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VA Funding Fee |
| The Department of Veteran's Affairs (VA) charges a Funding Fee to most veterans who obtain a VA mortgage loan to help sustain the VA home loan program. Only veterans receiving VA disability are exempt from paying this fee. The VA Funding Fee is a percentage of the principal loan amount and is due at closing. The amount of the VA Funding Fee varies depending on specifics of the transaction. The full amount can usually be financed as part of the loan amount or paid in cash. |
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VA Loan |
| A mortgage for veterans and service persons. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires low or no down payment. |
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Vacancy Rate |
| The percentage of all units or space that is not leased, not rented or is unoccupied. |
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Vacation Home |
| A home used by the owners for recreational purposes that is only used occasionally or seasonally. Also known as a second home. |
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Valid |
| A document or contract that has legally binding force. |
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Verification Of Deposit |
| Refers to the process of verifying that the borrower has sufficient funds to complete a mortgage transaction. Also refers to a standard form used to perform this verification. |
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Verification Of Employment |
| Refers to the process of verifying the borrower's income. Also refers to a standard form used to perform this verification. |
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Vested |
| Having the right or privilege to use a portion of a fund, such as an individual retirement account (IRA). |
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