A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
U
- Underwriting
The decision whether to make a loan to a potential home buyer based on credit, employment,
assets, and other factors and the matching of this risk to an appropriate rate and term or
loan amount.
- Usury
Interest charged in excess of the legal rate established by law.
V
- 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.
- VA Mortgage Funding Fee
A premium of up to 1-7/8 percent (depending on the size of the down payment) paid on a
VA-backed loan. On a $75,000 fixed-rate mortgage with no down payment, this would amount
to $1,406 either paid at closing or added to the amount financed.
- Variable
Rate Mortgage (VRM)
See Adjustable Rate Mortgage.
- Verification
of Deposit (VOD)
A document signed by the borrower's financial institution verifying the status and balance
of his/her financial accounts.
- Verification
of Employment (VOE)
A document signed by the borrower's employer verifying his/her position and salary.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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