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GLOSSARY 'V' |
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1. |
VA Loan:
A long-term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
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Vacancy Factor:
The percentage of gross rental income that represents vacant units.
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Variable Interest Rate:
Also referred to as "flexible interest rate." An interest rate that fluctuates as the prevailing rate moves up or down.
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4. |
Variable Rate Mortgage:
See Adjustable Rate Mortgage.
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Verification of Deposit (VOD):
A form that requests and secures verifications of amounts on deposit at financial institutions.
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6. |
Verification of Employment (VOE):
A form that requests and secures documentation of a mortgage applicants work history.
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7. |
Veterans Administration (VA):
An independent agency of the federal government created by the Service Men's Readjustment Act of 1944 to administer a variety of benefit programs designated to facilitate the adjustment of returning veterans to civilian life.
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