| VA GUARANTEE | An insurance contract in which the Veterans Administration (VA) insures that the named lender will recover a specific percentage of the loan amount from the insurer in the event the loan goes bad. |
| VA INSURANCE | Mortgage insurance available to veterans of the U.S. military form the Veterans Administration. Eligible borrowers must pay a premium of 1% of the loan amount to get a VA insured loan. The loan is then backed by the government in case of borrower default. |
| VA LOAN | An independent agency of the federal government created in 1930. The VA home loan guaranty program is designed to encourage lenders to offer long term, low down payment mortgages to eligible veterans by guaranteeing the lender against loss. |
| VALUATION | An estimation of value of a property, as determined by various factors. |
| VARIABLE RATE MORTGAGE | A loan in which the interest rate fluctuates with the cost of funds or some other index. |
| VENDEE | A purchaser of real property under land contract. |
| VENDOR | A seller of real property under land contract. |
| VEST | To pass to a person an immediate right or interest. Title may be said to vest in John Brown. |
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