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Understanding VA loans final test 2024 OK

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  1. Question 1 of 50
    1. Question
    1. Veterans are eligible for a VA-guaranteed loan if they have served at least:

    Correct
    Incorrect
  2. Question 2 of 50
    2. Question
    1. Veterans are eligible for a VA-guaranteed loan if they have served al least:

    Correct
    Incorrect
  3. Question 3 of 50
    3. Question
    1. Active duty service members are eligible:

    Correct
    Incorrect
  4. Question 4 of 50
    4. Question
    1. ย  For active duty service members

    Correct
    Incorrect
  5. Question 5 of 50
    5. Question
    1. Members of the Reserves or National Guard are eligible for a VA-guaranteed loan:

    Correct
    Incorrect
  6. Question 6 of 50
    6. Question
    1. An unmarried surviving spouse of an eligible person who died as a result of service or service-connected injuries may also may also be eligible for a VA-guaranteedย  loan:

    Correct
    Incorrect
  7. Question 7 of 50
    7. Question
    1. An unmarried surviving spouse of an eligible person is eligible for a VA-guaranteed Joan:

    Correct
    Incorrect
  8. Question 8 of 50
    8. Question
    1. Maximum loan entitlement available to any veteran for loans up to $144,000 is:

    Correct
    Incorrect
  9. Question 9 of 50
    9. Question
    1. Maximum loan entitlement available to any veteran for loans in excess of $144,000 is:

    Correct
    Incorrect
  10. Question 10 of 50
    10. Question
    1. For Energy-Efficient Mortgages, the portion of the loan attributable to the energy-efficiency improvements will be guaranteed:

    Correct
    Incorrect
  11. Question 11 of 50
    11. Question

    11. Previously used entitlement may be restored if:

    Correct
    Incorrect
  12. Question 12 of 50
    12. Question
    1. If a veteran has repaid his or her loan in full, but has not disposed of the property securing the loan, the veteran’s entitlement may be restored to purchase a different property:

    Correct
    Incorrect
  13. Question 13 of 50
    13. Question
    1. A veteran is personally liable for the repayment of the loan unless he or she:

    Correct
    Incorrect
  14. Question 14 of 50
    14. Question
    1. Veterans must certify that they intend to occupy the property as their primary residence within a “reasonable time,” which means:

    Correct
    Incorrect
  15. Question 15 of 50
    15. Question
    1. In the case of an active duty service member, occupancy by the spouse is acceptable under the following
      requirements:

    Correct
    Incorrect
  16. Question 16 of 50
    16. Question
    1. When veterans state they will retire within twelve months and are planning to buy a home in the retirement location:

    Correct
    Incorrect
  17. Question 17 of 50
    17. Question

    1 7.ย ย ย ย ย  Veterans are required to pay aย  fee for all VA-guaranteedย  loans:

    Correct
    Incorrect
  18. Question 18 of 50
    18. Question
    1. The fee required to be paid by veterans is known as a:

    Correct
    Incorrect
  19. Question 19 of 50
    19. Question
    1. For active duty or veterans the amount of this fee on a 0% down purchase transaction and Regular Refinance is:

    Correct
    Incorrect
  20. Question 20 of 50
    20. Question

    20.ย  For active duty or veterans and National Guard, the amount of this fee on a 5% down purchase transaction and Regular Refinance is:

    Correct
    Incorrect
  21. Question 21 of 50
    21. Question
    1. For both active duty, veterans, and National Guard/Reservists, the amount of this fee on an Interest Rate Reduction Refinance transaction is:

    Correct
    Incorrect
  22. Question 22 of 50
    22. Question

    22. For active duty, veterans, and National Guard/Reservists, using their entitlement for a second or subsequent use, the amount of this fee for a 0%, down purchase transaction and a Regular Refinance transactionย  is:

    Correct
    Incorrect
  23. Question 23 of 50
    23. Question
    1. In the case of a “joint” Joan involving a veteran and a non-veteran who is not the veteran’s spouse:

    Correct
    Incorrect
  24. Question 24 of 50
    24. Question
    1. In order for VA lo guarantee the entire Joan in a “joint” situation:

    Correct
    Incorrect
  25. Question 25 of 50
    25. Question
    1. All sales contracts for a VA purchase:

    Correct
    Incorrect
  26. Question 26 of 50
    26. Question
    1. A Lender may charge and a Veteran may pay a flat charge not exceeding 1% percent of the loan amount for fees including:

    Correct
    Incorrect
  27. Question 27 of 50
    27. Question
    1. The property seller is permitted to pay seller concessions over and above closing costs and discount points in an amount not to exceed:

    Correct
    Incorrect
  28. Question 28 of 50
    28. Question

     

    1. VA qualifies the veteran based on:

    Correct
    Incorrect
  29. Question 29 of 50
    29. Question
    1. What is the one monthly obligation that must be included in liabilities for qualifying that is not considered on a conventional or FHA loan?

    Correct
    Incorrect
  30. Question 30 of 50
    30. Question
    1. VA does not use a front ration to qualify the veteran, only a back ratio. This back ratio is:

    Correct
    Incorrect
  31. Question 31 of 50
    31. Question

    3 l.ย ย ย ย ย ย  On a VA loan, installment debts must be counted for qualifying purposes if:

    Correct
    Incorrect
  32. Question 32 of 50
    32. Question
    1. If the debt-to-income ratio is greater than 41 % the underwriter may approve the loan if:

    Correct
    Incorrect
  33. Question 33 of 50
    33. Question
    1. On a VA loan, pension or retirement income is acceptable of it can be documented that it will continue for at least:

    Correct
    Incorrect
  34. Question 34 of 50
    34. Question

    34.ย  If the duration of the military allowance for flight pay cannot be determined:

    Correct
    Incorrect
  35. Question 35 of 50
    35. Question
    1. If the veteran intends to occupy one unit of a multi-unit properly and rent out the other units:

    Correct
    Incorrect
  36. Question 36 of 50
    36. Question
    1. If the veteran intends to occupy one unit of a multi-unit properly and rent out the other units:

    Correct
    Incorrect
  37. Question 37 of 50
    37. Question
    1. VA permits non-taxable income to be grossed-up using a gross-up factor of:

    Correct
    Incorrect
  38. Question 38 of 50
    38. Question
    1. A veteran who has had a Chapter 7 bankruptcy is eligible for a YA-guaranteed loan if:

    Correct
    Incorrect
  39. Question 39 of 50
    39. Question
    1. A Chapter 13 bankruptcy on which the veteran is still paying is acceptable if paid into at least:

    Correct
    Incorrect
  40. Question 40 of 50
    40. Question
    1. Loan applications for veterans participating in Consumer Credit Counseling will be handled the same as:

    Correct
    Incorrect
  41. Question 41 of 50
    41. Question
    1. Veteranโ€™s who serve in the military and are honorably discharged receive a documentย  that grants themย  eligibility for loan guaranty called:

    Correct
    Incorrect
  42. Question 42 of 50
    42. Question
    1. When veterans are honorably discharged they receive a certificate of release or discharge
      referredย  to as a:

    Correct
    Incorrect
  43. Question 43 of 50
    43. Question
    1. Veterans who are receiving disability benefits are exempt from paying a:

    Correct
    Incorrect
  44. Question 44 of 50
    44. Question
    1. The maximum loan-to-value for VA cash-out refinance transactions is:

    Correct
    Incorrect
  45. Question 45 of 50
    45. Question
    1. When refinancing on an Interest Rate Reduction Refinance transaction:

    Correct
    Incorrect
  46. Question 46 of 50
    46. Question
    1. The maximum VA guaranty on a Regular No Cash-Out or Cash-Out Refinance is:

    Correct
    Incorrect
  47. Question 47 of 50
    47. Question
    1. lf the veteran has an existing VA Joan and wants to refinance to lower the interest rate and monthly payment, the
      refinance program is referred to as a:

    Correct
    Incorrect
  48. Question 48 of 50
    48. Question
    1. The maximum VA guarantee on this type of refinance transaction

    Correct
    Incorrect
  49. Question 49 of 50
    49. Question
    1. When refinancing an Interest Rate Reduction Refinance transaction from an ARM to a fixed-ยท
      rate loan, no credit qualifying is required unless:

    Correct
    Incorrect
  50. Question 50 of 50
    50. Question
    1. When refinancing an existing VA loan lo lower the interest rate and monthly payment, which of the following
      disclosures arc applicable?

    Correct
    Incorrect
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