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</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

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