A VA loan benefit available to eligible South Dakota veterans includes:
Correct Answer
A) No down payment requirement
VA loans offer eligible veterans the benefit of purchasing a home with no down payment (100% financing). While the VA guarantees a portion of the loan, it does not set interest rates or eliminate all closing costs. A VA funding fee typically applies.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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