Final answer:
The couple would need a down payment of $43,000 when purchasing the home with the VA loan, calculated as the sum of the difference between the home's listed price and the CRV plus the difference between the CRV and the maximum loan amount.
Step-by-step explanation:
The question pertains to calculating the amount of down payment required when purchasing a house with a VA loan. If a couple wants to purchase a home listed for $460,000 and the maximum VA loan amount is $417,000, but the property receives a certificate of reasonable value (CRV) of $457,000, they need to cover the difference between the CRV and the loan amount plus any amount over the CRV. Since VA loans can cover up to 100% of the CRV price, but not over it, the couple would need a down payment of the difference between the home's listed price and the CRV, which is $3,000 ($460,000 - $457,000), plus the difference between the CRV and the maximum loan amount, which is $40,000 ($457,000 - $417,000). So the total down payment required would be $43,000.