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
Way to determine the capitalization rate of income property for valuation purposes by weighting the rate of interest and source of financing in percentage terms. ...
Latin term meaning something in exchange for something else. For example, a person rushes through an order for another in return for having first choice in selecting a parcel of ...
(1) Supporting the joists of a floor with small pieces of wood. (2) Providing temporary financing such as a short-term loan, to a real estate developer before long-term financing can be ...
Appraisal method that examines current and future economic conditions in a particular location to help in deriving property values ...
See Board of Equalization. ...
Insects that destroy the support wood in the structure of a building. Termite inspection should be periodically performed to detect their existence. If an infestation is confirmed, the ...
Relationship between individuals or entities whereby rights given to one are returned in kind to the other. An example is where one person has the right to use facilities of another with ...
3D Printed Homes are basically homes that were printed via 3D Printers. Though semantically the phrase is pretty obvious and straightforward, there’s a lot we need to contextualize ...
State laws limiting the interest rate that can be charged to individuals borrowing money in that state. These laws affect all lenders in a state regardless of what federal or state agency ...
Have a question or comment?
We're here to help.