G.I. Guaranteed Mortgages
Definition of "G.I. guaranteed mortgages"
Same as term Veterans Administration Mortgage: Mortgage guaranteed up to 30 years by the Veterans Administration to veterans meeting minimum requirements. Originally established by the Servicemen's Readjustment Act of 1944, amended provisions state the maximum guaranteed mortgage amounts and interest than can be charged. There are no provisions on the loan to property value permitting qualified veterans to obtain 100% financing, although some mortgagees will independently establish loan limits. A borrower must receive a certificate of eligibility and the property to be mortgaged must also have a certificate of reasonable value. A veterans administration mortgage is assumable, mortgagees cannot have prepayment mortgage penalties and only one point can be charged.
Popular Real Estate Terms
Receipt given for a partial payment made on the sale of property. It shows the buyer has made a down payment. ...
In any field, from the corner store or long-term rentals, the potential gross income is the expected revenue earned from a sale or the rendering of services. The potential gross income ...
Many homebuyers or real estate investors only think of mortgages when it comes to financial aid in real estate purchasing. Lately, with the increasing desire of homebuyers to not be ...
In a broader sense, Full Disclosure means presenting all information (significant or not, classified or not) related to a certain matter. In Real Estate, the term “Full ...
Same as term graduated lease: A rental stipulation a varying rental rate. Rental rate are determined tied to periodic appraisals or an inflation or an inflation index. The provision is more ...
Every borrower has his own definition of amortization schedule in mind. An amortization schedule is a table that reveals how the debt is going to be paid back and at what cost. For most ...
Landowner's legal right to the water found on his property. For example, there might be a stream of water adjacent to the land. The water might be used for irrigation or other purposes. ...
Approach to valuing property based on its replacement cost. The cost of each major element of the property per square foot is added together and multiplied by the total space to estimate ...
Primary business district of a city or urbanized area having the areas major governmental offices, professional, and retail businesses represented. ...
Comments for G.I. Guaranteed Mortgages
can I get a no down payment loan with VA?
Nov 11, 2018 17:14:52Yes, David! You can!
VA loans are famous for their no down payment option and no mortgage insurance... but the question is: should you?
Down payment lowers the funding fee and the monthly mortgage payments; that's definitely something to think about. If you want to go deeper into Down Payment and its benefits, take a look at our Down Payment: everything you need to know article and good luck!
Nov 29, 2018 17:24:42Have a question or comment?
We're here to help.