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Terminology: V

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Terminology: V

Vacancy and Collection Loss
Rental income lost due to vacancies and the inability to collect rent due from tenants.
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VA guarantee
An insurance contract for which the Veterans Administration (VA) guarantees the lender's recovery of a designated percentage of the loan amount from the insurer in the event that the borrower defaults on the loan.
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VA loan, or Government mortgage
A mortgage loan available to qualified military veterans which is guaranteed by the Department of Veteran Affairs, usually offering either no down payment or a low down payment.
Valuation
The estimated value of a property.
Value in Use
A subjective value a buyer or seller may assign to a specific property based on its perceived usefulness to that individual only. Value in use is generally greater than market value.
Variable rate mortgage, or Adjusted rate mortgage
A mortgage with interest rates that may fluctuate based on market conditions.
Variance
A permitted, one-time, deviation from specific requirements of a zoning ordinance because of the special hardship to a property owner.
Verification of Deposit
A statement signed by the borrower's financial institution that verifies the current balances in the borrower's accounts.
Verification of Employment
A statement signed by the borrower's employer that verifies the borrower's current position and salary.
Vest
To pass an immediate right on to a person.
Vested
Having the right to withdraw a percentage of a fund before its agreed-upon maturity date; e.g., the percentage vested to individuals with retirement funds differs; if someone is 80% vested, that means they can only withdraw 80% of the funds set aside for them until its maturity.
Department of Veterans Affairs (VA)
A federal agency that insures residential mortgages made to eligible military veterans, which thereby encourages loans being made to veterans.
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