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P3-9

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Question 1 of 12

1. Question

VA-guaranteed loans provide what level of financing for eligible veterans?

A) 80% financing
Correct Incorrect Correct answer

B) 90% financing
Correct Incorrect Correct answer

C) 95% financing
Correct Incorrect Correct answer

D) 100% financing
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 12

2. Question

What portion of a VA loan is guaranteed by the Department of Veterans Affairs?

A) 10%
Correct Incorrect Correct answer

B) 20%
Correct Incorrect Correct answer

C) 25%
Correct Incorrect Correct answer

D) 30%
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 12

3. Question

What VA Funding Fee applies to a first-time VA loan borrower using 100% financing?

A) 1.25%
Correct Incorrect Correct answer

B) 1.75%
Correct Incorrect Correct answer

C) 2.15%
Correct Incorrect Correct answer

D) 3.00%
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 12

4. Question

Which veteran is exempt from paying the VA Funding Fee?

A) A veteran purchasing a condominium
Correct Incorrect Correct answer

B) A veteran receiving military disability
Correct Incorrect Correct answer

C) A veteran purchasing over $1 million
Correct Incorrect Correct answer

D) A first-time VA borrower
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 12

5. Question

When is the VA Funding Fee reduced?

A) When the loan exceeds $1 million
Correct Incorrect Correct answer

B) On second-time use
Correct Incorrect Correct answer

C) When the veteran puts down 5% or more
Correct Incorrect Correct answer

D) When the loan term is shortened
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 12

6. Question

What change resulted from the Blue Water Navy Vietnam Act of 2019?

A) Funding fees were eliminated
Correct Incorrect Correct answer

B) Only reservists pay the funding fee
Correct Incorrect Correct answer

C) All military types pay the same fee
Correct Incorrect Correct answer

D) Funding fees increased for National Guard
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 12

7. Question

VA-guaranteed loans provide what level of financing for eligible veterans?

A) 80% financing
Correct Incorrect Correct answer

B) 90% financing
Correct Incorrect Correct answer

C) 95% financing
Correct Incorrect Correct answer

D) 100% financing
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 12

8. Question

What portion of a VA loan is guaranteed by the Department of Veterans Affairs?

A) 10%
Correct Incorrect Correct answer

B) 20%
Correct Incorrect Correct answer

C) 25%
Correct Incorrect Correct answer

D) 30%
Correct Incorrect Correct answer

Correct

Incorrect
Question 9 of 12

9. Question

What VA Funding Fee applies to a first-time VA loan borrower using 100% financing?

A) 1.25%
Correct Incorrect Correct answer

B) 1.75%
Correct Incorrect Correct answer

C) 2.15%
Correct Incorrect Correct answer

D) 3.00%
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 12

10. Question

Which veteran is exempt from paying the VA Funding Fee?

A) A veteran purchasing a condominium
Correct Incorrect Correct answer

B) A veteran receiving military disability
Correct Incorrect Correct answer

C) A veteran purchasing over $1 million
Correct Incorrect Correct answer

D) A first-time VA borrower
Correct Incorrect Correct answer

Correct

Incorrect
Question 11 of 12

11. Question

When is the VA Funding Fee reduced?

A) When the loan exceeds $1 million
Correct Incorrect Correct answer

B) On second-time use
Correct Incorrect Correct answer

C) When the veteran puts down 5% or more
Correct Incorrect Correct answer

D) When the loan term is shortened
Correct Incorrect Correct answer

Correct

Incorrect
Question 12 of 12

12. Question

What change resulted from the Blue Water Navy Vietnam Act of 2019?

A) Funding fees were eliminated
Correct Incorrect Correct answer

B) Only reservists pay the funding fee
Correct Incorrect Correct answer

C) All military types pay the same fee
Correct Incorrect Correct answer

D) Funding fees increased for National Guard
Correct Incorrect Correct answer

Correct

Incorrect

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