Finance
A Nebraska buyer who wants to purchase a home using a VA loan must first obtain a:
ACertificate of Eligibility (COE) from the Department of Veterans Affairs✓ Correct
BPre-approval letter from the Nebraska VA office
CLetter of credit from their bank
DSpecial NREC approval for VA purchase transactions
Explanation
Before using a VA loan, eligible veterans must obtain a Certificate of Eligibility (COE) from the VA proving their military service qualifies them for the benefit. Lenders can often obtain the COE electronically.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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