V

VA Mortgage
A mortgage, of which only Veteran's are eligible, where the lender receives a guarantee to reduce loss from the Veteran's Administration (VA). The major advantage of a VA mortgage is that the required down payment is very low, and maximum allowable loan amounts are higher than on FHA loans.

Variable Interest Rate
An interest rate that changes up or down on a set schedule based on an economic index such as the prime rate.

Variable-Rate Mortgage
A long-term mortgage loan in which the interest rate may vary or float periodically throughout the term of the loan. The fluctuations are generally based on an interest rate index and are restricted under the terms of the mortgage.

Vendor
The person who transfers property by sale. Another word for "seller". Commonly used in land contract sales.

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

Verification of Employment (VOE)
A document signed by the borrower's employer verifying his/her employment. Some investor's will accept a VOE verbally from an employer.

Verification of Mortgage (VOM) or Mortgage Verification
A form sent to a potential investor or lender that provides a loan summary which includes payments made and detailed loan statistics and information.

Voluntary Conveyance
A transfer of title to real property, usually from a delinquent mortgagor to the mortgagee, given voluntarily to satisfy the balance due on a defaulted loan and to avoid foreclosure proceedings.