Finance
A NH buyer uses a VA loan to purchase a home. Which of the following is true about VA loans?
AVA loans require a minimum 5% down payment
BVA loans do not require private mortgage insurance (PMI)✓ Correct
CVA loans are only available for first-time homebuyers
DVA loans have a maximum loan amount of $200,000
Explanation
VA loans, guaranteed by the U.S. Department of Veterans Affairs, typically require no down payment and do not require PMI (private mortgage insurance). Instead, borrowers pay a one-time funding fee, which can be financed into the loan. VA loans are available to eligible veterans and service members.
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