CVA Veterans Housing & Financial Assistance 1

Question 1

What is the primary benefit of a VA Home Loan Guaranty compared to a conventional mortgage?

Accepted Answer

No down payment required and no private mortgage insurance (PMI) for eligible veterans

Answer

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.

Question 2

What is the VA Funding Fee for a VA Home Loan?

Accepted Answer

A one-time fee paid at closing that helps sustain the VA home loan program, varying by down payment and veteran status

Answer

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.

Question 3

Which veterans are exempt from paying the VA Funding Fee?

Accepted Answer

Veterans receiving VA compensation for service-connected disabilities, and surviving spouses of veterans who died in service or from service-connected disabilities

Answer

Veterans receiving VA disability compensation for service-connected conditions and eligible surviving spouses are exempt from the VA Funding Fee.

Question 4

What does 'entitlement' refer to in the context of the VA Home Loan program?

Accepted Answer

The amount the VA guarantees to the lender on behalf of the veteran, enabling the loan without a down payment

Answer

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.

Question 5

What VA program assists homeless veterans or those at risk of homelessness through rental assistance and supportive services?

Accepted Answer

HUD-VASH (HUD-VA Supportive Housing) program

Answer

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.

(CVA) Certified Veterans Advocate Practice Test

(CVA) Certified Veterans Advocate Practice Test

CVA Veterans Housing & Financial Assistance 1