Veterans Administration Mortgage

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Veterans Administration Mortgage

A mortgage made by a private bank to a qualifying veteran that is guaranteed by the U.S. Department of Veterans Affairs. In order to be eligible for a VA mortgage, the veteran cannot have been dishonorably discharged and must have served a certain number of years in one of the branches of the American military (the number varies by branch). During the credit crunch, obtaining a VA mortgage became the only way one could obtain a mortgage with no down payment.
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For instance, Tansey--a self-described naval electronics surveillance "spook" in the Mideast during the 1980s--has taken advantage of veterans loan fee waivers.
While serving as undersecretary, Cooper had direct oversight of the very successful Veterans Loan Guaranty Service, with foreclosure rates well below the national average; the improved and increased Servicemen's Group Life Insurance Program; and the modernization of the GI Education Bill.
The variable rate component of the Texas Veterans loan program represents approximately 14% of net tax supported state debt.

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