Va mortgage Meaning and Definition

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VA Mortgage

VA Mortgage

Pronunciation

/ˈveɪ ˈmɔrstɡeɪdʒ/

Part of Speech

Noun

Definition

A type of home loan guaranteed by the Department of Veterans Affairs (VA), available to eligible veterans, active-duty military personnel, and surviving spouses, with favorable terms such as lower interest rates and lower down payment requirements.

Examples

  • With a VA mortgage, John and Mary were able to buy their dream home.
  • Jessica obtained a VA mortgage to purchase a new home after serving in the military.

Synonyms

  • Government-backed loan
  • Military loan

Antonyms

  • FHA loan
  • Conventional loan

Additional Information

VA mortgages are an attractive option for eligible borrowers due to the competitive interest rates, lower closing costs, and lenient credit requirements. However, borrowers must meet specific eligibility criteria and have a valid Certificate of Eligibility (COE) to qualify for a VA mortgage. Additionally, borrowers must meet the VA’s service requirements and have a satisfactory credit history.

The VA mortgage program offers various benefits, such as no private mortgage insurance (PMI) and a more lenient debt-to-income ratio. However, VA mortgages also have specific requirements, such as a maximum loan limit and a funding fee.

Etymology

The term “VA Mortgage” originates from the Department of Veterans Affairs, a United States federal agency responsible for providing assistance to veterans and their families.

Usage Notes

The term “VA Mortgage” is commonly used in real estate and mortgage contexts, particularly in the United States. It is essential to note that only eligible veterans, active-duty military personnel, and surviving spouses can apply for a VA mortgage.

Cultural References

The concept of VA mortgages has been featured in various media, such as books and movies, which often highlight the benefits and advantages of this type of loan.

Idiomatic Expressions or Phrases

There are no idiomatic expressions or phrases specifically related to the term “VA Mortgage.”

Related Words or Phrases

Term used in conjunction with “VA Mortgage” often includes mortgage-related terms, such as “loan,” “appliances,” “title,” “escrow,” or “down payment.”

Collocations

Common collocations with “VA Mortgage” include:

  • a VA mortgage loan
  • to apply for a VA mortgage
  • a VA mortgage program

Frequency of Use

The term “VA Mortgage” is frequently used in real estate and mortgage contexts, particularly in the United States, with an estimated 740,000 VA mortgages issued in 2020 alone.

Common Misspellings

Some common misspellings of the term “VA Mortgage” include:

  • VA Mortage
  • Va Mortgage
  • Vamortgage

Related Words