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

Vendee

A purchaser of real property under land contract

Vendor

A seller of real property under land contract

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