Finance
A Michigan VA loan benefit for eligible veterans includes:
ANo down payment requirement and no private mortgage insurance✓ Correct
BA fixed interest rate cap of 4%
CAutomatic approval regardless of credit score
DForgiveness of 10% of the loan balance after 10 years
Explanation
VA loans offer eligible veterans, active duty service members, and surviving spouses a zero down payment option and no private mortgage insurance (PMI), making homeownership more accessible.
Related Michigan Finance Questions
- In Michigan, a 'construction loan' differs from a permanent mortgage because it:
- The loan-to-value (LTV) ratio is calculated as:
- In Michigan, lenders must provide borrowers with the Loan Estimate (LE) within 3 business days of receiving which 6 pieces of information that trigger a TRID application?
- An amortized loan in Michigan is one in which:
- Michigan's homestead exemption primarily protects homeowners from:
- A Michigan buyer uses an FHA loan with a 3.5% down payment. If the home purchase price is $200,000, what is the down payment?
- After a Michigan foreclosure sale (by advertisement), the borrower's right of redemption lasts:
- Discount points paid on a Michigan mortgage loan are used to:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →