Finance
A VA loan in North Carolina is available to eligible veterans and offers:
AA maximum loan of $100,000
BNo down payment requirement and no PMI✓ Correct
CBelow-market interest rates set by the NCREC
DGovernment-paid closing costs
Explanation
VA loans allow eligible veterans to purchase homes with no down payment and no private mortgage insurance (PMI), though a VA funding fee typically applies.
Related North Carolina Finance Questions
- Under TRID rules, within how many business days must a lender provide a Loan Estimate after receiving a complete loan application?
- Which federal law requires lenders to provide a Loan Estimate within three business days of receiving a mortgage application?
- The 'primary mortgage market' in NC consists of:
- Which of the following loan features was specifically targeted by the Dodd-Frank Act's 'Ability to Repay' rule?
- Under the NC Foreclosure Prevention Act, lenders must provide a Notice of Pre-Foreclosure Options to borrowers in default at least how many days before filing for foreclosure?
- A NC 'swing loan' (bridge loan) is used when a buyer needs to purchase before their current home sells. The risk of this financing strategy is:
- Which statement about the Closing Disclosure is TRUE?
- An adjustable-rate mortgage (ARM) in North Carolina typically has an initial rate that is:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →