Finance
A Wyoming buyer is approved for a VA loan with no down payment. Which of the following is a VA loan benefit?
ANo funding fee required
BNo private mortgage insurance (PMI) requirement even with 0% down✓ Correct
CNo property appraisal required
DUnlimited loan amounts with no restrictions
Explanation
A major benefit of VA loans is the absence of PMI regardless of down payment. VA does charge a funding fee (which can be financed), but there is no monthly PMI requirement.
Related Wyoming Finance Questions
- A Wyoming commercial loan for an office building in Cheyenne would most likely be structured as:
- A Wyoming buyer's FHA loan requires an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount. On a $250,000 loan, what is the UFMIP?
- A Wyoming buyer uses a bridge loan to purchase a new home before selling their existing home. A bridge loan is:
- A Wyoming borrower who is 90 days late on their mortgage payment has likely received:
- A Wyoming VA loan's 'funding fee' is:
- In Wyoming, 'seller concessions' in a real estate transaction refer to:
- The Homeowners Protection Act (PMI Cancellation Act) requires lenders to:
- A Wyoming property's loan-to-value (LTV) ratio is 75%. The property is appraised at $360,000. What is the loan amount?
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →