Finance
Which of the following is a characteristic of a VA loan available to eligible Michigan veterans?
ARequires a minimum 10% down payment
BNo down payment required and no private mortgage insurance✓ Correct
CLimited to primary residences over $500,000
DMust be refinanced after 5 years
Explanation
VA loans guaranteed by the Department of Veterans Affairs require no down payment and no private mortgage insurance, making them a significant benefit for eligible veterans and service members.
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