STEP 2 - Preferred Realtor Quiz

Thank you, we have received your information and you have been entered into our system. You will receive an email shortly to confirm your enrollment. The email will also contain a link to this page, which contains our Preferred VA Realtor Quiz. This quiz is meant to be a refresher for you on the benefits of VA Loans and it is fairly short. We only want to ensure that our preferred partners are knowledgeable about the program.

To complete your registration for our Preferred VA Realtor List, please submit answers to the questions on VA Loans below. The quiz is built around our informational booklet. If you have not had a chance to review the booklet, please download it now and review it before taking the quiz. **Please note: You may come back to this page at any time to finish the quiz: it does NOT have to be completed right now.

You must answer 11 of the questions correctly to be considered for our program. Best of luck!

Is a home buyer using a VA Loan required to make a downpayment? Yes
No
Who is eligible to utilize the benefits of a VA Loan?
Active Duty Military
Honorably Discharged Veterans
Certain Surviving Spouses
All of the Above
VA Loan qualification requirements are _____________ when compared with those of conventional loans. Stricter
Looser
Equal
The Veterans Administration (VA) itself issues VA Loans. True
False
Do borrowers using a VA Loan have to pay Private Mortgage Insurance (PMI)? Yes
No
Non-allowable costs, with respect to VA Loans, mean that the qualifying home buyer is not allowed to pay what fees?
Document Preparation
Underwriting and Processing
Escrow fees
All of the Above
Lenders can help Veterans and active duty Military obtain their Certificate of Eligibility. True
False
VA Form 26-1880 is the same thing as the Certificate of Eligibility. True
False
VA Loan occupancy requirements generally require that the primary borrower occupy the home.
100% True
False
True in most cases, although extenuating circumstances may exist.
How many years must pass following a foreclosure for Veterans or active duty service members to be issued a VA Loan? 1
2
3
4
The VA Loan funding fee helps defray the cost of administering the VA Home Loan Program, is financed into the loan, and is not an up front cost to the borrower. True
False
The current maximum VA Loan that the VA will guarantee is ____________. $315,000
$417,000
$1,000,000
Contingent upon the county or state.
The document that certifies a home buyer has gone through the steps of proving eligibility, securing a VA-approved lender, and finding a home that is approved for purchase is called the ___________________.
Certificate of Eligibility
Funding Fee
Veteran Benefit Form
Certificate of Commitment
In recent years, new loan limits, reduced paperwork, and changes in the mortgage industry have made the benefits of using a VA Loan even more important for qualifying home buyers. True
False
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