The U.S. Department of Veterans Affairs backs VA construction loans, which let eligible veterans and service members pay for the building of a new home, often with no down payment needed.
A VA guaranteed loan is a home loan that the U.S. Department of Veterans Affairs backs. It lets veterans, active-duty service members, and surviving spouses buy a home with no down payment and no private mortgage insurance.
A VA jumbo loan is a VA-backed mortgage that is higher than the conforming loan limit for the county where the property is located. This lets eligible veterans and service members buy more expensive homes.
A VA loan is a government-backed mortgage that veterans, active-duty service members, and surviving spouses can get. It lets them buy a home with no down payment and no need for private mortgage insurance.
Veterans and eligible service members can use a VA Streamline Refinance, also known as an Interest Rate Reduction Refinance Loan (IRRRL), to get a new VA loan with a lower interest rate or more stable terms to replace an existing VA-backed mortgage.
A variable interest rate means that the rate on your loan can go up or down over time based on changes in a market benchmark. This means that your monthly payment may change as the economy as a whole changes.
A variance is a legal exception given by a local government that allows a property owner to break zoning rules without changing the zoning classification itself.
When you apply for a new home loan, your current or former loan servicer will give you a verification of mortgage (VOM) that shows your payment history, loan balance, and account status.
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