Finance
A Nebraska VA-eligible veteran wants to purchase a second home using VA loan benefits. The veteran:
ACannot use VA benefits for a second home
BCan use remaining VA entitlement if first loan is current
CCan only use VA for primary residences
DBoth A and C✓ Correct
Explanation
VA loans are for primary residences only — they cannot be used for second homes, investment properties, or vacation homes. VA entitlement is specifically limited to owner-occupied primary residences.
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Key Terms to Know
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.
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.
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