VA Loan Program Overview
5 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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</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</p> Signup and view all the answers

    More Like This

    12. VA Guaranteed Loans M/C
    10 questions
    12. VA Guaranteed Loans T/F
    10 questions
    VA Loans and Mortgage Types Quiz
    18 questions
    VA Loans Chapter 5 Flashcards
    25 questions
    Use Quizgecko on...
    Browser
    Browser