Finance
What is a VA loan and who is eligible in Nevada?
AA loan for Nevada veterans from the state of Nevada only
BA federally guaranteed home loan available to eligible veterans, active-duty military, and surviving spouses with no down payment required✓ Correct
CA loan guaranteed by the Veterans of Foreign Wars organization
DA low-interest loan for any Nevada resident who served in any capacity
Explanation
VA loans are guaranteed by the U.S.
People Also Study
Related Nevada Questions
- A Nevada buyer makes a 10% down payment on a $390,000 home. The lender requires the buyer to pay PMI at 0.5% of the original loan balance annually. What is the monthly PMI cost?Real Estate Math
- A Nevada investor buys a rental property for $400,000 with a 25% down payment. What is the down payment amount and the loan amount?Real Estate Math
- A Nevada lender offers a 30-year fixed mortgage at 7% on a $400,000 loan. Approximately what is the monthly principal and interest payment?Real Estate Math
- A buyer in Nevada gets a 30-year mortgage at 7% interest on a $320,000 loan. The monthly payment is approximately $2,129. How much interest is paid in the first month?Real Estate Math
- A VA loan is available to eligible veterans and offers:Finance
- A Nevada home buyer obtains a 30-year fixed mortgage at 7% for $400,000. What is the approximate monthly principal and interest payment?Finance
- A Nevada borrower with a 30-year fixed loan at 6.5% on $250,000 wants to know the approximate monthly payment. Using the factor of $6.32 per $1,000, what is the monthly P&I payment?Finance
- Which loan type guarantees a portion of the loan, allowing lenders to make loans with lower down payments to qualified buyers?Finance
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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.
Math Concepts
Study This Topic
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →