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VA Mortgage

Definition - What does VA Mortgage mean?

A VA mortgage is a mortgage that is taken out specifically by a member or ex member of the US armed forces through the Veterans' Affairs (VA). The loan is of a federal nature and is available to all members of the military after completion of their service. The loan is easier to acquire. It has a lower and set interest rate in recognition of the service person's commitment to the country. It is normal for a qualifying applicant to choose this type of mortgage over a bank mortgage due to its favorable terms.

Justipedia explains VA Mortgage

A surviving spouse of a US veteran is also allowed to obtain a VA mortgage and the terms would be the same. By law only members, ex members, or surviving spouses of the US military are allowed to apply.

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