Question

Rhoda is a first-time homebuyer. She has applied for a VA loan to buy a house from Phyllis. When the CRV values the home at less than the sale price, Phyllis refuses to come down on the sales price, so Rhoda must either ______ or find a different home to buy.

Answer 1

Answer:

Pay the difference between CRV and sales price in cash.

Step-by-step explanation:

Veterans Administration(VA) loan is simply a mortgage type in which one promise to repay the lender as issued by the Department of Veterans Administration (VA) as it does not need one to have a down payment or a private mortgage insurance. Meanwhile, it's benefits can be reused. VA

Loan is usually gotten through a private lender and the VA guarantees it.

When acquiring this type of loan, deposit (upfront) one-time payment is made which is usually rated by the amount of loan and your service history e.t.c.

CVR is known as contingent value right. It's value centers on some future event. Mostly if event occurs by a specified date, then the CVR distributes a pre-stated payout which is always in cash.