3. Order an appraisal from VA. (Usually this is done by the lender.)
Ordering an appraisal can be done via the Internet using TAS (The Appraisal System). This is a
centralized system that allows lenders easy and quick access to order an appraisal.
4. Apply to a mortgage lender for the loan.
While the appraisal is being done, the len