Virginia Specific Guaranty is a legal term used in contract law that refers to a specific type of guarantee that is applicable in the state of Virginia. It is a binding commitment made by an individual or entity (the guarantor) to be responsible for fulfilling the obligations or debts of another party (the obliged) in a specific transaction or agreement. In Virginia, there are two primary types of Specific Guaranty: 1. Virginia Specific Payment Guaranty: This type of guaranty ensures that the guarantor will make payment on behalf of the obliged in the event the obliged fails to fulfill their financial obligations as agreed upon in the contract. The guarantor becomes legally liable for any outstanding payments owed by the obliged, providing financial security to the creditor. 2. Virginia Specific Performance Guaranty: Unlike the payment guaranty, this form of guaranty ensures that the guarantor will perform the obligations of the obliged stated in the contract if the obliged fails to do so. This may include completing a specific task, delivering goods or services, or meeting certain conditions as specified in the agreement. In essence, the guarantor steps in and fulfills the obligations in place of the obliged. It's important to note that Virginia Specific Guaranty is specific to the laws and regulations of the state of Virginia, and its applications and requirements may vary in other jurisdictions. The use of this type of guaranty provides a mechanism for ensuring contractual obligations are met and serves as a safeguard for both parties involved in a transaction. Keywords: Virginia Specific Guaranty, contract law, binding commitment, obligations, debts, guarantor, obliged, Virginia, Specific Payment Guaranty, Specific Performance Guaranty, financial obligations, payment, legal liability, creditor, agreement, specific task, goods, services, conditions, laws, regulations, jurisdictions, contractual obligations, transaction, safeguard.
Virginia Specific Guaranty
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A VA home loan guaranty means that a purchaser obtains a loan through a private lender, such as a bank, credit union or mortgage company. VA then works with the lender to guarantee the loan. If the home owner defaults on the loan, VA will pay the debt to the lender.
Remember that the VA guarantees up to 25% of your loan. To find out how much of your entitlement you've used, simply multiply your loan amount by 0.25.
What are some of the disadvantages of a VA loan? You will be required to pay VA funding fees. ... Consider the total cost of loan compared to total cost of house. ... Manufactured homes may require a minimum down payment and may not be eligible for a 30-year term. You cannot use a VA loan for rental properties.
To encourage lenders to make VA loans by protecting loan holders and lenders against loss, up to the amount of the guaranty, in the event the loan is terminated by foreclosure. *Note: The veteran's basic entitlement amount is $36,000.
1. How much is the guaranty? VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available.