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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Our government stepped in with the GI Bill to put unemployed returning service men into college (many of them would be the first college graduates in their whole family) and the government also provided Veterans Administration mortgages so others could buy their first homes.

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