4. The property be useful and reasonably necessary; and,
5. For farms or business loans, that you have the ability and experience to provide a reasonable chance that you will succeed.
Amount of Loan. If you are eligible, the Administrator of Veterans'
Affairs can guarantee up to 50 percent of any loan or loans made
to you. In certain cases of second loans made to cover the balance
of a loan made by a Federal agency, he may guarantee up to 100
percent of the amount. In neither event can he guarantee more
than $2,000. Such loans cannot bear interest of more than 4 percent
a year. The Administrator will pay the interest on the guaranteed
portion of the loan for the first year. Loans arc payable in full m
not more than 20 years; in some cases, less than 20 years.
From Whom You May Borrow. If the loan meets the requirements
of the law and the regulations of the Veterans' Administration, you
can borrow from any individual or any firm or corporation. The
individual can be any person who will lend you the money. The
firm or corporation can be any bank, building and loan association,
insurance company, or financial institution. However, you should
46
4. The property be useful and reasonably necessary; and,
5. For farms or business loans, that you have the ability and experience to provide a reasonable chance that you will succeed.
Amount of Loan. If you are eligible, the Administrator of Veterans'
Affairs can guarantee up to 50 percent of any loan or loans made
to you. In certain cases of second loans made to cover the balance
of a loan made by a Federal agency, he may guarantee up to 100
percent of the amount. In neither event can he guarantee more
than $2,000. Such loans cannot bear interest of more than 4 percent
a year. The Administrator will pay the interest on the guaranteed
portion of the loan for the first year. Loans arc payable in full m
not more than 20 years; in some cases, less than 20 years.
From Whom You May Borrow. If the loan meets the requirements
of the law and the regulations of the Veterans' Administration, you
can borrow from any individual or any firm or corporation. The
individual can be any person who will lend you the money. The
firm or corporation can be any bank, building and loan association,
insurance company, or financial institution. However, you should
46