Escrow & Title
A Tennessee buyer who is purchasing a property using a VA loan should know that VA loans:
AAlways require the buyer to pay for title insurance
BRestrict allowable buyer-paid closing costs, with the seller often paying non-allowable charges✓ Correct
CCannot be used to purchase existing homes, only new construction
DDo not require a property appraisal
Explanation
VA loans have specific restrictions on closing costs that veterans can pay. Certain fees (like loan origination fees, real estate commissions, etc.
Related Tennessee Escrow & Title Questions
- In Tennessee, a 'purchase money deed of trust' is one that is used to:
- An 'affidavit of heirship' in Tennessee is used when:
- Title insurance is unique among insurance products because it protects against:
- In Tennessee, which document is used to release a deed of trust lien after the mortgage is paid in full?
- An 'ALTA' title insurance policy provides broader coverage than a standard policy because it includes coverage for:
- In Tennessee, which of the following would be covered by a standard owner's title insurance policy?
- In Tennessee, the duty to disclose the existence of a 'Notice of Commencement' affects buyers because it:
- A closing statement's proration of property taxes assumes that taxes are paid:
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