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.
Popular Real Estate Terms
The definition for the gross living area published by the Appraisal Institute’s Dictionary of Real Estate 4th Edition is: “The total area of finished, above-grade residential ...
In urban areas, one way to organize urban development is to keep track of building density. The building density definition is a way to determine the concentration of buildings in a given ...
All expenses related to maintaining and operating a household. These expenses include the cost of rent or mortgage payments, taxes, utilities, maintenance and structural improvements. The ...
Also called earnest money. Money deposited with an individual for security for the performance of some contract. This is intended to show his/her willingness to follow through with the ...
Apartment building in which each resident owns a percentage share of the corporation that owns the building. ...
Contract that intends to convey property form one individual to another but is defective in one respect. ...
Appraisal performed in accordance with the National Housing Act to determine the resale value of vacant or improved property in an urban area to be or under development. The renewal ...
Mutually binding property sales contract where the title remains with the seller until the purchase price is paid by the buyer. It is a contract to convey title in the future upon ...
Effective Age is the counterpart to a property’s Actual Age. While the former refers to the date a property was built, the latter is more of a sensorial depiction of its age; the age ...
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