Finance
In New York, a 'VA loan' is available to:
AAny first-time homebuyer who qualifies
BVeterans, active-duty service members, and eligible surviving spouses, guaranteed by the U.S. Department of Veterans Affairs✓ Correct
COnly buyers who purchase in federally designated underserved areas
DGovernment employees and teachers in New York
Explanation
VA loans are backed by the U.S.
People Also Study
Related New York Questions
- Which loan type is guaranteed by the U.S. Department of Veterans Affairs and requires no down payment for eligible veterans?Finance
- A New York investor purchases a property for $2,000,000 with a 30% down payment. The loan is at 6.5% annual interest, interest only. What is the monthly interest payment on the loan?Real Estate Math
- In New York, the federal 'conforming loan limit' is important because loans above this amount:Finance
- In New York, the 'VA loan guarantee' entitles eligible veterans to:Finance
- In New York, a lender who charges a borrower an interest rate above a certain threshold on a home loan may be issuing a 'high-cost mortgage' subject to additional protections under:Finance
- A 30-year fixed-rate mortgage in New York has a principal of $500,000 at 7% annual interest. Using a factor of $6.65 per $1,000 borrowed (approximate monthly payment factor for 7%, 30-year loan), what is the approximate monthly PITI before taxes and insurance?Real Estate Math
- A New York City co-op apartment is listed for $850,000. The buyer pays a 10% down payment. What is the share loan amount?Real Estate Math
- In New York, 'closing costs' typically borne by the buyer in a residential transaction include which of the following?Contracts
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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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
Study This Topic
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →