REAL ESTATE GLOSSARY # -  A -  B -  C -  D -  E -  F -  G -  H -  I -  J -  K -  L -  M -  N -  O -  P -  Q -  R -  S -  T -  U -  V -  W -  X -  Y -  Z VA: See Veterans Administration. VA Loan: A loan guaranteed by the U.S. Department of Veterans Affairs (VA). 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. Veterans Administration: A federal agency designed to help veterans enter the housing market. Variable rate: An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly. Variable Rate Mortgage: See Adjustable Rate Mortgage. Variance: An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city's setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line. Vendee: Purchaser. Vendor: Seller. Verification of Deposit: Also known as VOD.   Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history. Verification of Employment: Also known as VOE.  Document signed by the borrower's employer verifying the borrower's position and salary. View Ordinance: A law adopted by some cities or towns with desirable vistas--such as those in the mountains or overlooking the ocean--that protects a property owner from having his or her view obstructed by growing trees. View ordinances don't cover buildings or other structures that may block views. Virtual Home Tour: Any method used to provide internet users with a graphical presentation of a home, or homes.  Presentations may include web pages, java applets, streaming video, panoramic images and bubble views. Void: Having no legal force or effect; legally invalid. # -  A -  B -  C -  D -  E -  F -  G -  H -  I -  J -  K -  L -  M -  N -  O -  P -  Q -  R -  S -  T -  U -  V -  W -  X -  Y -  Z