Landlord Tenant Terms and Definitions – U V – Accurate Credit Bureau Tenant Check

U

Underwriting
In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.

Uninhabitable
The condition of a rental unit which has such serious problems or defects that the tenant’s health or safety is affected. A rental unit may be uninhabitable if it is not fit for human beings to live in, or if it fails to substantially comply with building and safety code standards that materially affect tenants’ health and safety. (Compare to habitable.)

Unlawful detainer lawsuit
A lawsuit that a landlord must file and win before he or she can evict a tenant (also called an “eviction” lawsuit).

U.S. Department of Housing and Urban Development
A/K/A HUD. The federal agency that enforces the federal fair housing law, which prohibits discrimination based on sex, race, religion, national or ethnic origin, familial status, or mental handicap.

Interest charged in excess of the legal rate established by law.

V

VA Loans
Fixed-rate loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to make housing affordable for eligible U.S. veterans. VA loans are available to veterans, reservists, active-duty personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to purchase a home with no down payment, no cash reserve, no application fee, and lower closing costs than other financing options. The maximum VA loan amount is currently $203,000.

Variable Rate Mortgage
See Adjustable Rate Mortgage.

Variable Rate
Interest rate that changes periodically in relation to an index.

Verification of Deposit (VOD)
Document signed by the borrower’s bank or other financial institution verifying the borrower’s account balance and history.

Verification of Employment (VOE)

Document signed by the borrower’s employer verifying the borrower’s position and salary.

For tenant screening and landlord services see Accurate Credit Bureau.

Advertisements
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: