FinancingGovernment_backed_loansMEDIUM
A family wants to buy a home in a designated rural area. They have moderate income and cannot afford a down payment. Which government loan program is specifically designed for rural homebuyers with moderate incomes?
Correct Answer
C) USDA Rural Development guaranteed loan
The USDA Rural Development guaranteed loan program is specifically designed for moderate-income buyers purchasing homes in eligible rural and suburban areas. It offers 100 percent financing with no down payment requirement.
Answer Options
A
FHA 203(k) rehabilitation loanB
VA loan for veterans and service membersC
USDA Rural Development guaranteed loanD
Conventional conforming loan backed by Fannie MaeWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
USDA_loanrural_developmentno_down_paymentmoderate_incomefinancing
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