Mortgage Glossary

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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.
VA Loan
Vacancy Rate
The percentage of all units or space that is not leased, not rented or is unoccupied.
Vacant Land
Land that is not currently being used.
Vacate
To move out of a premises.
Vacation home
A home used by the owners only occasionally or seasonally, primarily for recreational purposes.
Valid
A document or contract that has legally binding force.
Variablerate
An interest rate that may change once an account opens.
Vested
Having the right or privilege to use a portion of a fund, such as an individual retirement account (IRA).
Veterans Administration  (VA)
A government agency guaranteeing mortgage loans with no down payment to qualified veterans.