Mortgage 2 Welcome to your Mortgage 2 Quiz. Click "Next" to continue. Mortgage lenders should seek to work with Veterans because it is easier to qualify for the VA Guarantee Home Loan. True False Frank is an Army Veteran who served for 2 years during the Korean War. He currently has a non-VA Home Loan mortgage and noticed that mortgage rates have dropped significantly. What would you advise him to do? Sell the home and buy a new one at a lower rate Apply for the Interest Rate Reduction Refinancing Loan (IRRRL) Apply for a VA Refinance Ralph is an Army Veteran who was active during the first Iraq War. He's tired of renting apartments, but does not want to buy a unattached single family home. What can Ralph do? Suck it up and buy a house. He's stuck renting apartments. Consider purchasing a condominium. Move back in with his parents. I accept the terms and agreements of becoming a bird dog sales person, and understand the restrictions regarding the bird dog lead folders. Hint What are good reasons for a mortgage broker or lender to work with Veterans? (Select all that apply) Qualifying Veterans do not need to make a down payment, thus they do not need to save for years Qualifying Veterans do not pay mortgage insurance and can therefore purchase more home VA Home Loans are backed by the U.S. government, so the borrower is less of a risk Veterans are older and always make their payments on time Veterans using the VA Home Loan have one of the lowest foreclosure rates. True False What is a mortgage? A bond that the lender pays A promise between the lender and broker A loan to purchase real estate or real property A line of credit to buy a car As opposed to conventional loans, a lender will require what documentation for the VA Guaranty Loan? Pre-Qualification or Pre-Approval Letter Appraisal Inspection Certificate of Eligibility The more loans a lender can legitimately approve, the more money they make. True False Adam, an honorably discharged Navy Veteran, has a VA disability rating of 10% due to hearing loss. While looking for a new home, he saw an advertisement claiming that he may be able to purchase with $0 down and $0 mortgage insurance, as well as Veteran grants up to $81,080. This ad perked his interest and he called and asked what benefits applied to him. What would be your advice? That he is eligible for everything stated in the advertisement Only the $0 down, $0 mortgage insurance benefit of the VA Loan. Grants are only available to seriously disabled Veterans Stage Name/Real Name Unit Time's up Posted on August 24, 2019April 24, 2020 By admin
