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
Flood insurance is a type of home insurance created to protect a homeowner’s property against damages caused by floods. Flood insurance is typically not included in the regular ...
Same as term plat book: Listing of all of the plats of subdivided plots in a jurisdiction showing the location, boundaries, and plat owners. A plat book normally shows other improvements ...
Limitation or prohibition such as on what a tenant in an apartment may not do. Local laws may also restrict certain actions such as failing to use the property for gambling purposes. ...
In real estate, a buffer zone refers to an area of land that acts as a transitional space between two different types of land use or properties. It’s like a neutral ground that ...
An iron pipe, stone, tree, or other fixed point used in making a survey. ...
A triangular shaped end of a building where a double sloped roof meets at the top of the triangle. A gable begins at the eaves of a roof and terminates at the roof ridge. ...
The real estate arbitration definition is an alternative way to settle disputes when the parties involved want to avoid a trial. There are some significant differences between an ...
A fixed asset whose utility is derived from its physical attachment to a property and which usually cannot value or damage. A fixture, under the terms of a lease or other agreement, can be ...
Nineteenth-century style home architecture featuring three dimensional ornamentation, made by hand using a chisel and gouge. ...
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