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.
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.
Valuation
The estimated of value of a property.
Variable rate mortgage, or Adjusted rate mortgage
A mortgage with interest rates that may fluctuate based on market conditions.
Verification of Deposit
A statement signed by the borrower's financial institution that verifies the current balances in the borrower's accounts.
Verification of Employment
A statement signed by the borrower's employer that verifies the borrower's current position and salary.
Vest
To pass an immediate right on to a person.
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.
