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Questions and Answers
VA-guaranteed loans are not distinguishable from other types of loans.
False
Eligibility for a VA loan depends only on the credit score of the applicant.
False
The VA guaranty does not affect the VA loan amount.
False
A substitution of entitlement is not possible for VA loans.
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A downpayment is always required for a VA loan.
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VA underwriting guidelines do not include analyzing the borrower's income ratio.
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Compensating factors are considered in VA loan applications to help strong applicants secure a loan.
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VA loans cannot be used for refinancing existing mortgages.
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The entitlement for a VA loan cannot be restored once it has been used.
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Service requirements are not considered when determining eligibility for a VA loan.
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