Finance
In Alaska, a 'VA loan' is available to qualified veterans and allows:
AOnly first-time homebuyers to use the benefit once
BMultiple uses of the VA guarantee, with 100% financing and no PMI for eligible veterans✓ Correct
CAny resident of Alaska who served in any branch of service
DFinancing for investment properties
Explanation
VA loans offer significant benefits: no down payment required (100% financing), no private mortgage insurance, competitive interest rates, and the benefit can be used multiple times. Eligibility is based on length and character of military service, and the property must be the veteran's primary residence.
Related Alaska Finance Questions
- Which federal law requires lenders to provide borrowers with a Loan Estimate within three business days of receiving a loan application?
- Which of the following is a characteristic of a 'jumbo loan' in Alaska?
- A VA loan in Alaska is guaranteed by:
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- Which federal law prohibits lenders from requiring a borrower to use a specific title company or settlement service provider as a condition of the loan?
- The Truth-in-Lending Act (TILA) requires lenders to disclose the:
- A buyer in Anchorage purchases a home for $450,000 with a 20% down payment. What is the loan amount?
- What does 'assumption of mortgage' mean in an Alaska real estate transaction?
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