Definition of "G.I. guaranteed mortgages"
Same as term Veterans Administration Mortgage: Mortgage guaranteed up to 30 years by the Veterans Administration to veterans meeting minimum requirements. Originally established by the Servicemen's Readjustment Act of 1944, amended provisions state the maximum guaranteed mortgage amounts and interest than can be charged. There are no provisions on the loan to property value permitting qualified veterans to obtain 100% financing, although some mortgagees will independently establish loan limits. A borrower must receive a certificate of eligibility and the property to be mortgaged must also have a certificate of reasonable value. A veterans administration mortgage is assumable, mortgagees cannot have prepayment mortgage penalties and only one point can be charged.
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Comments for G.I. Guaranteed Mortgages
can I get a no down payment loan with VA?
Nov 11, 2018 17:14:52Yes, David! You can!
VA loans are famous for their no down payment option and no mortgage insurance... but the question is: should you?
Down payment lowers the funding fee and the monthly mortgage payments; that's definitely something to think about. If you want to go deeper into Down Payment and its benefits, take a look at our Down Payment: everything you need to know article and good luck!
Nov 29, 2018 17:24:42Have a question or comment? We're here to help.