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VWXYZVA mortgage
A mortgage that is guaranteed by the
Department of Veterans Affairs (VA). Also
known as a government mortgage.
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are actually withdrawn.
Department of Veterans Affairs
(VA)
An agency of the federal government that
guarantees residential mortgages made to
eligible veterans of the military services.
The guarantee protects the lender against
loss and thus encourages lenders to make
mortgages to veterans.
what-if analysis
An affordability analysis that is based on a
what-if scenario. A what-if analysis is
useful if you do not have complete data or
if you want to explore the effect of various
changes to your income, liabilities, or
available funds or to the qualifying ratios
or down payment expenses that are used in
the analysis.
what-if scenario
A change in the amounts that is used as the
basis of an affordability analysis. A
what-if scenario can include changes to
monthly income, debts, or down payment funds
or to the qualifying ratios or down payment
expenses that are used in the analysis. You
can use a what-if scenario to explore
different ways to improve your ability to
afford a house.
wraparound mortgage
A mortgage that includes the remaining
balance on an existing first mortgage plus
an additional amount requested by the
mortgagor. Full payments on both mortgages
are made to the wraparound mortgagee, who
then forwards the payments on the first
mortgage to the first mortgagee.
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