Mortgage Terminology
A B C D E F G H I J K L M
N O P Q R S T U V W Y Z
VA Funding Fee
Fee charged on VA mortgages to cover the administrative costs of the program.
VA Mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.
Variance
An approved special change in construction codes, zoning requirements, or other property use restrictions.
Vested
Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.
Veterans Administration (VA)
The federal agency responsible for the VA loan guarantee program as well as other services for eligible veterans. In general, qualified veterans can apply for home loans with no down payment and a funding fee of 1 percent of the loan amount.
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