VA (Veterans Administration)
A key program of the U.S. Department of Veterans Affairs. The Veterans Administration allows most veterans to purchase a house without a down payment.

valley
The angled intersection between two roof planes where water collects and runs off the roof. Valleys are often protected with special metal flashing because they must handle heavy water flow without leaking.

VA loan
A loan through the Veterans Administration program, which allows most veterans to purchase a house without a down payment.

valuation
The estimated worth or price. The act of valuation by appraisal.

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

vapor barrier
A material such as plastic that prevents the passage of moisture.

Variable Rate
IAn interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index. 

variable rate mortgage (VRM)
A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills. 

vaulted ceiling
An elongated half-cylinder that arches above the floor. 

V-cap
A specially shaped piece of ceramic tile used at the edge of a counter to trap liquids.

veneer
A thin facing material that is applied over a structural base. A veneered door, for example, may have a hollow or solid wood core and a thin surface layer of fine hardwood. 

vent
A pipe that allows air to flow in a drainage system. 

vent pipe
A flue or pipe connecting any interior space in a house with the outer air for purposes of ventilation; also any small pipe extending from any of the variousplumbing fixtures in the house to the vent stack. 

vent stack
A vertical pipe connected with all vent pipes carrying off foul air or gases from the house. It extends through the roof and provides an outlet for gases and contaminated air.

ventilation
The process of replacing stale air with fresh air, usually by circulation through a series of vents or a mechanical system such as an air conditioner. 

Verification of Deposit (VOD)
Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history. 

Verification of Employment (VOE)
Document signed by the borrower's employer verifying the borrower's position and salary.

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. 

vestibule
A small entrance hall or room.

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.

Victorian style
An architectural style that dates from the mid-19th century.

vinyl-clad windows
Wood windows sheathed in vinyl on the outside.

violation
An act, deed, or condition contrary to the permissible use of property.

Visqueen
A brand of polyethylene sheet used to cover the ground in a crawl space.

voidable contract
A contract that may seem to be valid, but can be rejected by either one of the parties.

volt
The unit used to measure electrical force between two points in a circuit. The current at most receptacles in the United States and Canada is approximately 120 volts.

volt-ohm meter
An electrical test device used for making a variety of electrical measurements, including voltage and current.

voltage
The pressure behind the flow of electricity.

voluntary lien
A lien that a homeowner willingly gives to a lender.