Definitions (V)

Real Estate Glossary - Meanings, Terms, & Acronyms

VETERANS ADMINISTRATION (VA)
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

VA LOAN GUARANTEE
A guarantee on a mortgage amount backed by the U.S. Department of Veterans Affairs.

VACATE DATE
The date on which the seller (transferee) vacates the property (generally the date when responsibility for property expense by the transferee ends) and the third-party company assumes ownership for the property through a buyout.

VESTED
Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

VIRTUAL TOUR

An Internet web/cd-rom-based video presentation of a property.

VOWS (VIRTUAL OFFICE WEB SITES)

Are an Internet based real estate brokerage business model that works with real estate consumers in same way as a brick and mortar real estate brokerage.

VALUATION
The process of estimating the market value, insurable value, investment value, or some other properly defined value of an identified interest in a specified parcel of real estate as of a given date. Valuation is a term used interchangeably with appraisal.

VERIFICATION OF DEPOSIT
(VOD) A form that requests and secures verifications of amounts on deposit at financial institutions. When a depository institution is also the applicant's
creditor, the VOD verifies the obligation.

VERIFICATION OF EMPLOYMENT (VOE)
A form that requests and secures documentation of a mortgage applicant's work history and/or occupation, to assist in the lender's credit investigation.

VERY LOW INCOME
An adjusted income that does not exceed the HUD‐established very low income‐limit (generally 50 percent of the median income adjusted for household size) for the county or Metropolitan Statistical Area where the property will be located.