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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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VA
guarantee |
An insurance
contract for which the Veterans Administration (VA) guarantees
the lender's recovery of a designated percentage of the loan
amount from the insurer in the event that the borrower
defaults on the loan |
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VA loan, or
Government mortgage |
A mortgage loan
available to qualified military veterans which is guaranteed
by the Department of Veteran Affairs, usually offering either
no down payment or a low down payment |
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Valuation |
The estimated of
value of a property |
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Variable rate
mortgage, or Adjusted rate mortgage |
A mortgage with
interest rates that may fluctuate based on market
conditions |
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Verification of
Deposit |
A statement signed
by the borrower's financial institution that verifies the
current balances in the borrower's accounts |
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Verification of
Employment |
A statement signed
by the borrower's employer that verifies the borrower's
current position and salary |
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Vest |
To pass an immediate
right on to a person |
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Vested |
Having the right to
withdraw a percentage of a fund before its agreed-upon
maturity date; e.g., the percentage vested to individuals with
retirement funds differs; if someone is 80% vested, that means
they can only withdraw 80% of the funds set aside for them
until its maturity |
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Department of
Veterans Affairs (VA) |
A federal agency
that insures residential mortgages made to eligible military
veterans, which thereby encourages loans being made to
veterans |
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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