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Mortgage glossary
VA Loan
A mortgage made by a private lender and partially guaranteed by the U.S. Department of Veterans Affairs for eligible Veterans, service members, and certain surviving spouses. Some eligible borrowers may purchase with no down payment, but lender, credit, income, occupancy, property, entitlement, and VA requirements apply. A VA funding fee may apply, although some borrowers are exempt.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.