Keller Williams of Central Pa East
530 Lockwillow Rd
Harrisburg, PA, 17112
Office Phone: 717-533-8000
Laurel’s Mobile: 717.608.3120
[email protected]

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Glossary of Terms - V

 

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VA - Veterans Administration
A government agency guaranteeing mortgage loans with no down payment to qualified veterans.

VA Loan
A long-term, low-or no-down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.

VA Mortgage Funding Fee
A premium of up to 2 percent (depending on the size of the down payment) paid on a VA-backed loan. On a $75,000 30-year fixed-rate mortgage with no down payment, this would amount to $1,406 either paid at closing or added to the amount financed.

Variable Rate Mortgage (VRM)
See 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.

































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Laurel Schiavoni
Phone: (717) 533-6844
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[email protected]
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