Underwriting Fee
: Charge by a lender to underwrite the loan.

VA
The Veteran's Administration.
 

VA Funding Fee
: Veteran's Administration fee for originating a VA loan.      [TOP]

VA Loan
A government-backed mortgage loan supported by the US Veterans Administration.

Variable Rate Mortgage
See Adjustable Rate Mortgage.

• Sub-Prime or Alternate Real Estate Financing is designed to help consumers with less than perfect credit to obtain home loans, or, refinance an existing loan.
• Lenders refer to perfect credit as "A paper." Alternate Real Estate lending is referred to as "sub prime paper." This means that the borrower has less than perfect credit. This is caused by late payments and other marks against your credit.
• Sub prime paper is rated similar to school grades as "A-," "B +," " B," "B-" "C+," "C," "C-," etc. So, regardless of your credit situation, you may still be able to secure a home loan, or, to refinance an existing loan.
• All the major credit bureaus use a credit scoring system based on a computer program where you lose points for high-credit usage, late payments, bankruptcies, repossessions, high inquiries on your credit report, etc.

Warehouse Fee
: Charged by the lender to hold the loan locally before selling it in the secondary mortgage to an investor.     [TOP]

Warehouse Lender
Any Person that lends moneys to the Correspondent for the funding of loans, whose security interest in a loan has been disclosed to Cypress Mortgage by means of a properly executed Bailee Agreement or a bailee letter delivered to Cypress Mortgage thereunder.
 

Zoning
: Act of city authorities specifying type of use for which property may be used.