VA
See Veterans Administration

VA Funding Fee
A fee the VA charges to guarantee a mortgage loan.

Vacancy Factor
The percentage of gross rental income that represents vacant units.

Vacancy Rate
The ratio between the number of vacant units and the total number of units in a multi-tenant building or development.

Valuation
The estimation of a property’s price through appraisal

Variable Rate Mortgage (VRM)
See adjustable rate mortgage.

Variance
An approved special change in construction codes, zoning requirements, or other property use restrictions.

Vendor
The seller of personal or real property.

Vendor’s Lien
An unpaid seller’s right to a lien on property until the purchase price is recovered.

Verification of Deposit (VOD)
A form that requests and secures verifications of amounts on deposit at financial institutions. When a depository institution is also the applicant’s creditor, the VOD verifies the obligation.

Verification of Employment (VOE)
A form that requests and secures documentation of a mortgage applicant’s work history and/or occupation, to assist in the lender’s credit investigation.

Vested Interest
A legal claim or right to the present or future enjoyment of real property.

Veterans Administration (VA)
The Department of Veterans’ Affairs, a cabinet-level agency of the federal government. The Servicemen’s Readjustment Act of 1944 authorized the agency to administer a variety of benefit programs designed to facilitate the adjustment of returning veterans to civilian life. Among the benefit programs is the VA Home Loan Guaranty program, which encourages mortgage lenders to offer long-term, low down payment financing to eligible veterans by partially guaranteeing the lender against loss.

Volatility
The sensitivity of a security’s price to changes in the overall market. Also, interest rate fluctuations resulting from an unstable market.

Voluntary Conveyance
An elective transfer of property title from a defaulting borrower to the lender, as an alternative to foreclosure. This arrangement saves the lender the expense of foreclosure, and the borrower receives credit for payment in full.