Basic Definitions and Acronyms

1. VA: The Veterans Administration
2. The Veterans Administration: The government agency that guarantees mortgage lenders against losses on loans made to United States Veterans
3. Veteran: Some one who has served at least 90 days in active duty service in any branch of the US Military or National Guard during a time of War.
4. FHA: The Federal Housing Administration
5. The Federal Housing Administration: The Government Agency that insures mortgage lenders against losses suffered on loans made that conform to FHA underwriting guidelines.
6. LTV: Loan To Value - the ratio of how much is being financed versus how much the property is worth. Example: Property Value = $100,000.00 and Loan Amount = $80,000.00, LTV = 80%.
7. DTI: Debt to Income Ratio – the ratio of how much gross income is received versus monthly expenses that show up on credit. Example: Gross Income: $3,000.00, Monthly Expenses: $1,500.00, DTI = 50%
8. AUS: Automated Underwriting System
9. IRRRL: Interest Rate Reduction Refinancing Loan – Commonly referred to as the VA Streamline Refinance.
10. COE: Certificate of Eligibility
11. COE: Close of Escrow
12. ARM: Adjustable Rate Mortgage
13. BAH: Basic Allowance for Housing
14. BAQ: Basic Allowance for Quarters
15. BAS: Basic Allowance for Subsistence
16. CAIVRS: Credit Alert Interactive Voice Response System
17. C&V: Construction and Valuation Section (Appraisals)
18. CVS: Certificate of Veteran Status
19. ETS: Expiration of Term of Service
20. GPM: Graduated Payment Mortgage
21. LAPP: Lender Appraisal Processing Procedure
22. LES: Leave and Earnings Statement
23. LGC: Loan Guaranty Certificate
24. MCC: Mortgage Credit Certificate
25. MCRV: Master Certificate of Reasonable Value
26. NOV: Notice of Value
27. PITI: Principal, Interest, Taxes, and Insurance
28. POA: Power of Attorney
29. PUD: Planned Unit Development
30. RLC: Regional Loan Center
31. ROL: Release of Liability
32. SOE: Substitution of Entitlement
33. SOS: Statement of Service
34. TAS: The Appraisal System
35. URLA: Uniform Residential Loan Application
36. VHA: Variable Housing Allowance
37. VIP: Veterans Information Portal
38. VOD: Verification of Deposit
39. VOE: Verification of Employment
40. DD-214: A document that describes the conditions of their discharge from the military and or all of the details of their service.