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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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VA Mortgage

Function: noun

A type of mortgage that is only available to veterans who served in the U.S. Armed Services, and in certain cases to spouses of deceased veterans. The requirements for VA mortgages vary according to what year the veteran served and whether the discharge was honorable or dishonorable. One large benefit to a VA loan is that the borrower is not required to have a down payment. A VA mortgage is guaranteeed by the department of Veteran Affairs, but it is funded by a conventional lender.