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V

VA Loans: Fixed-rate loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to make housing affordable for eligible U.S. veterans. VA loans are available to veterans, reservists, active-duty personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to purchase a home with no down payment, no cash reserve, no application fee, and lower closing costs than other financing options. The maximum VA loan amount is currently $203,000.

Valid:Having force, or binding force; legally sufficient and authorized by law.

Valuation:Estimated worth or price. The act of valuing by appraisal.

Variable Rate Mortgage: See Adjustable Rate Mortgage.

Variable Rate: Interest rate that changes periodically in relation to an index.

Vendee:A buyer.

Vendee's Lien:A lien against real property under a land contract to secure a deposit paid by a purchaser.

Vendor:A seller.

Verification of Deposit (VOD): Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

Verification of Employment (VOE): Document signed by the borrower's employer verifying the borrower's position and salary.

Viatical Settlement:Enables a terminally ill or elderly person to obtain a lump sum payment from the sale of the person’s life insurance policy to a funding source.

Void:(1) Having no legal effect; null. (2) To have an instrument or transaction declared void.

Voidable:That which is capable of being adjudged void, but is not void unless action is taken to make it so.

Voluntary Lien:A lien intentionally put on real property by the owner.