West Virginia's USDA Rural Development loans are designed for:
Correct Answer
B) Home purchases in eligible rural areas with no down payment
USDA Rural Development loans offer 100% financing (no down payment) for eligible homebuyers in designated rural areas. Many areas of West Virginia qualify. Borrowers must meet income limits and the property must be in an eligible location.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
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%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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