Paul is looking for a low-interest, low-downpayment loan for his first home, but he is not a veteran.. He might be eligible for a(n)

Question

Quizplus · Accepted Answer

FHA loans are designed for first-time homebuyers, and they offer low down payments and competitive interest rates. They are not limited to veterans, making it a good option for someone like Paul who is not a veteran. The other options listed, such as ARM and Negative Amortization, may have lower initial payments, but they can come with higher risks and potentially cost more in the long run. Payment caps provide protection against sudden increases in interest rates, but they do not offer the low down payments Paul is looking for. VA loans are only available for veterans.

Paul Is Looking for a Low-Interest, Low-Downpayment Loan for His