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VA Loan Program Overview

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Questions and Answers

What does the VA mortgage loan program guarantee for veterans?

Interest-free loans for any type of housing
Permanent long-term mortgage loans for owner-occupied residences (correct)
Short-term loans for investment properties
Loans exclusively for new construction

What is the purpose of the funding fee in VA loans?

To reduce loan costs to taxpayers (correct)
To cover monthly mortgage insurance
To increase the loan amount significantly
To eliminate the need for down payments

Who is responsible for the loss if a default occurs in a VA loan?

The government
The borrower (correct)
The lender
The VA

Where must the funding fee for a VA loan be paid?

<p>At closing (D)</p> Signup and view all the answers

What types of properties can be financed through the VA loan program?

<p>Owner-occupied residences, including condominiums and mobile homes that meet VA standards (C)</p> Signup and view all the answers

Flashcards

VA Loan Purpose

The VA loan program guarantees mortgages for owner-occupied homes, including condos and mobile homes, meeting VA standards.

VA Loan Funding Fee

A percentage of the loan amount paid at closing, reducing loan costs to taxpayers; the fee varies by loan type and veteran status.

VA Loan Default

In case of default, the borrower is responsible for the resulting loss incurred by foreclosure.

VA Loan Financing

Funding fees can be financed, as long as the loan amount remains within the maximum authorized by VA.

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VA Loan Down Payment

VA loans typically require no down payment.