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Glossary V
VA
Department of Veteran’s Affairs
VA Funding Fee
The fee paid to the Department of Veteran’s Affairs with each mortgage. This insures the VA should the borrower default on the loan. (Conventional loans have PMI, FHA loans have MIP and VA loans have a Funding Fee.) The funding fee for purchases is 1% of the loan amount. The funding fee for Streamline (Rate Reduction) Refinances is .5%. (One half of one percent.)
VA Loan
A loan insured by the Department of Veteran’s Affairs.
Variable Rate Mortgage
See Adjustable Rate Mortgage
Verification of Deposit
A document signed by the borrower’s bank verifying the status and balance of the accounts held there. This is sent out by the underwriter.
Verification of Employment
A document signed by the borrower’s employer verifying his salary and position. This is sent out by the underwriter.
Verification of Loan
A document signed by the holder of a loan, verifying the balance, interest rate, term and payment history of the loan. Generally used when a loan doe not appear on the credit report.
Verification of Mortgage
A document signed by the holder of a mortgage, verifying the balance, interest rate, term and payment history of the mortgage. Generally used when a mortgage, such as an Owner Carry-Back, does not appear on the credit report.
Vesting
The names and manner in which the title to a property is held.
VOD
See Verification of Deposit
VOE
See Verification of Employment
VOL
See Verification of Loan
VOM
See Verification of Mortgage
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Letter A