Finance
What is a 'VA loan' and who qualifies in Idaho?
AA loan from the Veterans Administration directly
BA mortgage guaranteed by the Department of Veterans Affairs, available to eligible veterans, active duty service members, and surviving spouses, with no down payment requirement✓ Correct
CA loan available to all Idaho government employees
DA subsidized loan for Idaho agricultural workers
Explanation
VA loans are guaranteed by the Department of Veterans Affairs and originated by VA-approved private lenders. Eligible borrowers include veterans, active duty service members, National Guard/Reserve members with qualifying service, and surviving spouses.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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