Show how to get A GI home loan six steps to a GI loan for a home farm or busi business fiess have been outlined by the veterans administration tor for the benefit of more than a million veterans who have been discharged from the armed services since the start of the korean conflict the new GI bill is for eli eligible gi b le veterans with service an anywhere V wh ere in the world since june 27 1950 the six major steps to a GI loan are 1 find the property or business you want to buy 2 go to a bank building and loan association or other institution 3 present your plan and your original discharge or separation papers 4 property is appraised by VA approved appraisers value goes to the lender 6 if application is approved the loan is made the or separation paper is need needed ed to apply for a certificate of eligibility widows of men who served since june 27 1950 and who died in service or as a result of a service connected disability after service also may qualify for GI loans world war II 11 veterans who reentered service since june 27 1950 will have their unused loan entitlement under the world war II 11 GI bill cancelled when they are released froin from re active t ive duty and may receive new entitlement tit under the korean GI bill the result is that these world war il II veterans like all vet veterans erans eligible under the korean GI bill will have 10 years from the end of the korean emergency the world war 11 II GI loan deadline is july 25 1957 three types of loans are permissible 1 to purchase construct or im improve Trove a home 2 to buy a farm farm land livestock farm machinery and other farm supplies and equipment 3 to buy a business or otherwise enable a veteran to undertake or expand a legitimate business venture veterans are advised by VA not to sign any contracts or commitments mit ments to purchase property until they are assured that a particular lender will make the GI loan VA then guarantees or insures the lender against loss up to 60 percent of the loan with a maximum of for home loans on other loans VA guarantees the lender against loss up to 50 percent of the loan with a maximum of on real estate and 2000 on non real estate loans the interest rate on VA guar loans may not exceed 4 percent a year on the unpaid balance fees and charges may not exceed those allowed by VA VA pays the lender for credit to the veterans loan an amount equal to 4 percent of the guarantee but not more than this is a gift to the veteran and not another loan I 1 |