Finance
A Florida homebuyer is applying for a VA loan. VA loans are guaranteed by the:
AFederal Housing Administration
BU.S. Department of Veterans Affairs✓ Correct
CFannie Mae secondary market
DFlorida Housing Finance Corporation
Explanation
VA loans are guaranteed by the U.S. Department of Veterans Affairs. This guarantee allows qualified veterans, active-duty service members, and eligible surviving spouses to obtain home loans with no down payment requirement and no PMI.
Related Florida Finance Questions
- A Florida mortgage that allows the borrower to pay interest only for an initial period, then requires full amortization, is called a(n):
- A Florida lender who charges more than the legal maximum interest rate is guilty of:
- The 'Community Reinvestment Act (CRA)' requires federally regulated financial institutions to:
- The 'loan-to-value' (LTV) ratio is calculated as:
- What is the purpose of FIRPTA (Foreign Investment in Real Property Tax Act) in Florida real estate transactions?
- Florida is known for its heavy use of title insurance in real estate closings. Title insurance in Florida typically includes all of the following EXCEPT:
- Under RESPA, a lender must provide a borrower with a Loan Estimate within how many business days of receiving a completed loan application?
- In Florida, what is 'seller financing' or 'owner financing'?
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →