Understanding VA loans final test 2024 OK

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

2. Veterans are eligible for a VA-guaranteed loan if they have served al least:

3. Active duty service members are eligible:

4.   For active duty service members

5. Members of the Reserves or National Guard are eligible for a VA-guaranteed loan:

6. 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-guaranteed  loan:

7. An unmarried surviving spouse of an eligible person is eligible for a VA-guaranteed Joan:

8. Maximum loan entitlement available to any veteran for loans up to $144,000 is:

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

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

11. Previously used entitlement may be restored if:

12. 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:

13. A veteran is personally liable for the repayment of the loan unless he or she:

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

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

16. When veterans state they will retire within twelve months and are planning to buy a home in the retirement location:

1 7.      Veterans are required to pay a  fee for all VA-guaranteed  loans:

18. The fee required to be paid by veterans is known as a:

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

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

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

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 transaction  is:

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

24. In order for VA lo guarantee the entire Joan in a “joint” situation:

25. All sales contracts for a VA purchase:

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

27. The property seller is permitted to pay seller concessions over and above closing costs and discount points in an amount not to exceed:

28. VA qualifies the veteran based on:

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

30. VA does not use a front ration to qualify the veteran, only a back ratio. This back ratio is:

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

32. If the debt-to-income ratio is greater than 41 % the underwriter may approve the loan if:

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

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

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

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

37. VA permits non-taxable income to be grossed-up using a gross-up factor of:

38. A veteran who has had a Chapter 7 bankruptcy is eligible for a YA-guaranteed loan if:

39. A Chapter 13 bankruptcy on which the veteran is still paying is acceptable if paid into at least:

40. Loan applications for veterans participating in Consumer Credit Counseling will be handled the same as:

41. Veteran’s who serve in the military and are honorably discharged receive a document  that grants them  eligibility for loan guaranty called:

42. When veterans are honorably discharged they receive a certificate of release or discharge
    referred  to as a:

43. Veterans who are receiving disability benefits are exempt from paying a:

44. The maximum loan-to-value for VA cash-out refinance transactions is:

45. When refinancing on an Interest Rate Reduction Refinance transaction:

46. The maximum VA guaranty on a Regular No Cash-Out or Cash-Out Refinance is:

47. 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:

48. The maximum VA guarantee on this type of refinance transaction

49. When refinancing an Interest Rate Reduction Refinance transaction from an ARM to a fixed-·
    rate loan, no credit qualifying is required unless:

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