FinancingLoan_typesMEDIUM
Which statement about USDA guaranteed loans is NOT accurate?
Correct Answer
C) They are designed for high-income borrowers buying second homes in resort areas
Option B is not accurate. USDA guaranteed loans are designed for eligible owner-occupants in rural areas and include income limits, so they are not a program for high-income second-home buyers in resort markets.
Answer Options
A
They are intended for primary residences in eligible rural areasB
They can provide 100% financing to eligible borrowers with no down paymentC
They are designed for high-income borrowers buying second homes in resort areasD
Household income generally cannot exceed the program's limit for the areaWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
usda_loansreverse_questionincome_limitsrural_housing
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