A home loan available to veterans with little or no down payment and guaranteed by the U.S. Veterans’ Administration.
Variable rate mortgage
See Adjustable-rate mortgage.
An interest rate that changes periodically in relation to an index.
Verification of deposit (VOD)
A document signed by the borrower’s bank or other financial institution that verifies the borrower’s account balance and history.
Verification of employment (VOE)
A document signed by the borrower’s employer that verifies the borrower’s position and salary.
See Verification of deposit.
See Verification of employment.