Glossary of Real Estate Terms (Oregon) – V

VA (Department of Veterans Affairs) – A federal agency that guarantees third party bank loans made to veterans and protects lenders against loss that may result from a borrower default.

VA Mortgage – A mortgage guaranteed by the Department of Veterans Affairs (VA).

Variable Expenses– Costs or payments that may vary monthly, such as food and gasoline.

Variance – A term used in zoning law to designate a formal exception (which must be applied for through the local zoning authority) allowing a use on the property that is not included in the permissible uses under the current zoning designation. Usually, entitlement to a variance includes a showing of need, such as hardship or practical difficulty.