Arizona Real Estate License Practice Exam

Question: 1 / 1505

What is one main advantage of getting a VA loan?

No down payment requirement

One main advantage of getting a VA loan is the absence of a down payment requirement. This benefit makes homeownership more accessible for veterans and active-duty service members who might not have substantial savings. The ability to finance 100% of the home's purchase price allows eligible borrowers to eliminate a significant financial barrier that often comes with other types of mortgages.

In addition to this, VA loans typically come with favorable loan terms, such as competitive interest rates and no private mortgage insurance, making them a popular choice among veterans. While other options might entail added costs or lower financing limits, the no down payment feature stands out as a primary advantage for those qualifying for VA loans.

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Higher interest rates

Mandatory private insurance

Lower loan amounts

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