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U.S. Department. of Housing and Urban Development (HUD)
A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.
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Underlayment
A layer of wood between the subfloor and the floor.
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Underwriting
The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.
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Undisclosed heir
A person who claims the right to a piece of property after the death of an owner without a will.
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Undisclosed spouse
An unidentified marital partner who can claim the right to a piece of property.
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Unrecorded deed
An unrecorded deed transfers ownership from one party to another without being officially recorded.
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Unsecured loan
Any loan that is not backed by collateral.
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Upgrades
Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.
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Upzoning
The process in which a property is zoned from a lower to a higher use.
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Urban sprawl
The unplanned expansion of development over a large area.
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Usury
A reference to illegally excessive interest charged on any loan.
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VA loans
A program that allows most veterans to purchase a house without a down payment.
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Variable interest rate
A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.
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Variable rate
An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.
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Variable rate mortgage
A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.
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Vaulted ceiling
An elongated half-cylinder that arches above the floor.
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Verification of deposit
Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.
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Verification of employment
Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary.
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Vestibule
A small entrance hall or room.
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Veterans Administration (VA)
The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.
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Victorian style
An architectural style that dates from the mid-19th century.
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Vinyl-clad windows
Wood windows sheathed in vinyl on the outside.
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Voluntary lien
A lien that a homeowner willingly gives to a lender.
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Wainscoting
Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.
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Waiver
A voluntary relinquishing of certain rights or claims.
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Walk-out basement
A feature that allows a door to open onto ground level.
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Walk-through
A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.
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Warranty
A legally binding promise to do something in the future.
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Wetlands
Watery areas such as swamps, marshes and floodplains.
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Wild deed
An improperly recorded deed.
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Will
The most basic legal document outlining the disposition of a person's estate in the event of death.
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Window light
An individual pane of glass.
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Window seat
A bench built under an interior window.
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Window well
A curved, corrugated steel insert used to isolate basement windows from moisture if they're below the soil line.
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Window well covers
Curved plastic covers designed to be installed on top of a window well to cover the opening.
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Wraparound mortgage
A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.
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Zero-lot lines
Houses built without space between them and with little or no yard.
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Zoning
Regulations that control the use of land within a jurisdiction..
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Zoning variance
A one-time modification of existing zoning law.
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