VA

A federal agencyThe Rural Housing Service or its successor agency within the Rural Development mission area of the U.S., which guarantees loans made to veterans; similar to mortgage insuranceMoney paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance, a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without guarantee protects lenders against lossThe occurrence of the event for which insurance pays. that may result from a borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. defaultThe inability to make timely monthly mortgage payments or otherwise comply with mortgage terms. A loan.

VA

The Department of Veterans AffairsThe VA provides the world's most comprehensive and diverse programs of benefits for veterans and their. (VA) will insure certain government mortgages that are provided to Veterans of the U.S. Military, thereby allowing these loans to be written with more relaxed underwritingThe process of selecting risks for insurance and determining in what amounts and on what terms the insurance criteria than might be required otherwise. VA does not guarantee a mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. approval, though. The applicant still is required to qualify based upon his/her overall picture of creditworthinessThe way a lender measures the ability of a person to qualify and repay a loan..