Definition: VA loan mortgage is a type of mortgage that is provided by the Department of Veterans Affairs (VA) to eligible military personnel, veterans, and their family members. The VA requires that the borrower pay back some or all of the money they borrow with interest over 10 years after receiving the loan from the lender (the lender can be the lender who lends money or another lender). This mortgage is often called a "home equity line of credit" because it allows borrowers to use their home's equity, which comes from their own homes, as collateral for the mortgage. VA loans are generally available to eligible individuals with post-9/11 service-connected disabilities or other qualifying injuries or illnesses. They can be secured by a home, real estate, a vehicle, and certain types of assets, such as a car and a boat. VA loan programs have different terms and requirements for eligibility and repayment that vary depending on the type of loan (home equity, veterans' disability, etc.).
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