Chapter 13 - Types of mortgages and sources of financing - 4% Flashcards
1
Q
What is prepayment
A
FHA insured mortgage loans must provide the borrower with the right of prepayment without penalty
2
Q
A veteran must serve a specified minimum amount of time to be eligible for VA loan and
A
honorably discharged
3
Q
what is the eligibility period during peacetime and military conflict
A
peacetime = 181 day
conflict = 90 days
4
Q
Discharge in less time than required due to service related disability
A
automatically qualifies the veteran for benefits
5
Q
What are the simple requirements for a veteran to qualify for a VA loan
A
Serve 90 days and be honorably discharged
