Question

Which of the following is not true?

A) A conventional mortgage requires a 10-20% down payment.
B) With government-backed loans, the government insures the loan in the event of default.
C) Veterans Administration mortgages are extended to most first-time homebuyers.
D) Government-backed mortgages may require lower down payments than conventional mortgages.

Answer 1

The statement that is not true is option C) Veterans Administration mortgages are extended to most first-time homebuyers.

Step-by-step explanation:

The statement that is not true is option C) Veterans Administration mortgages are extended to most first-time homebuyers.

Veterans Administration (VA) mortgages are not extended to most first-time homebuyers. Instead, VA mortgages are specifically available to eligible veterans, active-duty service members, and surviving spouses of military personnel.

This distinguishes VA mortgages from conventional mortgages, which can be obtained by anyone who meets the lender's qualification requirements.