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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 |
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