| Term |
Definition |
| VA Loan |
Mortgage loan made by an
approved lender and guaranteed by the Department of Veterans
Affairs. VA loans are made eligible to veterans and those currently
serving in the military, and can have lower downpayment than other
types of loans. |
| VA Mortgage Funding Fee
|
A premium of up to 2
percent (depending on the size of the down payment) paid on a
VA-backed loan. On a $75,000 30-year fixed-rate mortgage with no
down payment, this would amount to $1,406 either paid at closing or
added to the amount financed. |
| Variable Rate Mortgage
(VRM) |
See Adjustable Rate
Mortgage. |
| Verification of Deposit
(VOD) |
A document signed by the
borrower's financial institution verifying the status and balance of
his/her financial accounts. |
| Verification of
Employment |
A document signed by the
borrower's employer verifying his/her position and salary.
|
