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
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Features a home buyer orders from a custom builder or developer when purchasing a home. For example, a customer may order a two-car garage when buying a home requiring an additional charge. ...
See Board of Equalization. ...
Loan such as a mortgage that the borrower has consistently made payments on when due over many years. The borrower has proven his creditor worthiness. ...
Investment in residential properties by private businesses and people. ...
Representative house, apartment, or cooperative used as a sales tool to show how the actual unit bought will probably appear in design and construction. An example is a model apartment. ...
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