VA mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA).

vacancy factor
The percentage of gross rental income that represents vacant units.

vacancy rate
The ratio between the number of vacant units and the total number of units in a multi-tenant building or development.

valuation
The estimation of a property's price through appraisal.

variable income
Income which will vary from year to year. Examples of income which will vary include

Variable Rate
An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.

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 However, taxes may be due on any funds that are actually withdrawn.

Veterans Administration (VA)
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.