REAL ESTATE FINANCE ICHAMPIONS| QUESTIONS AND ANSWERS

REAL ESTATE FINANCE ICHAMPIONS| QUESTIONS AND ANSWERS The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - CORRECT ANSWER -B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - CORRECT ANSWER -A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The prior VA loan was assumed by an eligible veteran who substituted their entitlement (c) A or B (d) Under no circumstances - a VA loan is a "once in a lifetime" benefit * - CORRECT ANSWER -C _________ are not-for-profit organizations that exist to serve their members. (a) Mortgage companies (b) Credit unions (c) Insurance companies (d) One that cannot be financed - CORRECT ANSWER -B