Definition: The term "veteran's loan mortgage" refers to a type of home mortgage that is typically used by veterans or service members who are currently serving in military or have served for 90 days or more prior to purchasing a home. The loan is often structured as a mortgage, with the borrower making monthly payments towards the principal amount of the mortgage. The interest rate on a veteran's loan mortgage can be lower than that of other types of mortgages, depending on the lender and the terms of the loan agreement. In addition to the interest savings offered by this type of mortgage, veterans may also be eligible for certain programs and benefits, such as reduced or no-down payment required loans, deferment options, and tax incentives. These advantages can make it a more attractive option for veterans seeking a home in today's market.
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