Finance
A VA loan benefit available to qualifying veterans purchasing a home in New Mexico includes:
ANo down payment requirement for eligible veterans✓ Correct
BNo income qualification required
CNo property appraisal required
DAutomatic approval for any loan amount
Explanation
A key benefit of VA-guaranteed home loans is that qualifying veterans may purchase a home with no down payment, subject to the VA loan limit and lender guidelines.
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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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
Math Concepts
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