Valid – Having binding force; legally sufficient and authorized by law.

Valuation – the estimated worth of property.

Variable Rate Mortgage – Mortgage in which interest rate will fluctuate depending on term of mortgage.

Variance – Permission obtained form zoning authorities permitting the construction of a building or structure that is forbidden by present zoning ordinances; a departure from the current zoning regulation.

Vested Interest – A present right or title to realty, but with possession delayed to some uncertain time in the future.

Veterans Administration (VA) – Also, Department of Veterans Affairs (DVA) An agency of the Federal Government, whose activities include, guaranteed repayment of certain loans in the event of default.

Void –To have no force or effect; that which is unenforceable.

Voidable – That which is capable of being adjudged void, but is not void unless action is taken to make it so.

Voluntary Lien – Any lien placed on property with consent of, or as a result of, the voluntary act of the owner, e.g., a mortgage.