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Washington Real Estate Online
Sandy
Michaels, Realty Pro, Inc, Vancouver, WA (360) 601-3490
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- acceleration clause
- States that upon
default, all of the principal installments come due
immediately.
- adjustable-rate mortgage
(ARM)
- A mortgage in which
the interest changes periodically, according to
corresponding fluctuations in an index. All ARMs are tied
to indexes.
- adjustment date
- The date the interest
rate changes on an adjustable-rate mortgage.
- amortization
- The repayment of a
financial obligation over a period of time in a series of
periodic installments.
- amortization schedule
- A table which shows
how much of each payment will be applied toward principal
and how much toward interest over the life of the loan.
It also shows the gradual decrease of the loan balance
until it reaches zero.
- annual percentage rate (APR)
- The yearly cost of
credit. Interest Rate plus finance charge.
- appraisal
- An opinion or estimate
of value.
- appraiser
- An individual
qualified by education, training, and experience to
estimate the value of real property.
- appreciation
- The increase in the
value of a property due to changes in market conditions,
inflation, or other causes.
- assessed value
- The value placed on
property, by the tax assessor, for purposes of
determining the property tax.
- asset
- Items of value owned
by an individual.
- assignment
- The means by which a
person transfers contract rights.
- assumable mortgage
- A mortgage that can be
assumed by the buyer when a home is sold. Usually, the
borrower must "qualify" in order to assume the
loan.
- balloon payment
- The remaining balance,
at maturity, on a loan that has not been completely
repaid through periodic payments.
- bankruptcy
- Bankruptcies are of
various types, but the most common for an individual seem
to be a "Chapter 7 No Asset" bankruptcy which
relieves the borrower of most types of debts.
- bill
of sale
- A written document
that transfers ownership of personal property.
- biweekly mortgage
- A mortgage in which
you make payments every two weeks instead of once a
month.
- bridge
loan
- Bridge loans are
obtained by those who have not yet sold their previous
property, but must close on a purchase property. The
bridge loan becomes the source of their funds for the
down payment.
- broker
- Real estate
"agents" are required to work under a
"broker". An agent may be a broker as well.. In
the mortgage industry, broker refers to a company or
individual that does not lend the money for the loans
themselves, but brokers loans to larger lenders or
investors. A broker is anyone who acts as an agent,
bringing two parties together for any type of transaction
and earns a fee for doing so.
- cap
- Adjustable Rate
Mortgages have fluctuating interest rates, but those
fluctuations are usually limited to a certain amount.
Those limitations may apply to how much the loan may
adjust over a six month period, an annual period, and
over the life of the loan, and are referred to as
"caps." Some ARMs, although they may have a
life cap, allow the interest rate to fluctuate freely,
but require a certain minimum payment which can change
once a year. There is a limit on how much that payment
can change each year, and that limit is also referred to
as a cap.
- caveat emptor
- Means "Let the
Buyer Beware".
- Certificate of Eligibility
- A document issued by
the Veterans Administration that certifies a veteran's
eligibility for a VA loan.
- Certificate of Reasonable
Value (CRV)
- Once the appraisal has
been performed on a property being bought with a VA loan,
the Veterans Administration issues a CRV.
- chain of title
- A history of the
ownership affecting title to a parcel of land.
- clear
title
- A title that is free
of liens or legal questions as to ownership of the
property.
- closing
- A real estate
transaction is not consider "closed" until the
documents record at the local recorders office.
- closing costs
- A lender estimates the
amount of closing costs (loan origination fees, title
fees, etc.) and prepaid items (property taxes) on the
Good Faith Estimate which they must issue to the borrower
within three days of receiving a home loan application.
- cloud on title
- Any conditions
revealed by a title search that adversely affect the
title to real estate. Usually clouds on title cannot be
removed except by deed, release, or court action.
- co-borrower
- An additional
individual who is both obligated on the loan and is on
title to the property.
- collateral
- Property which has
been pledged as security for a loan.
- common area assessments
- These are charges paid
to the Homeowners Association by the owners of the
individual units in a condominium or planned unit
development (PUD) and are generally used to maintain the
property and common areas.
- community property
- In some states,
especially the southwest, property acquired by a married
couple during their marriage is considered to be owned
jointly, except under special circumstances. This is an
outgrowth of the Spanish and Mexican heritage of the
area.
- comparable sales
- Recent sales of
similar properties in nearby areas and used to help
determine the market value of a property. Also referred
to as "comps."
- condominium
- A type of ownership in
real property where all of the owners own the property,
common areas and buildings together, with the exception
of the interior of the unit to which they have title.
Often mistakenly referred to as a type of construction or
development, it actually refers to the type of ownership.
- condominium conversion
- Changing the ownership
of an existing building (usually a rental project) to the
condominium form of ownership.
- construction loan
- A short-term, interim
loan for financing the cost of construction. The lender
makes payments to the builder at periodic intervals as
the work progresses.
- contingency
- A condition that must
be met before a contract is legally binding.
- contract
- An oral or written
agreement to do or not to do a certain thing.
- conventional mortgage
- Refers to home loans
other than government loans (VA and FHA).
- convertible ARM
- An adjustable-rate
mortgage that allows the borrower to change the ARM to a
fixed-rate mortgage within a specific time.
- cooperative (co-op)
- A type of multiple
ownership in which the residents of a multiunit housing
complex own shares in the cooperative corporation that
owns the property, giving each resident the right to
occupy a specific apartment or unit.
- cost of funds index (COFI)
- One of the indexes
that is used to determine interest rate changes for
certain adjustable-rate mortgages. It represents the
weighted-average cost of savings, borrowings, and
advances of the financial institutions such as banks and
savings & loans, in the 11th District of the Federal
Home Loan Bank.
- credit history
- A record of an
individual's repayment of debt. Credit histories are
reviewed my mortgage lenders as one of the underwriting
criteria in determining credit risk.
- creditor
- A person to whom money
is owed.
- credit report
- A report of an
individual's credit history prepared by a credit bureau
and used by a lender in determining a loan applicant's
creditworthiness.
- credit repository
- An organization that
gathers, records, updates, and stores financial and
public records information about the payment records of
individuals who are being considered for credit.
-
-
- deed
- The legal document
conveying title to a property.
- deed-in-lieu
- Short for "deed
in lieu of foreclosure," this conveys title to the
lender when the borrower is in default and wants to avoid
foreclosure. The lender may or may not cease foreclosure
activities if a borrower asks to provide a deed-in-lieu.
Regardless of whether the lender accepts the
deed-in-lieu, the avoidance and non-repayment of debt
will most likely show on a credit history. What a
deed-in-lieu may prevent is having the documents
preparatory to a foreclosure being recorded and become a
matter of public record.
- deed of trust
- Some states, like
California, do not record mortgages. Instead, they record
a deed of trust which is essentially the same thing.
- default
- Failure to make the
mortgage payment within a specified period of time. For
first mortgages or first trust deeds, if a payment has
still not been made within 30 days of the due date, the
loan is considered to be in default.
- delinquency
- For most mortgages,
payments are due on the first day of the month. Even
though they may not charge a "late fee" for a
number of days, the payment is still considered to be
late and the loan delinquent. When a loan payment is more
than 30 days late, most lenders report the late payment
to one or more credit bureaus.
- depreciation
- A decline in the value
of property; the opposite of appreciation. Depreciation
is also an accounting term which shows the declining
monetary value of an asset and is used as an expense to
reduce taxable income. Since this is not a true expense
where money is actually paid, lenders will add back
depreciation expense for self-employed borrowers and
count it as income.
- discount points
- In the mortgage
industry, this term is usually used in only in reference
to government loans, meaning FHA and VA loans. Discount
points refer to any "points" paid in addition
to the one percent loan origination fee. A
"point" is one percent of the loan amount.
- down
payment
- The part of the
purchase price of a property that the buyer pays in cash
and does not finance with a mortgage.
- due-on-sale provision
- A provision in a
mortgage that allows the lender to demand repayment in
full if the borrower sells the property that serves as
security for the mortgage.
- earnest money deposit
- A deposit made by the
potential home buyer to show that he or she is serious
about buying the house.
- easement
- A right of way giving
persons other than the owner access to or over a
property.
- effective age
- An appraiser's
estimate of the physical condition of a building. The
actual age of a building may be shorter or longer than
its effective age.
- eminent domain
- The right of a
government to take private property for public use upon
payment of its fair market value. Eminent domain is the
basis for condemnation proceedings.
- encroachment
- An improvement that
intrudes illegally on neighboring property.
- encumbrance
- Anything that affects
or limits the fee simple title to a property, such as
mortgages, leases, easements, or restrictions.
- Equal Credit Opportunity Act
(ECOA)
- A federal law that
requires lenders and other creditors to make credit
equally available without discrimination based on race,
color, religion, national origin, age, sex, marital
status, or receipt of income from public assistance
programs.
- equity
- A homeowner's
financial interest in a property. Equity is the
difference between the fair market value of the property
and the amount still owed on its mortgage and other
liens.
- escrow
- An item of value,
money, or documents deposited with a third party to be
delivered upon the fulfillment of a condition. For
example, the earnest money deposit is put into escrow
until delivered to the seller when the transaction is
closed.
- escrow account
- Money is held in your
impound account (escrow account) for the payment of items
like property taxes and homeowner's insurance when they
come due.
- escrow analysis
- Once each year your
lender will perform an "escrow analysis" to
make sure they are collecting the correct amount of money
for the anticipated expenditures.
- escrow disbursements
- The use of escrow
funds to pay real estate taxes, hazard insurance,
mortgage insurance, and other property expenses as they
become due.
- estate
- The ownership interest
of an individual in real property. The sum total of all
the real property and personal property owned by an
individual at time of death.
- eviction
- The lawful expulsion
of an occupant from real property.
- examination of title
- The report on the
title of a property from the public records or an
abstract of the title.
- exclusive listing
- A written contract
that gives a licensed real estate agent the exclusive
right to sell a property for a specified time.
- executor
- A person named in a
will to administer an estate. The court will appoint an
administrator if no executor is named.
"Executrix" is the feminine form.
- Fair Credit Reporting Act
- A consumer protection
law that regulates the disclosure of consumer credit
reports by consumer/credit reporting agencies and
establishes procedures for correcting mistakes on one's
credit record.
- fair market value
- The highest price that
a buyer, willing but not compelled to buy, would pay, and
the lowest a seller, willing but not compelled to sell,
would accept.
- Fannie Mae (FNMA)
- The Federal National
Mortgage Association, which is a congressionally
chartered, shareholder-owned company that is the nation's
largest supplier of home mortgage funds. For a discussion
of the roles of Fannie Mae, Freddie Mac (FHLMC), and
Ginnie Mae (GNMA), see the Library.
- Fannie Mae's Community Home
Buyer's Program
- An income-based
community lending model, under which mortgage insurers
and Fannie Mae offer flexible underwriting guidelines to
increase a low- or moderate-income family's buying power
and to decrease the total amount of cash needed to
purchase a home. Borrowers who participate in this model
are required to attend pre-purchase home-buyer education
sessions.
- Federal Housing
Administration (FHA)
- An agency of the U.S.
Department of Housing and Urban Development (HUD). Its
main activity is the insuring of residential mortgage
loans made by private lenders. The FHA sets standards for
construction and underwriting but does not lend money or
plan or construct housing.
- fee
simple
- The greatest possible
interest a person can have in real estate.
- fee simple estate
- An unconditional,
unlimited estate of inheritance that represents the
greatest estate and most extensive interest in land that
can be enjoyed. It is of perpetual duration. When the
real estate is in a condominium project, the unit owner
is the exclusive owner only of the air space within his
or her portion of the building (the unit) and is an owner
in common with respect to the land and other common
portions of the property.
- FHA
mortgage
- A mortgage that is
insured by the Federal Housing Administration (FHA).
Along with VA loans, an FHA loan will often be referred
to as a government loan.
- firm commitment
- A lender's agreement
to make a loan to a specific borrower on a specific
property.
- first mortgage
- The mortgage that is
in first place among any loans recorded against a
property. Usually refers to the date in which loans are
recorded, but there are exceptions.
- fixed-rate mortgage
- A mortgage in which
the interest rate does not change during the entire term
of the loan.
- fixture
- Personal property that
becomes real property when attached in a permanent manner
to real estate.
- flood insurance
- Insurance that
compensates for physical property damage resulting from
flooding. It is required for properties located in
federally designated flood areas.
- foreclosure
- The legal process by
which a borrower in default under a mortgage is deprived
of his or her interest in the mortgaged property. This
usually involves a forced sale of the property at public
auction with the proceeds of the sale being applied to
the mortgage debt.
- Government National Mortgage
Association (Ginnie Mae)
- A government-owned
corporation within the U.S. Department of Housing and
Urban Development (HUD). Created by Congress on September
1, 1968, GNMA performs the same role as Fannie Mae and
Freddie Mac in providing funds to lenders for making home
loans. The difference is that Ginnie Mae provides funds
for government loans (FHA and VA)
- grantee
- The person to whom an
interest in real property is conveyed.
- grantor
- The person conveying
an interest in real property.
- home equity line of credit
- A mortgage loan,
usually in second position, that allows the borrower to
obtain cash drawn against the equity of his home, up to a
predetermined amount.
- home inspection
- A thorough inspection
by a professional that evaluates the structural and
mechanical condition of a property. A satisfactory home
inspection is often included as a contingency by the
purchaser.
- homeowners' association
- A nonprofit
association that manages the common areas of a planned
unit development (PUD) or condominium project. In a
condominium project, it has no ownership interest in the
common elements. In a PUD project, it holds title to the
common elements.
- homeowner's insurance
- An insurance policy
that combines personal liability insurance and hazard
insurance coverage for a dwelling and its contents.
- homeowner's warranty
- A type of insurance
often purchased by home buyers that will cover repairs to
certain items, such as heating or air conditioning,
should they break down within the coverage period. The
buyer often requests the seller to pay for this coverage
as a condition of the sale, but either party can pay.
- HUD-1 settlement statement
- A document that
provides an itemized listing of the funds that were paid
at closing.
- joint tenancy
- A form of ownership or
taking title to property which means each party owns the
whole property and that ownership is not separate. In the
event of the death of one party, the survivor owns the
property in its entirety.
- judgment
- A decision made by a
court of law. In judgments that require the repayment of
a debt, the court may place a lien against the debtor's
real property as collateral for the judgment's creditor.
- judicial foreclosure
- A type of foreclosure
proceeding used in some states that is handled as a civil
lawsuit and conducted entirely under the auspices of a
court. Other states use non-judicial foreclosure.
- (empty)
- late
charge
- The penalty a borrower
must pay when a payment is made a stated number of days.
On a first trust deed or mortgage, this is usually
fifteen days.
- lease
- A written agreement
between the property owner and a tenant that stipulates
the payment and conditions under which the tenant may
possess the real estate for a specified period of time.
- leasehold estate
- A way of holding title
to a property wherein the mortgagor does not actually own
the property but rather has a recorded long-term lease on
it.
- lease
option
- An alternative
financing option that allows home buyers to lease a home
with an option to buy. Each month's rent payment may
consist of not only the rent, but an additional amount
which can be applied toward the down payment on an
already specified price.
- legal description
- A property
description, recognized by law, that is sufficient to
locate and identify the property without oral testimony.
- lender
- A term which can refer
to the institution making the loan or to the individual
representing the firm. For example, loan officers are
often referred to as "lenders."
- liabilities
- A person's financial
obligations. Liabilities include long-term and short-term
debt, as well as any other amounts that are owed to
others.
- liability insurance
- Insurance coverage
that offers protection against claims alleging that a
property owner's negligence or inappropriate action
resulted in bodily injury or property damage to another
party. It is usually part of a homeowner's insurance
policy.
- lien
- A legal claim against
a property that must be paid off when the property is
sold. A mortgage or first trust deed is considered a
lien.
- life
cap
- For an adjustable-rate
mortgage (ARM), a limit on the amount that the interest
rate can increase or decrease over the life of the
mortgage.
- line of credit
- An agreement by a
commercial bank or other financial institution to extend
credit up to a certain amount for a certain time to a
specified borrower.
- liquid
asset
- A cash asset or an
asset that is easily converted into cash.
- loan origination
- How a lender refers to
the process of obtaining new loans.
- loan-to-value (LTV)
- The percentage
relationship between the amount of the loan and the
appraised value or sales price (whichever is lower).
- lock-in
- An agreement in which
the lender guarantees a specified interest rate for a
certain amount of time at a certain cost.
- lock-in period
- The time period during
which the lender has guaranteed an interest rate to a
borrower.
- maturity
- The date on which the
principal balance of a loan, bond, or other financial
instrument becomes due and payable.
- modification
- Occasionally, a lender
will agree to modify the terms of your mortgage without
requiring you t refinance. If any changes are made, it is
called a modification.
- mortgage
- A legal document that
pledges a property to the lender as security for payment
of a debt. Instead of mortgages, some states use First
Trust Deeds.
- mortgage broker
- A mortgage company
that originates loans, then places those loans with a
variety of other lending institutions.
- mortgagee
- The lender in a
mortgage agreement.
- mortgage insurance (MI)
- Insurance that covers
the lender against losses incurred as a result of a
default on a home loan.
- mortgage life and disability
insurance
- A type of term life
insurance often bought by borrowers. The amount of
coverage decreases as the principal balance declines.
Some policies also cover the borrower in the event of
disability.
- mortgagor
- The borrower in a
mortgage agreement.
- negative amortization
- Some adjustable rate
mortgages allow the interest rate to fluctuate
independently of a required minimum payment. If a
borrower makes the minimum payment it may not cover all
of the interest that would normally be due at the current
interest rate.
- note
- A legal document that
obligates a borrower to repay a mortgage loan at a stated
interest rate during a specified period of time.
- notice of default
- A formal written
notice to a borrower that a default has occurred and that
legal action may be taken.
- original principal balance
- The total amount of
principal owed on a mortgage before any payments are
made.
- origination fee
- On a government loan
the loan origination fee is one percent of the loan
amount, but additional points may be charged which are
called "discount points." One point equals one
percent of the loan amount. On a conventional loan, the
loan origination fee refers to the total number of points
a borrower pays.
- owner financing
- A property purchase
transaction in which the property seller provides all or
part of the financing.
- periodic payment cap
- For an adjustable-rate
mortgage where the interest rate and the minimum payment
amount fluctuate independently of one another, this is a
limit on the amount that payments can increase or
decrease during any one adjustment period.
- periodic rate cap
- For an adjustable-rate
mortgage, a limit on the amount that the interest rate
can increase or decrease during any one adjustment
period, regardless of how high or low the index might be.
- PITI
- This stands for
principal, interest, taxes and insurance. If you have an
"impounded" loan, then your monthly payment to
the lender includes all of these and probably includes
mortgage insurance as well. If you do not have an
impounded account, then the lender still calculates this
amount and uses it as part of determining your
debt-to-income ratio.
- PITI reserves
- A cash amount that a
borrower must have on hand after making a down payment
and paying all closing costs for the purchase of a home.
The principal, interest, taxes, and insurance (PITI)
reserves must equal the amount that the borrower would
have to pay for PITI for a predefined number of months.
- planned unit development
(PUD)
- A type of ownership
where individuals actually own the building or unit they
live in, but common areas are owned jointly with the
other members of the development or association. Contrast
with condominium, where an individual actually owns the
airspace of his unit, but the buildings and common areas
are owned jointly with the others in the development or
association.
- point
- A point is 1 percent
of the amount of the mortgage.
- power of attorney
- A legal document that
authorizes another person to act on one's behalf. A power
of attorney can grant complete authority or can be
limited to certain acts and/or certain periods of time.
- prepayment penalty
- A fee that may
be charged to a borrower who pays off a loan before it is
due.
- principal
- The amount borrowed or
remaining unpaid. The part of the monthly payment that
reduces the remaining balance of a mortgage.
- principal balance
- The outstanding
balance of principal on a mortgage. The principal balance
does not include interest or any other charges. See
remaining balance.
- principal, interest, taxes,
and insurance (PITI)
- The four components of
a monthly mortgage payment on impounded loans. Principal
refers to the part of the monthly payment that reduces
the remaining balance of the mortgage. Interest is the
fee charged for borrowing money. Taxes and insurance
refer to the amounts that are paid into an escrow account
each month for property taxes and mortgage and hazard
insurance.
- promissory note
- A written promise to
repay a specified amount over a specified period of time.
- public auction
- A meeting in an
announced public location to sell property to repay a
mortgage that is in default.
- Planned Unit Development
(PUD)
- A project or
subdivision that includes common property that is owned
and maintained by a homeowners' association for the
benefit and use of the individual PUD unit owners.
- purchase agreement
- A written contract
signed by the buyer and seller stating the terms and
conditions under which a property will be sold.
- purchase money transaction
- The acquisition of
property through the payment of money or its equivalent.
- qualifying ratios
- Calculations that are
used in determining whether a borrower can qualify for a
mortgage. There are two ratios. The "top" or
"front" ratio is a calculation of the
borrower's monthly housing costs (principle, taxes,
insurance, mortgage insurance, homeowner's association
fees) as a percentage of monthly income. The
"back" or "bottom" ratio includes
housing costs as well as all other monthly debt.
- quitclaim deed
- A deed that transfers
without warranty whatever interest or title a grantor may
have at the time the conveyance is made.
- rate
lock
- A commitment issued by
a lender to a borrower or other mortgage originator
guaranteeing a specified interest rate for a specified
period of time at a specific cost.
- Real Estate Settlement
Procedures Act (RESPA)
- A consumer protection
law that requires lenders to give borrowers advance
notice of closing costs.
- real property
- Land and
appurtenances, including anything of a permanent nature
such as structures, trees, minerals, and the interest,
benefits, and inherent rights thereof.
- recording
- The noting in the
registrar's office of the details of a properly executed
legal document, such as a deed, a mortgage note, a
satisfaction of mortgage, or an extension of mortgage,
thereby making it a part of the public record.
- refinance transaction
- The process of paying
off one loan with the proceeds from a new loan using the
same property as security.
- rent loss insurance
- Insurance that
protects a landlord against loss of rent or rental value
due to fire or other casualty that renders the leased
premises unavailable for use and as a result of which the
tenant is excused from paying rent.
- replacement reserve fund
- A fund set aside for
replacement of common property in a condominium, PUD, or
cooperative project -- particularly that which has a
short life expectancy, such as carpeting, furniture, etc.
- right of first refusal
- A provision in an
agreement that requires the owner of a property to give
another party the first opportunity to purchase or lease
the property before he or she offers it for sale or lease
to others.
- right of ingress or egress
- The right to enter or
leave designated premises.
- right of survivorship
- In joint tenancy, the
right of survivors to acquire the interest of a deceased
joint tenant.
- sale-leaseback
- A technique in which a
seller deeds property to a buyer for a consideration, and
the buyer simultaneously leases the property back to the
seller.
- second mortgage
- A mortgage that has a
lien position subordinate to the first mortgage.
- secondary market
- The buying and selling
of existing mortgages, usually as part of a
"pool" of mortgages.
- secured
loan
- A loan that is backed
by collateral.
- security
- The property that will
be pledged as collateral for a loan.
- seller carry-back
- An agreement in which
the owner of a property provides financing, often in
combination with an assumable mortgage.
- servicer
- An organization that
collects principal and interest payments from borrowers
and manages borrowers' escrow accounts. The servicer
often services mortgages that have been purchased by an
investor in the secondary mortgage market.
- servicing
- The collection of
mortgage payments from borrowers and related
responsibilities of a loan servicer.
- settlement statement
- See HUD1 Settlement
Statement
- subdivision
- A housing development
that is created by dividing a tract of land into
individual lots for sale or lease.
- subordinate financing
- Any mortgage or other
lien that has a priority that is lower than that of the
first mortgage.
- survey
- A drawing or map
showing the precise legal boundaries of a property, the
location of improvements, easements, rights of way,
encroachments, and other physical features.
- sweat
equity
- Contribution to the
construction or rehabilitation of a property in the form
of labor or services rather than cash.
- third-party origination
- A process by which a
lender uses another party to completely or partially
originate, process, underwrite, close, fund, or package
the mortgages it plans to deliver to the secondary
mortgage market.
- title
- A legal document
evidencing a person's right to or ownership of a
property.
- title company
- A company that
specializes in examining and insuring titles to real
estate.
- title insurance
- Insurance that
protects the lender (lender's policy) or the buyer
(owner's policy) against loss arising from disputes over
ownership of a property.
- title
search
- A check of the title
records to ensure that the seller is the legal owner of
the property and that there are no liens or other claims
outstanding.
- Truth-in-Lending
- A federal law that
requires lenders to fully disclose, in writing, the terms
and conditions of a mortgage, including the annual
percentage rate (APR) and other charges.
- trustee
- A fiduciary who holds
or controls property for the benefit of another.
- VA
mortgage
- A mortgage that is
guaranteed by the Department of Veterans Affairs (VA).
- Veterans Administration (VA)
- An agency of the
federal government that guarantees residential mortgages
made to eligible veterans of the military services. The
guarantee protects the lender against loss and thus
encourages lenders to make mortgages to veterans.
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