Variable Rate
Interest rate that changes periodically in
relation to an index.
Verification of Deposit (VOD)
Document signed by the borrower's bank or other
financial institution verifying the borrower's
account balance and history.
Verification of Employment (VOE)
Document signed by the borrower's employer
verifying the borrower's position and salary.
Veterans Administration (VA)
The federal agencies 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 mortgage insurance premium of 1 percent of the
loan amount.
