Chapter 14 Quiz and answers rated A+
At the present time, funds are limited for CalVet Program mortgage loans. A
decision must be made to give one veteran a loan over another. Veteran A
has been in the military service for 20 years and is a four-time decorated hero.
He wants to buy an Oregon farm with the loan. Veteran B has been in the
military four years. He lost his right leg in a battle in Afghanistan. He wants to
buy a small home in Las Vegas for himself and his mother, who will live with
him. Which veteran will they choose and why?
Veteran A will be chosen based on his years of service, his decoration, and
his desire to buy a farm.
Veteran A will be chosen because he is still on active duty; Veteran B has
received a discharge from service, making him less desirable for the
program's loan.
Veteran B will be chosen because his family members will take priority due to
his injury.
Neither will be chosen for the loan because both are planning on buyin -
correct answer ✔D
Which of the major warehousing agencies in the Secondary Market are not
regulated by a government agency?
Federal National Mortgage Association (Fannie Mae)
Government National Mortgage Association (Ginnie Mae)
Federal Home Loan Mortgage Corporation (Freddie Mac)
None of the Above - correct answer ✔D
What is the major difference between a VA Loan and a FHA Loan?
At the present time, funds are limited for CalVet Program mortgage loans. A
decision must be made to give one veteran a loan over another. Veteran A
has been in the military service for 20 years and is a four-time decorated hero.
He wants to buy an Oregon farm with the loan. Veteran B has been in the
military four years. He lost his right leg in a battle in Afghanistan. He wants to
buy a small home in Las Vegas for himself and his mother, who will live with
him. Which veteran will they choose and why?
Veteran A will be chosen based on his years of service, his decoration, and
his desire to buy a farm.
Veteran A will be chosen because he is still on active duty; Veteran B has
received a discharge from service, making him less desirable for the
program's loan.
Veteran B will be chosen because his family members will take priority due to
his injury.
Neither will be chosen for the loan because both are planning on buyin -
correct answer ✔D
Which of the major warehousing agencies in the Secondary Market are not
regulated by a government agency?
Federal National Mortgage Association (Fannie Mae)
Government National Mortgage Association (Ginnie Mae)
Federal Home Loan Mortgage Corporation (Freddie Mac)
None of the Above - correct answer ✔D
What is the major difference between a VA Loan and a FHA Loan?
