Veterans Administration (VA) Mortgage

Definition

Mortgage that is available to veterans of the United States Armed Forces and guaranteed by the Veterans Administration. This type of loan offers a lower down payment requirement than most standard mortgages and comparable interest rates. This is possible because banks know that the loans are backed by a federal agency. Spouses of veterans are also able to acquire VA mortgages even if the veteran is deceased.
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Veterans Administration (VA) certificate of eligibility