Tennessee Real Estate Exam Practice Question
A veteran wants a $90000 home and has $5000 cash. The VA loan will allow the veteran to
Correct Answer: A
Rationale: A allows the veteran to buy the home with a $5,000 down payment, which is feasible under VA loan guidelines that often require little to no down payment.
B is incorrect; VA loans do not have a fixed limit of $75,000, as the loan amount can vary based on the home price and the veteran's entitlement.
C is misleading; the veteran can purchase the home at its full price of $90,000 with the VA loan, without needing a price reduction.
D is also incorrect; VA loans do not necessitate a second mortgage from the seller, allowing the veteran to finance the full amount without additional complications.
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