Variable Interest Rate
An amount of compensation to a lender that is allowed to vary over the maturity of a loan. The amount of variation is generally governed by an appropriate index.

Variable-Rate Mortgage (VRM)
A long-term mortgage loan applied to residences, under which the interest rate may be adjusted on a 6-month basis over the term of the loan. Rate increases are restricted to no more than X point per year and 2X points over the term.

Veterans Administration (VA)
An agency of the federal government that provides services for eligible veterans. Generally, a veteran who has served (beyond basic training) more than 120 days active duty in the armed forces is eligible for a home loan with no down payment. Address: Veterans Administration 810 Vermont Avenue Washington, DC 20420