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| Term |
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Description |
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| VA Loan (GI Loan) |
|
Analyzed by - and approval granted by - Veterans' Administration. Also called VA loan. Only
eligible veterans may apply. The Veterans' Administration guarantees a portion of the loan to the
lender against loss. (See also: Veterans Administration below) |
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| Valid |
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Having force or binding force legally sufficient and authorized by law; enforceable. |
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| Valuation |
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Estimated worth or price. The act of valuing by appraisal. |
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| Variable Interest Rate |
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An interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there
are usually maximums as to the frequency and the amount of fluctuation. |
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| Vested |
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Bestowed upon someone; secured by someone, such as title to property. |
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Veterans Administration
(VA) |
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The VA Loan Guaranty Service is the organization within the Veterans Benefits Administration
charged with the responsibility of administering the home loan program. |
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| Void |
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To have no force or effect; that which is unenforceable. |
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| Voidable |
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That which is capable of being adjudged void, but is not void unless action is taken to make it
so. |
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| Voluntary Lien |
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Any lien placed on property with the consent of, or as a result of the voluntary act of, the owner. |
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