VA loan A Veteran's Administration loan available to qualified veterans. Such a loan may feature little or no downpayment and a below-market interest rate. This contrasts to about a five percent down payment requirement for a Federal Housing Authority loan; and a ten percent or more down payment for a private mortgage insurance loan. These terms vary frequently as rules, regulations, and market conditions change.
variable interest rate mortgage, (VIRM) syn adjustable rate mortgage, (ARM) See adjustable rate mortgage, (ARM).
variable payment mortgage A general description of any mortgage loan which contains a provision that changes the amount of monthly payments. Monthly payment changes may result, for example, from fluctuations in an index in a variable rate mortgage, or from a planned increase in payments in a graduated payment mortgage, or from the end of an interest-only period.
variable rate mortgage See adjustable rate mortgage.
vegetable soup Hodge-podge development. "The area is a big bowl of "vegetable soup," being without style or uniformity, or even consistency."
verdict The expressed decision of the jury on questions of fact submitted to it for determination, based on evidence presented during trial.
vertical subdivision See condominium.
vested remainder The ownership rights of a remainderman following creation of a life estate.
vested rights Property or contract rights that presently exist. Op. contingent rights.
VHMCP syn voluntary home mortgage credit program See voluntary home mortgage credit program.
VIRM syn variable interest rate mortgage and adjustable rate mortgage, (ARM) See adjustable rate mortgage.
voluntary home mortgage credit program, (VHMCP) A national organization dedicated to finding mortgages for those people who do not qualify for VA or FHA mortgages. This organization also helps obtain mortgages for minority members.
vulture fund A real estate investment trust or syndication that seeks distressed properties to acquire and hold, usually for the long term. The word apparently relates to the weak position of the owner of a distressed property who is no longer able to hang on and whose investment has become a "carcass" to be devoured by a group of "vultures." Vulture funds are also called "opportunity" funds in recognition of the great opportunities they capitalize upon. Vulture funds also are referred to as “bottom-feeders.”