VA

The Veterans Administration, a federal agency which guarantees loans made to qualified veterans on approved property.

VA MORTGAGE

A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.

VARIABLE 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.

VARIANCE

An exception to a zoning ordinance, usually granted by a local government. For example, if one owns an oddly shaped lot that could not accommodate a home in accordance with the city's setback requirement, one could apply at the appropriate office for a variance allowing a home to be built closer to a boundary line.

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 However, taxes may be due on any funds that are actually withdrawn.