Finance
A VA loan in Oklahoma provides which benefit that makes homeownership more accessible for eligible veterans?
ANo down payment required and no private mortgage insurance✓ Correct
BA 50% reduction in property taxes permanently
CBelow-market interest rates set by the VA
DFree title insurance on all VA transactions
Explanation
VA loans allow eligible veterans to purchase homes with no down payment and do not require private mortgage insurance (PMI). While VA funding fees apply, the elimination of a down payment and PMI are major financial benefits.
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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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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
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