Glossary of Mortgage Terms

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 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.