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12. VA Guaranteed Loans M/C

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Questions and Answers

What is the maximum guaranty amount available in a VA loan transaction?

Depends in part on the loan amount

Cannot exceed the borrower’s residual income figure

75% of the price or appraised value (correct)

Set by the lender, not the VA

How is eligibility for a VA loan determined?

A distinguished service record

Age, disability, and income level

A superior officer’s recommendation

Length of active duty service (correct)

What is the guaranty amount available to a particular veteran known as?

Entitlement (correct)

Residual income

Guaranty balance

Liability

For loan amounts over $144,000, what is the maximum guaranty amount?

25% of the loan amount, up to a maximum of 25% of the Federal Housing Finance Agency conforming loan limit for single-family residences Signup and view all the answers

How is a veteran’s full guaranty entitlement restored?

The veteran sells the property and repays the loan in full from the proceeds Signup and view all the answers

What can a VA loan be used to refinance?

A VA loan or an FHA loan Signup and view all the answers

What is the required minimum percentage that the guaranty plus downpayment must equal of the sales price for most lenders?

25% Signup and view all the answers

For a sales price of $485,000, how much downpayment must the borrower provide if the guaranty is $113,275?

$7,975 Signup and view all the answers

What is the general rule for a VA borrower's debt to income ratio?

41% Signup and view all the answers

How is residual income calculated for a VA borrower?

Subtracting gross monthly income from total obligations Signup and view all the answers