FinancingGovernment_backed_loansHARD
A loan officer is explaining VA loan benefits to a veteran. All of the following are benefits of a VA loan EXCEPT.
Correct Answer
B) VA loans are exempt from all property appraisal requirements
VA loans are not exempt from appraisal requirements. The VA requires a property appraisal to ensure the home meets minimum property requirements (MPRs) and that the value supports the loan amount.
Answer Options
A
No private mortgage insurance (PMI) requirementB
VA loans are exempt from all property appraisal requirementsC
No down payment required for eligible borrowersD
Competitive interest rates compared to conventional loansWhy This Is the Correct Answer
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VA_loanbenefitsappraisalreverse_questionfinancing
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