Finance
A Maine buyer is purchasing a home using a VA loan. VA loans are available to:
AAll veterans regardless of service length
BEligible veterans, active duty service members, and surviving spouses meeting service requirements✓ Correct
COnly disabled veterans
DVeterans with less than 20 years of service
Explanation
VA loans are available to eligible veterans, active duty service members, National Guard members, and surviving spouses who meet service requirements established by the Department of Veterans Affairs.
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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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
State-Specific Concepts
Continuing Education
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