Finance
The Oklahoma Veterans Land Board (VLB) provides programs for Oklahoma veterans to:
AExclusively purchase commercial real estate at discounted rates
BPurchase residential real estate and land through veteran-specific financing programs✓ Correct
CReceive cash grants for all housing purchases
DPurchase only properties in rural areas
Explanation
The Oklahoma Veterans Land Board administers housing and land loan programs for Oklahoma veterans, providing below-market rate financing to help veterans purchase residential real estate and land throughout the state.
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Key Terms to Know
Amortization
The 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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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.
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