Finance
An Iowa buyer purchases a home with a VA loan. Which statement is TRUE about VA loans?
AA down payment of at least 5% is always required
BThe VA guarantees a portion of the loan, allowing qualified veterans to purchase with no down payment✓ Correct
CVA loans require private mortgage insurance
DVA loans are only available for new construction
Explanation
VA loans are guaranteed by the U.S. Department of Veterans Affairs, allowing eligible veterans and service members to purchase a home with no down payment. VA loans do not require PMI.
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