Finance
A Florida home buyer is using a VA-guaranteed loan. Which of the following statements about VA loans is correct?
AVA loans require a minimum 10% down payment
BVA loans do not require private mortgage insurance (PMI) regardless of the down payment✓ Correct
CVA loans are only available for first-time homebuyers
DVA loans require the property to be a new construction
Explanation
VA-guaranteed loans do not require a down payment and do NOT require private mortgage insurance (PMI). Instead, VA loans have a funding fee (a one-time upfront fee).
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