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Mortgage and Real Estate Glossary ~ V
- VA loan
- A low-cost loan for U.S. veterans that is partially guaranteed
by the Department of Veterans Affairs (VA). If you are a veteran,
you can get some VA loans without a down payment. You also can
negotiate the interest rate with the lender. The loan amount cannot
be more than the VA's appraisal. If it is, you have to pay the
difference in cash. You still need to pay closing costs, including
appraisal and title insurance fees, as well as one-time funding
fee for about 2% of the loan amount.
VA loans present high risk to a lender since the VA guarantees
a portion of the loan amount- usually 25%. So, in case of foreclosure,
the VA has two choices: pay the lender the loan's balance and
take the property or pay the guaranteed amount and let the lender
keep the property. Usually, to be eligible for VA loan, you must
have served at least 181 days of active duty or at least six years
in the National Guard. If you need information contact your regional
VA office or call 1-800-827-1000.
See: FHA mortgage
- Value
- How much something is worth. Property, equity or comparable value.
See: Fair market value,
Appraisal
- Verification of deposit (VOD)
- A document from a bank vouching for the balance of a
person's checking and savings accounts. A lender may ask
for a VOD when you are applying for a loan to make sure that
you actually have the money stated on your loan application.
10 minute ~ easy qualification. Call directly...800-931-0011
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