VA loan or mortgage

(redirected from VA loan)
Also found in: Wikipedia.

VA loan or mortgage

A home loan guaranteed by the Department of Veterans Affairs (www.homeloans.va.gov/elig2.htm) (known as the Veterans Administration before 1989), which will pay the lender up to certain limits if the borrower defaults.In some instances, the VA will decide to purchase the home from the lender after default and attempt resale,calculating that the profits from a resale will make the transaction cheaper than paying off the loan. By law, it is required to do this analysis on all defaulted loans.Eligibility for a VA guarantee is complicated and depends on the borrower's dates, length, and type of service; whether the borrower is currently active in the military; whether the borrower is in the National Guard or the Reserves; and the number of months the borrower was in peacetime or combat service.

References in periodicals archive ?
The VA Loan Electronic Reporting Interface Redesign task order, managed by the Veterans Benefits Administration Loan Guaranty Division, has an estimated value of $16.
12 passed HR 3561, legislation that gives VA appraisers the ability to rely solely on information from approved third parties--such as an appraisal trainee or property inspector under the direction of a VA appraiser--when determining a home's value for a VA loan.
There's no time limit on when veterans must use the benefit and no limit on how many times they can use it, as long as the home purchased with a previous VA loan has been sold or the loan paid off.
There are now an estimated 22 million veterans in this country, many of them with eligibility for VA loan benefits.
The VA Loan Guaranty amount varies with the size of the loan and the location of the property.
Loans for eligible veterans are granted by the VA Loan Guaranty Service.
Earlier this year, Flores purchased a four-bedroom home in Northridge with the help of VA loan.
Many veterans find that a VA loan is not the best option based on their situation, which is why finding a good mortgage lender that will help you determine which kind of loan is best depending on the situation is ideal.
The VA loan was always an enviable financial construct.
Approved VA loan recipients will also receive assistance should they fall into dire financial straits.
During the past decade, VA loan specialists helped more than 150,000 families hold on to their homes when threatened by foreclosure.
These clients purchased this home in Henderson 89044 with the financing of a VA Loan.