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Real Estate Dictionary

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

V

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

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 them until its maturity

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