Texas Real Estate State Practice Exam

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Which loan type includes both real and personal property, such as a furnished condo?

  1. FHA Loan

  2. VA Loan

  3. Blanket Loan

  4. Package Loan

The correct answer is: Package Loan

The Package Loan is a type of loan that includes both real and personal property, such as a furnished condo. Under this type of loan, the borrower is able to finance both the home and the furniture or appliances within the home. The other options, such as FHA, VA, and Blanket loans, do not cover personal property. An FHA loan only covers the purchase of a home, a VA loan caters specifically to veterans, and a Blanket loan is used for multiple properties under one loan. Therefore, the Package Loan is the only option that includes both real and personal property.

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