Veteran's Administration

AAA

DEFINITION of 'Veteran's Administration'

A U.S. cabinet department that provides patient care, veterans' benefits, and other services to veterans of the U.S. armed forces and their families. Commonly referred to as "the VA," the organization also provides this group with disability compensation for those who are injured or contracted a disease while serving, education and training, medical, surgical, and rehabilitative care, readjustment counseling, bereavement counseling, surviving spouse benefits, care and benefits to homeless veterans, medical research, life insurance, vocational rehabilitation, headstones/burial markers, and home loan assistance.

INVESTOPEDIA EXPLAINS 'Veteran's Administration'

To be eligible for a VA-guaranteed home loan, veterans must have served on active duty in the army, navy, air force, coast guard or marines. The specific service requirements vary, depending on the time during which a veteran served. A certificate of eligibility is required to obtain a VA loan, and the loan can be obtained through any mortgage lender who participates in the VA home loan program. As of early 2009, this is the only 0% down payment loan available. Veterans who were dishonorably discharged, as well as the imprisoned and parolees, may not be eligible for benefits, and benefits are not available to those with outstanding felony warrants.

RELATED TERMS
  1. Mortgage

    A debt instrument, secured by the collateral of specified real ...
  2. Life Insurance

    A protection against the loss of income that would result if ...
  3. Disability-Income (DI) Insurance

    An insurance product that provides supplementary income in the ...
  4. Insurance

    A contract (policy) in which an individual or entity receives ...
  5. Social Security Administration ...

    A U.S. government agency created in 1935 by President Franklin ...
  6. FHA Loan

    A mortgage issued by federally qualified lenders and insured ...
Related Articles
  1. Mortgages: Fixed-Rate Versus Adjustable-Rate
    Credit & Loans

    Mortgages: Fixed-Rate Versus Adjustable-Rate

  2. To Rent Or Buy? The Financial Issues
    Home & Auto

    To Rent Or Buy? The Financial Issues

  3. Mortgages: How Much Can You Afford?
    Budgeting

    Mortgages: How Much Can You Afford?

  4. Home-Equity Loans: The Costs
    Options & Futures

    Home-Equity Loans: The Costs

comments powered by Disqus
Hot Definitions
  1. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  2. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  3. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  4. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  5. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  6. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
Trading Center