Chapter 3 | Quiz
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Question 1 of 10
1. Question
What is the main purpose of the VA loan program?
CorrectIncorrectHint
It’s about making homeownership easier for veterans.
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Question 2 of 10
2. Question
Who manages the VA loan program?
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VA stands for Veterans Affairs.
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Question 3 of 10
3. Question
What is one benefit of a VA loan?
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PMI is usually required for low down payments.
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Question 4 of 10
4. Question
What is the VA loan funding fee used for?
CorrectIncorrectHint
It’s a one-time fee that supports the program.
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Question 5 of 10
5. Question
What must a veteran do after buying a home with a VA loan?
CorrectIncorrectHint
VA loans are for homes veterans live in.
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Question 6 of 10
6. Question
What is residual income in a VA loan application?
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It’s what’s left after fixed expenses.
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Question 7 of 10
7. Question
What is the debt-to-income (DTI) ratio for VA loans?
CorrectIncorrectHint
It’s higher than conventional loans.
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Question 8 of 10
8. Question
What does the Texas Veterans Land Board (TVLB) offer?
CorrectIncorrectHint
It’s a separate program from VA loans.
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Question 9 of 10
9. Question
What is one difference between VA loans and TVLB loans?
CorrectIncorrectHint
TVLB loans can be more affordable.
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Question 10 of 10
10. Question
What must a veteran do after closing on a TVLB loan?
CorrectIncorrectHint
TVLB loans are for homes veterans live in.
