A mortgage loan that permits a new home purchaser to undertake the obligation of an existing loan without altering loan terms. Typically applicable to FHA and VA loans.
A Certificate of Reasonable Value (CRV) is a document issued by the Veterans Administration (VA) based on an approved appraisal, which establishes a ceiling on the maximum VA mortgage loan principal.
The Department of Veterans Affairs, formerly known as the Veterans Administration, is a government agency that provides various services to discharged servicemembers, including healthcare, benefits, and loans.
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