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Module 2 – VA Home Loans
Generally, Veterans do not utilize the VA Home Loan program because? (Choose all that apply)
Veterans lack of knowledge of the benefit
They perceive it to be complicated
Veterans are honored to pay more money for their mortgage
The VA Guaranty Home Loan requires what percentage down payment?
A Veteran buyer could afford a home worth $30,000 more with the same monthly payment, by simply?
Utilizing the VA Home Loan - which does not require mortgage insurance
Not making a down payment
Selecting the correct realtor
At a 6% rate, how much more commission would be earned given the scenario above?
VA Home Loan rates are generally how much lower than conventional rates?
Another reason why Veterans have greater purchasing power, and thus increased commissions for the realtor is?
Because they are more assertive
Because the VA Home Loan rate is lower than conventional mortgages
Once a Veteran has been deemed eligible for the VA Home Loan, when does the benefit expire?
In 20 years
After first purchase
VA guidelines state a minimum FICO credit score of 650 to qualify.
Jenny was the wife of a service member who died in action. Can you advise Jenny that she can purchase a home with zero down payment and no mortgage insurance?
Yes, only if she has not re-married
Fred, a Navy Veteran, has always liked rural living. You have found him a farm residence that he would like to live in that fits his budget. Can he utilize the VA Home Loan to purchase the farm residence?
Yes, as long as he doesn't operate the farm as a business
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