Learning Center Glossary
| Term | Definition |
|---|---|
| VA | Department of Veterans Affairs |
| VA Entitlement | The VA guaranty amount that a particular veteran is entitled to. |
| VA Guaranty | The portion of a VA loan guaranteed by the Department of Veterans Affairs; the maximum amount that the VA will pay the lender for a loss resulting from the borrower's default. |
| VA Loan | A long term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements. |
| Verification of Deposit | A form a lender sends to a financial institution for confirmation that a loan applicant has the funds on deposit that he or she claims to have. |
| Verification of Employment | A form a lender sends to a loan applicant's employer, for confirmation that the applicant is actually employed as claimed, and to verify the amount of the applicant's salary. |