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VA Mortgage Loan Eligibility Quiz

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Questions and Answers

What document demonstrates a veteran's eligibility for a VA mortgage loan?

Loan application form

Credit score report

Certificate of eligibility (correct)

Employment verification letter

What is the maximum entitlement amount a veteran can have under the current VA mortgage loan program?

$125,000

$80,000

$60,000

$106,025 (correct)

How often can a veteran use the VA entitlement for a mortgage loan?

Only if a new loan is taken out

Multiple times after repayment of a prior loan (correct)

Only once per lifetime

Only if they switch to another lender

Which of the following is NOT related to VA mortgage loan eligibility?

Current employment status Signup and view all the answers

What happens to a veteran's entitlement if they allow another qualified veteran to assume their existing VA loan?

It can be reused by the assuming veteran Signup and view all the answers

What is the minimum service requirement for a veteran to qualify for a VA loan during peacetime?

181 days Signup and view all the answers

Which condition allows a surviving spouse to be eligible for VA loan benefits?

Veteran was killed in action Signup and view all the answers

How long must a veteran serve during a military conflict to qualify for a VA loan?

90 days Signup and view all the answers

Which of the following qualifies a veteran for VA loan benefits automatically?

Disability discharge Signup and view all the answers

What was the service requirement for VA loan eligibility during the Gulf War that has not been reinstated?