Finance
Virginia's Hampton Roads region has the highest concentration of active-duty military in Virginia. Which loan type is most commonly used by service members purchasing homes in the area?
AUSDA loans
BVA loans✓ Correct
CFHA loans
DConventional loans with 20% down
Explanation
VA loans are extremely popular in Hampton Roads due to the large active-duty military population at Naval Station Norfolk, Langley AFB, and other installations. VA loans offer no-down-payment financing for eligible service members.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
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.
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