A property is located in an area that was previously rural but has experienced significant population growth. How often does USDA update its rural eligibility maps?
Correct Answer
C) Every 10 years following the U.S. Census
USDA typically updates its rural eligibility maps every 10 years following the U.S. Census data. This allows for adjustments based on population changes and development patterns, though some areas may lose eligibility due to growth.
Why This Is the Correct Answer
USDA typically updates its rural eligibility maps every 10 years following the U.S. Census data. This allows for adjustments based on population changes and development patterns, though some areas may lose eligibility due to growth.
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A condominium project has 85% of its units sold to owner-occupants and 15% to investors. The project has been approved by FHA for 2 years. A borrower wants to purchase a unit with an FHA loan. What additional requirement must be met?