If a lender has granted a VA-guaranteed loan to a veteran, the veteran

Comprehensive and Detailed Explanation (150–250 words):

A VA-guaranteed loan allows veterans to purchase with little or no down payment. Once the loan is made, the veteran deals directly with the lender — not the VA. The VA guarantees repayment to the lender if default occurs.

A: Down payments, if required, are paid to the lender, not the VA.

B: Veterans may obtain multiple VA loans in a lifetime, depending on eligibility and entitlement.

C: VA loans allow prepayment without penalty.

D: VA loans are assumable, meaning another veteran (or even non-veteran, with lender approval) may assume the existing financing, often a benefit if the loan has a favorable interest rate.

Correct answer: D.