VA loans offer which unique benefit to eligible veterans?
Correct Answer
B) No down payment requirement
VA loans allow eligible veterans to purchase homes with no down payment. While VA loans typically have competitive interest rates, they don't guarantee lower rates than all other loans. VA loans still have closing costs and require VA appraisals.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
The loan-to-value ratio (LTV) is the percentage of a property's appraised value or purchase price (whichever is lower) that is being financed through a mortgage. LTV = Loan Amount / Property Value.
A comparison of the major mortgage loan types—conventional, FHA, VA, and USDA—covering their eligibility requirements, down payment amounts, mortgage insurance rules, and best use cases.
More Financing Questions
Which Hawaii rule controls when a lender intends to use power of sale foreclosure on residential property?
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Wisconsin recording fees are paid to the:
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