| 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 Veterans Administration (VA) An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans. |
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