Finance
An Alaska veteran purchases a home using a VA loan. Which statement about VA loans is correct?
AThe veteran must make a minimum 3.5% down payment
BNo down payment is required and there is no PMI✓ Correct
CVA loans require mortgage insurance for the life of the loan
DVA loans are limited to first-time homebuyers
Explanation
VA loans, available to eligible veterans, active-duty service members, and surviving spouses, typically require no down payment. They also do not require Private Mortgage Insurance (PMI). A VA funding fee is charged instead, which can be financed into the loan. There is no first-time homebuyer restriction.
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