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SCC REA 201 > Veterans Administration Loans and U.S.D.A Loans > Flashcards

Veterans Administration Loans and U.S.D.A Loans Flashcards

1
Q

Certificate of Eligibility

A

Determines a veteran borrower’s maximum entitlement

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2
Q

Discount Points

A

Charges made by lenders to adjust the effective rate of interest on a loan; one point is equal to 1 percent

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3
Q

Entitlement

A

The maximum amount of DVA will guarantee a lender in the event of default

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4
Q

VA Loan

A

Real Estate mortgage available to qualified veterans for the purpose of buying or refinancing real estate for personal residential use only

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SCC REA 201 (75 decks)

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