Glossary of Mortgage Terms
V
- VA
- Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.
- Variable Rate Mortgage
- See Adjustable Rate Mortgage
- Verification of Deposit (VOD)
- A document signed by the borrower's financial institution verifying the status and balance of his or her financial accounts.
- Verification of Employment (VOE)
- A document signed by the borrower's employer verifying his or her position and salary.