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VA (Veterans Administration)
A federal agency designed to help veterans enter the housing market.
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VA Loan
A loan guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans are made to honorably discharged veterans or their unremarried widows or widowers. Such loans require a minimal or no down payment and offer lower interest rates.
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VA mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.
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Valid contract
Legally binding; authorized
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Vara
A measurement of length of 33 1/3 inches in Texas.
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Variable rate
An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.
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Variance
An indulgence granted by a local zoning commission or authority to allow a non-conforming use of a property to continue.
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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 However, taxes may be due on any funds that are actually withdrawn.
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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.
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Village acre
A lot size used in the Houston area to denote a 40,000 square foot parcel. In the Memorial Villages of Bunker Hill, Hedwig, Hillshire, Hunter's Creek, Piney Point and Spring Valley, lot sizes are often expressed in village acres or a fractions of village acres. The term was coined by developers who successfully lobbied for slighty smaller, minimum lot size requirements, in the cities' zoning regulations.
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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.
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Void
Having no legal force or effect; legally invalid.
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Voidable
A contract which appears valid and enforceable on the surface, but may be declared invalid by one of the parties, such as a contract entered into by a minor.
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Voidable contract
A contract that may be treated as legally unenforceable at the option of a party (usually the injured party) but remains enforceable until that party exercises her option.
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Voluntary alienation
Transfer of title to an asset with the consent of the owner.
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Voluntary lien
A cliam that is recorded/registered with the consent of the owner.
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