| VA or US Department of Veterans Affairs |
A federal agency designed and operated to help veterans enter
the housing market. The VA assists veterans in terms of low or no down payment,
mortgage qualifications assistance and low interest rates. |
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| VA Financing |
A loan guaranteed by the Veterans Administration (VA) to a
qualified veteran and made by an authorized lender on an approved property.
Fixed and adjustable rates are available with VA loans. The VA charges
borrowers a funding fee. |
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| VA Mortgage |
A mortgage that is guaranteed by the Department of Veterans
Affairs (VA). Also known as a government mortgage. |
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| VA Loan |
A loan guaranteed by the U.S. Department of Veterans Affairs
(VA). VA loans are made to honorably discharged veterans or their un-remarried
widows or widowers. Such loans require a minimal or no down payment and offer
lower interest rates |
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| Veterans Administration (VA) |
The Veterans Administration, a federal agency which guarantees
loans made to qualified veterans on approved property. |
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| VA Financing |
A loan guaranteed by the Veterans Administration (VA) to a
qualified veteran and made by an authorized lender on an approved property.
Fixed and adjustable rates are available with VA loans. The VA charges
borrowers a funding fee. |
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| Vapor Barrier |
The material used to prevent moisture from penetrating walls
or floors. |
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| Variable Interest Rate |
An interest rate that changes periodically in relation to an
index. Payments may increase or decrease per the terms of the loan agreement or
note. |
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| Vendee |
Purchaser. |
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| Vendor |
Seller. |
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| Vested |
Having the right to use a portion of a fund such as an
individual retirement fund. For example, individuals who are 100 percent vested
can withdraw all of the funds that are set aside for them in a retirement fund.
However, taxes may be due on any funds that are actually withdrawn. |
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| Veterans Affairs, Department of (VA) |
An agency of the federal government that guarantees
residential mortgages made to eligible veterans of the military services. The
guarantee protects the lender against loss and thus encourages lenders to make
mortgages to veterans. |
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| Void |
Having no legal force or effect; legally invalid. |
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| Voidable |
A contract which appears valid and enforceable on the surface,
but may be declared invalid by one of the parties, such as a contract entered
into by a minor. |