Arizona Mortgage Term V

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CREDIT REPAIR 101

FHA 101

GREEN

HOME BUYING 101

LOAN APPLICATION PROCESS

MORTGAGES 101

QUALIFYING FOR A LOAN

VA 101

ARIZONA MORTGAGE LOAN DICTIONARY V

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.