Finance
A VA loan benefit available to eligible Wyoming veterans includes:
ANo down payment required and no private mortgage insurance✓ Correct
BGuaranteed below-market interest rates set by the VA
CNo closing costs of any kind
DThe ability to buy any property regardless of condition
Explanation
VA loans offer eligible veterans the ability to purchase a home with no down payment and no private mortgage insurance (PMI). The VA does not set interest rates (lenders set them) and there are still closing costs, though some are limited by VA guidelines.
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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.
Closing CostsFees 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.
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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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