An Assumable Loan is a type of mortgage loan that allows a new purchaser to undertake the existing loan's obligation without changing its terms. This process bypasses the need for obtaining a new mortgage arrangement.
The Department of Veterans Affairs (VA) is a U.S. government agency responsible for providing vital services to America's veterans, including health care, disability compensation, education, and housing loan benefits.
Discount points are fees paid directly to the lender at the time of the loan origination to reduce the interest rate and lower monthly mortgage payments. Frequently used in conventional, FHA, and VA loans, they offer borrowers flexibility in managing loan costs.
The Interest Rate Reduction Refinance Loan (IRRRL) is a program offered by the Veterans Administration that allows eligible service members to refinance their existing VA loans to lower-interest, fixed-rate mortgages.
A decision by the Department of Veterans Affairs (VA) to pay the guaranteed amount to the lender rather than acquiring the property in foreclosure when a guaranteed loan goes into default. This typically occurs when the property's value has declined significantly.
The VA Department of Veterans Affairs (formerly the Veterans Administration) is a U.S. government agency tasked with providing various services and benefits to discharged service members, including VA loans or mortgages.
The Department of Veterans Affairs (VA) is a federal agency providing a wide range of services to eligible veterans, including home loans with no down payment for those meeting specific service criteria.
