Answer:
1. A government-backed loan for veterans - VA loan
2. A loan used to buy a home - Mortgage
3. Adjustable rate mortgage; a mortgage that has a fixed rate for a certain amount of time and then has a variable rate that changes periodically - ARM
4. A short-term mortgage in which small payments are made until the completion of the term, at which time the entire balance is due - Balloon mortgage
5. An account with a financial institution used to pay taxes and insurance - Escrow
6. Private mortgage insurance; insurance you must pay on most loans when you make a down payment of less than 20 percent - PMI
7. A government-backed loan, which makes it easier for some people to qualify - FHA loan