Real Estate Glossary
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VA (Department of Veterans Affairs)
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.
VA Mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.
Vacancy Rate
The percentage of all units or space that is not leased, not rented or is unoccupied.
Vacate
To move out of a premises.
Variable Rate
Is an interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.
Valid
A document or contract that has legally binding force.
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 However, taxes may be due on any funds that are actually withdrawn.
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