Finance
A VA loan in Colorado is available to eligible veterans and offers which key benefit?
ANo down payment required and no private mortgage insurance✓ Correct
BBelow-market interest rates guaranteed by the VA
CNo loan limits of any kind
DElimination of all closing costs
Explanation
VA loans allow eligible veterans and service members to purchase homes with no down payment and without requiring private mortgage insurance (PMI). A VA funding fee is charged instead, though some veterans are exempt.
Related Colorado Finance Questions
- Under RESPA, a lender may not pay referral fees to settlement service providers. This prohibition is found in which section?
- A property in Colorado sells for $420,000. The buyer makes a 20% down payment and obtains a conventional mortgage. What is the loan amount?
- What does 'amortization' mean in the context of a Colorado mortgage?
- A Colorado property's 'loan-to-value ratio' of 75% means:
- What is the debt-to-income (DTI) ratio that most conventional lenders prefer to not exceed for a borrower's total monthly debt?
- What is the primary purpose of private mortgage insurance (PMI) on a conventional loan?
- Colorado's foreclosure process under a deed of trust is primarily:
- In Colorado, a 'participation mortgage' allows the lender to:
Practice More Colorado Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →