Explain the similarities and differences between FHA and VA loans.
What will be an ideal response?
FHA and VA loans are made for owner-occupied residential dwellings. In applying for either an FHA or VA loan, both the borrower and the property must qualify. FHA loans are available to all borrowers, whereas VA loans are available to eligible veterans and their widows and widowers. The FHA insures loans made by approved lenders, whereas the VA guarantees loans made by approved lenders. The FHA charges the borrower a mortgage insurance premium. Both FHA and VA loans require the borrower to make PITI payments.
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Answer the following statement true (T) or false (F)
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Fill in the blank(s) with the appropriate word(s).
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Answer the following statement true (T) or false (F)
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