Michigan License Law Practice Test

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Prepare for the Michigan License Law Test. Master key concepts with flashcards and multiple-choice questions, each offering hints and explanations. Ace your exam!

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Which loan program is NOT offered by the Michigan State Housing Development Authority?

  1. Single family mortgage

  2. VA loan

  3. Down payment assistance

  4. Property improvement loan

The correct answer is: VA loan

The answer is based on the specific programs that the Michigan State Housing Development Authority (MSHDA) offers to assist citizens in obtaining housing. MSHDA primarily focuses on facilitating affordable housing through various programs, including those for single-family mortgages, down payment assistance, and property improvement loans. The VA loan program, however, is not directly administered by MSHDA. Instead, VA loans are a benefit provided through the U.S. Department of Veterans Affairs, enabling eligible veterans and servicemembers to obtain home financing with favorable terms. Thus, while MSHDA provides several supportive loan options, the VA loan is designated outside of their offerings, which is why it is the correct choice in this context. Understanding the role of MSHDA is essential: it supports housing affordability through specific state-managed programs, distinguishing it from federal programs like those offered by the VA.

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