VA Loan
A loan partly guaranteed by the U.S. Department of Veterans Affairs that can offer eligible borrowers no down payment and no monthly mortgage insurance.
Quick flashcard
What does VA Loan mean on the Texas real estate exam?
Answer: A loan partly guaranteed by the U.S. Department of Veterans Affairs that can offer eligible borrowers no down payment and no monthly mortgage insurance.
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VA Loan definition
A VA loan is guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, service members, and certain surviving spouses. It allows a zero down payment and does not require monthly mortgage insurance.
Instead of mortgage insurance, a VA loan charges a one-time funding fee, which can usually be financed into the loan.
Source basis
Definition checked against the official sources below on .
On the exam
Exam trap
Tested in
Financing & Settlement (7 of 80 National)
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