These are mortgages where the interest rates can fluctuate based on what's happening in the greater economic landscape. Most ARMs allow for an annual rate change based on the one-year Treasury bi [..]

This rate reflects the total cost of borrowing money, including the interest rate and other costs built into the loan amount. The interest rate and the APR are typically different, and veterans should [..]

This computer system utilized by select VA-approved lenders allows for an automatic approval on a borrower's loan application. Loan officers can tweak loan amounts in the AUS to help secure appro [..]

A service member's BAH can be included as monthly income. Housing allowances can help defray or entirely cover monthly mortgage payments.

This refinance loan allows veterans to refinance to a lower interest rate and tap into their equity. Borrowers can obtain a cash-out refinance for up to 90 percent of the home's appraised value, [..]

This is a formal VA document that delineates what entitlement, if any, a prospective borrower has available. It is the only acceptable method to document entitlement.

These are charges and fees associated with finalizing a loan. The VA limits what veterans can pay in closing costs to a 1 percent lender origination fee, reasonable discount points and other reasonabl [..]

They're better known as "comps." These are recently sold properties that are similar in size, location and other key facets to a home being purchased.

These are strengths on a loan application that can help offset lender concerns about a borrower's credit or financial weaknesses. Low debt, great credit history and liquidity are all examples. Co [..]

A loan with conditional approval will be issued as long as the veteran meets the requirements and stipulations — the conditions — spelled out by the underwriter.