In rural Kentucky, which federal agency offers home loans for eligible borrowers in rural areas?
Correct Answer
B) USDA Rural Development
USDA Rural Development offers guaranteed and direct home loans for eligible borrowers in designated rural areas. Many Kentucky counties qualify for USDA financing, which can offer 100% financing with no down payment.
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Related Topics & Key Terms
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Related Concepts
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
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