Finance
A Washington buyer uses a VA loan to purchase a home. Which of the following is TRUE about VA loan requirements?
AThe veteran must make a minimum 3.5% down payment
BThere is no required down payment for eligible veterans✓ Correct
CPMI is required for VA loans with less than 20% down
DVA loans require a minimum 680 credit score by federal law
Explanation
VA loans are a benefit for eligible veterans that allows 0% down payment with no private mortgage insurance (PMI) requirement. Instead, VA loans charge a funding fee.
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