From time to time I like to throw out a quiz about VA home loans—a very handy tool when repurposed for clients or even just to test your own understanding about the process of applying for a Department of Veterans Affairs-guaranteed home loan.
This particular quiz is designed to help new house hunters understand what kind of preparation they need in order to get down to business with a VA mortgage. Is your client ready for a serious offer on a house? Or are they still window-shopping?
1. I’ve been preparing to apply for a VA home loan for:
A. One year
B. Six months
C. Six weeks
D. One month or less
2. True or False: A house hunter serious about a VA home loan should apply for VA loan eligibility first, THEN start house hunting.
3. Getting pre-approved for a VA home loan comes at which stage in the process:
A. After applying for and receiving notice of VA loan eligibility from the Department of Veterans Affairs
B. After applying for eligibility only
C. Before applying for eligibility
D. Pre-approval for a VA home loan is the borrower’s signal that it’s time to apply for VA eligibility
4. True or False? The buyer can ask the banker to send forms to the VA requesting eligibility for a VA home loan.
5. The buyer should expect to:
A. Pay no money down for the VA home loan
B. Pay some money down on a VA mortgage depending on the nature of the loan and other factors
C. Pay a down payment the same as any conventional loan
D. A and/or B
6. When the lender examines an applicant’s credit report,
A. The actual credit score is the deciding factor
B. The buyer’s credit score doesn’t count as much as a record of consistent, dependable payments on all bills
C. The buyer can’t exceed a maximum income level
D. The presence of any bankruptcy information makes the borrower ineligible for a VA home loan
I’ll post the correct answers along with links and resources in my next blog entry. Good luck!
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