Real Estate Glossary

VA (Department of Veterans Affairs):

An agency of the federal government that guarantees residential mortgages for eligible veterans of the armed forces. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans with very low down payments.



VA mortgage:

A mortgage loan that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.



Vested:

Having the right to use or borrow against a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.


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