Veterans Housing & Financial Assistance Flashcards
6 cards from real CVA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Veterans Housing & Financial Assistance flashcards as text
What is the primary benefit of a VA Home Loan Guaranty compared to a conventional mortgage?
Answer: No down payment required and no private mortgage insurance (PMI) for eligible veterans
The VA Home Loan Guaranty allows eligible veterans to purchase a home with no down payment and without private mortgage insurance, reducing the upfront and ongoing cost of homeownership.
What is the VA Funding Fee for a VA Home Loan?
Answer: A one-time fee paid at closing that helps sustain the VA home loan program, varying by down payment and veteran status
The VA Funding Fee is a one-time closing cost that helps fund the VA home loan program; the fee percentage varies based on down payment amount, loan type, and whether it is the veteran's first use of the benefit.
Which veterans are exempt from paying the VA Funding Fee?
Answer: Veterans receiving VA compensation for service-connected disabilities, and surviving spouses of veterans who died in service or from service-connected disabilities
Veterans receiving VA disability compensation for service-connected conditions and eligible surviving spouses are exempt from the VA Funding Fee.
What does 'entitlement' refer to in the context of the VA Home Loan program?
Answer: The amount the VA guarantees to the lender on behalf of the veteran, enabling the loan without a down payment
VA home loan entitlement refers to the dollar amount the VA guarantees to the lender, which protects the lender against default and allows veterans to obtain loans without a down payment.
What VA program assists homeless veterans or those at risk of homelessness through rental assistance and supportive services?
Answer: HUD-VASH (HUD-VA Supportive Housing) program
HUD-VASH combines HUD Housing Choice Vouchers with VA supportive services to help homeless veterans obtain and maintain stable housing and access VA healthcare and other support.
What is the 'Certificate of Eligibility' (COE) for VA Home Loans?
Answer: A document from VA confirming that the veteran meets service requirements for a VA home loan
The Certificate of Eligibility (COE) is an official VA document confirming that a veteran meets the service requirements to obtain a VA-guaranteed home loan.