A real estate agent is comparing government-backed loan programs for a client. All of the following statements are correct EXCEPT.
Correct Answer
A) USDA loans are available in any location regardless of whether the area is designated rural
USDA loans are specifically limited to eligible rural and suburban areas as designated by the USDA. They are not available in any location; geographic eligibility is a core requirement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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