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Questions and Answers
VA-guaranteed loans are not distinguishable from other types of loans.
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.
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.
The VA guaranty does not affect the VA loan amount.
False
A substitution of entitlement is not possible for VA loans.
A substitution of entitlement is not possible for VA loans.
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A downpayment is always required for a VA loan.
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.
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.
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.
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.
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.
Service requirements are not considered when determining eligibility for a VA loan.
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