VA Loans Quiz

1. What does VA stand for in VA loans?

Veterans Administration Veterans Affairs Veterans Alliance Volunteer Army

2. What is the maximum VA loan guarantee in 2024?

$100,000 $250,000 $750,000 No maximum

3. What is the down payment requirement for a VA loan?

20% 10% 0% 5%

4. Do VA loans require mortgage insurance?

Yes, always No, VA loans do not require mortgage insurance Only for loans over $500,000 Only for first-time homebuyers

5. What is the VA funding fee?

A monthly insurance payment A one-time fee that goes to the VA to help sustain the loan program A tax on veterans An appraisal fee

6. Who is eligible for a VA loan?

Only current military personnel Veterans, active-duty service members, and some surviving spouses Only those who served in combat Anyone who works for the government

7. Can a veteran use a VA loan more than once?

No, only one VA loan per lifetime Yes, as long as the previous VA loan is paid off Only twice in a lifetime Only if moving to a different state

8. What is the VA entitlement?

The borrower's credit score The maximum amount the VA will guarantee on a loan The property value The monthly payment

9. What type of property can you purchase with a VA loan?

Only single-family homes Only condos Primary residence including single-family homes, condos, townhomes, and multi-unit properties Investment properties only

10. What is the VA IRRRL?

Interest Rate Reduction Refinancing Loan Immediate Reimbursement and Refund Request Letter Internal Revenue Revenue Regulation Loan Insurance and Risk Review Requirements List

Quiz Results