#547
A veteran is applying for a 400,000 dollar loan, which is the purchase price of the home, and has full VA entitlement. The home was appraised at 425,000 dollars.
The required downpayment for the loan is 1.5% of the total loan amount, or $6000 dollars if no downpayment is applied to the cost.
Is this fact true or false ?
Please remember to take your time. The solution is posted below the wildlife photo.
A. False
One of the key characterisitics of a VA loan is that no downpayment is required as long as the loan does not exceed the appraised value of the home.
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