The VA appraisal result, historically called a Certificate of Reasonable Value and now called a Notice of Value, is issued under the authority of:
Correct Answer
B) Department of Veterans Affairs (VA)
The Notice of Value is the VA's own statement of the reasonable value of the property and of any conditions the property must meet before the loan can be guaranteed. It comes out of the VA home loan guaranty program, either from a VA regional loan center or from a lender's staff appraisal reviewer acting under VA delegation. If the price exceeds the value on the notice, the veteran must pay the difference in cash or renegotiate, because the guaranty is measured against the VA figure.
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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.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
More Financing Questions
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