Dictionary of Banking Terms: gi loan
gi loan
popular name for a Department of Veterans Affairs guaranteed mortgage, authorized under the Serviceman's Readjustment Act of 1944. GI loans, guaranteed up to a certain amount, are all used for residential purposes such as buying a home or a condominium unit, refinancing, or making home improvements. Unlike most conventional mortgage loans, these loans are assumable mortgages-transferable to a new mortgagor when a house is sold. The Department of Veterans Affairs, a cabinet-level agency succeeding the Veterans Administration, also makes direct loans to qualified veterans.
Dictionary of Real Estate Terms: gi loan
gi loan
same as VA loan.
