VA Loans and the Consumer

The Ropers are purchasing a home using VA financing. The sales price of the home is $210,000. The CRV comes in at $215,000. On what number will the VA's loan guarantee be based?

$210,000, the sales price

The basic VA entitlement is ____________ but if the home's value is higher than $144,000, a secondary entitlement kicks in.

$36,000

Applicants for a VA loan must have a certificate of eligibility.

It will include a dollar amount.

Your buyer, Chet, is a veteran trying to buy a house, but the certificate of reasonable value came in $10,000 lower than the agreed-upon sales price. What can Chet do?

Negotiate with the seller

What percentage of closing costs can be included in a VA loan?

None

Chanel is buying a brand new home with a VA loan. She's obtained a certificate of reasonable value. For how long is that CRV valid?

One year

Only honorably discharged veterans are eligible for VA loans, as well as

active duty, Reserves, National Guard members, surviving spouses, and some other government employees.

Closing costs _______________ , but the borrower may negotiate with the seller to pay these.

may not be included in the loan