Finance
A Washington seller who accepts a buyer's VA loan offer should know that VA loans:
ARequire the seller to pay all closing costs
BHave no appraisal requirement
CMay require the property to meet VA Minimum Property Requirements (MPRs)✓ Correct
DAre only available for new construction
Explanation
VA loans require the property to meet VA Minimum Property Requirements (MPRs) to ensure the property is safe, sound, and sanitary for the veteran borrower. This may require the seller to make repairs before closing.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
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.
Math Concepts
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