Which of the following statements would be FALSE?

I. Closing for a mortgage loan refers to the moment the loan is paid off.

II. One important advantage to a borrower who qualifies for an FHA or VA loan is the exemption from credit assessment.

III. A FICO score below 660 is considered good while a score above 720 is likely to cause problems in obtaining a loan.

IV. During the early years of a mortgage loan, the lender applies most of the payment to the principal on the loan.

II and III

I and IV

All of the above

I, III, and IV