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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withdrawn.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.
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