V.A. Loan - A home loan that is guaranteed by the U.S. Veterans Administration under the Servicemen's Readjustment Act of 1944. It was later expanded to compensate the lender in the event of a default.

Vacancy Rate - The ratio of vacancies to total available rentals, over a particular period of time.

Valuation - The estimated worth or price of something. An appraisal is an act of valuation.

Variable Interest Rate - The amount of interest charged by the lender, that is allowed to vary over the maturity of a loan, and typically adjusted to an appopriate index.

Variable Rate Mortgage - Long-term loan applied to property, which the interest rate may be adjusted on a six month basis for the terms spelled out in the loan, and according to certain restrictions.

Variance - Permission to use a property in a manner that does not meet current zoning requirements.

Vendee - A real estate purchaser.

Vendee's Lien - A lien against a property that is under a contract of sale to secure the deposit money paid by the buyer.

Vendor - A real estate seller.

Veneer - A thin layer of wood or brick exterior that covers a less attractive and/or less expensive surface.

Venture Capitalist (VC) - A common name for an investor who puts up money for a high risk investment.