Section 8 (Part II)
You have a client who wants to obtain a VA loan. You refer them to ______.
A VA-approved lender
Jamal is active military. His cousin, Piper, is in the National Guard. If they both qualify for a VA loan ______.
Both Jamal and Piper will pay the same funding fee if all other factors are the same. The Blue Water Navy Vietnam Veterans Act enacted in 2020 eliminated differences for borrowers who are veterans versus those who are members of the Reserve or National Guard, so if all other factors are the same, their loan funding fees would be the same.
A VA loan program that allows a veteran to refinance at a lower rate and receive cash proceeds to fund other investments or purchases is ______.
Cash Out Refinance
Which of the following VA programs requires a credit check, new appraisal, and income verification?
Cash Out Refinance
Which of the following tells the lender how much entitlement the veteran has available under the VA loan program?
Certificate of eligibility
Fatima is using a VA loan to purchase a home from Sue. Sue agrees to pay Fatima's closing costs. Which of the following statements is true?
Closing costs aren't considered a seller concession.
Which of the following statements is true regarding closing costs on a VA loan?
Payment of closing costs may be negotiated.
When a veteran assumes a VA loan, the ______ agreement can restore the original buyer's level of entitlement as if the loan were repaid in full.
Substitution of entitlement
A borrower who has received a certificate of eligibility will qualify for a VA loan under which of the following circumstances?
The borrower also has sufficient credit and income.
For which of the following programs are veterans not required to submit a COE, get a new appraisal, or verify income?
Interest Rate Reduction Refinance
What is the interest rate on a VA loan?
It varies by lender
Which of the following statements is true about the VA's Native American Direct Loan program?
Veterans who use this program must live on federal trust land.