Finance
In Rhode Island, which entity guarantees VA loans made to eligible veterans?
AThe Federal Housing Administration (FHA)
BThe U.S. Department of Veterans Affairs (VA)✓ Correct
CFannie Mae
DThe Rhode Island Housing and Mortgage Finance Corporation
Explanation
VA loans are guaranteed by the U.S.
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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.
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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
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