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Florida Real Estate Course
Chapter 14
Florida Real Estate Practice Question
What is the primary purpose of the funding (user) fee charged on a Department of Veterans Affairs (VA) mortgage loan?
Answer choices
A
To guarantee a profit margin for the private lender who originates the zero-down-payment loan.
B
To help the federal government defray the costs of foreclosures and keep the guaranty program sustainable.
C
To pre-pay the veteran's property taxes and hazard insurance for the first year of homeownership.
D
To cover the cost of the mandatory VA appraisal and home inspection.
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Mortgage Types and Qualification: A Florida Study Guide
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What changes with an adjustable-rate mortgage?
Why is APR often higher than the mortgage interest rate?