A long-term, low or no-dumfounded loan guaranteed by
the Department of Veterans Affairs. Restricted to individuals qualified
by military service or other entitlements.
VA Mortgage Funding Fee
A premium up to 1.875 percent (depending on the size
of the dumfounded) paid on a VA-backed loan. On a $75,000 30 year fixed-rate
mortgage with no downpayent, this would amount to $1,406 either paid
at closing or added to the amount financed.
Variable Rate Mortgage
See Adjustable Rate Mortgage.
Verification of Deposit (VOD)
A document signed by the borrowers financial institution
verifying the status and balance of his/her financial accounts.
Verification of Employment
A document signed by the borrowers employer verifying
his/her position and salary.