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HUD
Home Buying Glossary - V
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VA
- See Veterans Administration.
VA
Certificate of Reasonable Value
- The Veterans
Administration (VA) issues a Certificate of Reasonable Value
at a specific amount, agreeing to guarantee a mortgage loan to
an eligible, qualified veteran buyer upon completion and sale
of the house. The
veteran must be aware of the VA’s appraised value of the
property.
Vacancy
and Collection Losses - See Allowance for Vacancy and
Collection Losses.
Valuation
- See Appraisal.
Valuation
Principles - Factors that market value.
Value
- The present worth of future rights to income and benefits
arising from ownership.
Value-in-Use
- See Use Value.
Variable
Interest Rate - An interest rate that rises and falls
according to an index and set margin. See Adjustable
Rate Mortgage.
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. Also called “adjustable-rate mortgage.”
Variance
- A change in zoning of a specific parcel from the zoning of
the rest of the immediate area.
Verification
of Deposit
- A form sent to each depository listed on the loan application
to verify the funds of the borrower at such institution.
Verification
of Employment
- A form sent to the borrower’s employer to verify the
borrower’s employment and employment history.
Vest
- To give title to, or to transfer ownership of property.
Vested
Interest - Unconditional, fixed interest in a property,
for both now and in the future.
Vested
Remainder - A remainder interest that cannot be defeated,
such as a remainder interest to a life estate. The
remainder holder or heirs are bound to get the property.
Veterans
Administration
- An independent agency of the federal government which helps
veterans get long-term, low down payment mortgages. The agency normally does this by guaranteeing a portion of a
lender’s loans against loss.
In return for this guarantee, lends must follow
prescribed procedures for loans established by the Veterans
Administration (VA).
VOD
- See Verification of Deposit.
VOE
- See Verification of Employment.
Void
- Having no legal effect.
Voidable
- Capable of being voided by one party only. Valid until
voided.
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. Also called “deed in lieu of foreclosure” or “voluntary
deed.”
Voluntary
Deed - See Deed in Lieu of Foreclosure.
Voluntary
Lien - A lien, such as a mortgage, placed by an owner.
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