Question

All of the following statements about VA guaranteed mortgages loans are accurate, EXCEPT

a. the VA has a set max loan amount
b. a funding fee on a VA guaranteed mortgage loan is similar to a loan origination fee on a conventional mortgage loan
c. a VA guaranteed mortgage loan guarantees that all eligible veterans can obtain a loan up to the entitlement max amount
d. The amount of the loan may not exceed the lesser of the sales price or the appraised value of the property.

Answer 1

The correct answer is c. a VA guaranteed mortgage loan guarantees that all eligible veterans can obtain a loan up to the entitlement max amount. All of the other statements about VA guaranteed mortgage loans are accurate.

Step-by-step explanation:

The correct answer is c. a VA guaranteed mortgage loan guarantees that all eligible veterans can obtain a loan up to the entitlement max amount.

All of the other statements about VA guaranteed mortgage loans are accurate. The VA does have a set maximum loan amount (a), a funding fee on a VA guaranteed mortgage loan is similar to a loan origination fee on a conventional mortgage loan (b), and the amount of the loan may not exceed the lesser of the sales price or the appraised value of the property (d).

Therefore, the only statement that is not accurate is that a VA guaranteed mortgage loan guarantees that all eligible veterans can obtain a loan up to the entitlement max amount. The correct answer is c.

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