VA Mortgage Funding Fee
A premium of up to 1-7/8 percent (depending on the size of the down
payment) paid on a VA-backed loan. On a $75,000 fixed-rate mortgage
with no down payment, this would amount to $1,406 either paid at
closing or added to the amount financed.
An interest rate that changes periodically in relation to an
index. Payments may increase or decrease accordingly. See Adjustable
Rate Mortgages for a complete guide.
Variable Rate Mortgage (VRM)
Like adjustable rate mortgage.
Verification of Deposit (VOD)
A document signed by the borrower's financial institution verifying the status and balance of his/her financial accounts.
Verification of Employment (VOE)
A document signed by the borrower's employer verifying his/her position and salary.