A borrower who qualifies for an FHA or VA loan enjoys the advantage that

Question

Quizplus · Accepted Answer

FHA and VA loans typically require a lower down payment or no down payment at all. This means that the borrower can purchase a home with less upfront costs and potentially have lower monthly mortgage payments. Additionally, private mortgage insurance (PMI) may not be required for these types of loans, further reducing the monthly payment. However, the government does not hold the lien on the property with these loans.

A Borrower Who Qualifies for an FHA or VA Loan