Veterans Administration Mortgage

Definition of "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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Financial Accounting Standards Board (fasb) 112

New rule entitled "Employers Accounting for Postemployment Benefits," which requires advanced recogn ...

Tortfeasor

One who has committed a tort. A tort is a civil wrong that occurs as a result of a breach of legal d ...

Gable Roof

A roof forming a triangle from the eaves to the ridge of the roof. ...

Fire Mark Society

Sales honor group of property and casualty insurance agents created by the National Association of P ...

In Rem

Against the thing. A legal term describing proceedings against property in contrast to a proceeding ...

Involuntary Lien

A lien on property such as for the nonpayment of real estate taxes or mechanic's lien for repairs to ...

Related Real Estate FAQ

What Is A Default?

A default is when a person fails to make payments on a loan. ...

What Is A Mortgage Banker?

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

How Do I File An Insurance Claim?

Call your Insurance agent or Insurance Company \"Claims Hotline\" as soon as possible. Getting your ...

What Is Freddie Mac?

Freddie Mac is a name for the Federal Home Loan Mortgage Corp., which is a financial corporation cha ...

What Is Hazard Insurance?

Hazard insurance is insurance coverage that compensates for physical damage to a property from natur ...

What Is A Title?

A title is the right of property ownership. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Build or Buy? That’s the Big Question What do Real Estate Attorneys do? 6 Reasons you are not selling properties What is Hazard Insurance? Rent or Buy - the pros and cons

FAQ

If I want to buy a house and I know the property and the seller already have an agent, can I act as my own agent and negotiate a lower fee? What is hazard insurance? What is a buyer's agent? What is a front-end ratio? What is the difference between being prequalified and preapproved for a loan?