Which of the following is not true?
A) A conventional mortgage requires a 10-20% down payment.
B) With government-backed loans, the government insures the loan in the event of default.
C) Veterans Administration mortgages are extended to most first-time homebuyers.
D) Government-backed mortgages may require lower down payments than conventional mortgages.

Question

Quizplus · Accepted Answer

Veterans Administration (VA) mortgages are specifically designed for U.S. veterans, active-duty service members, and select military spouses, not for most first-time homebuyers. This makes option C incorrect as it inaccurately broadens the eligibility for VA mortgages.

Which of the Following Is Not True