VA mortgage
A mortgage that is guaranteed by the Department
of Veterans Affairs (VA).
Also known as a government mortgage.
vested
Having the right to use a portion of a fund such
as an individual retirement fund.
For example, individuals who are 100 percent
vested can withdraw all of the funds
that are set aside for them in a retirement
fund. However, taxes may be due on any
funds that are actually withdrawn.
Department of Veterans Affairs
(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.
