For USDA Rural Development loans, the income limits are typically based on what percentage of the area median income (AMI)?
Correct Answer
C) 115% of AMI
USDA Rural Development loans generally have income limits set at 115% of the area median income. This allows moderate-income families to qualify for the program while maintaining the rural development focus.
Why This Is the Correct Answer
USDA Rural Development loans generally have income limits set at 115% of the area median income. This allows moderate-income families to qualify for the program while maintaining the rural development focus.
More Mortgage Knowledge Questions
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A borrower asks about the difference between discount points and origination fees. What is the most accurate explanation?
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