Which of the following best describes USDA loan eligibility in Oklahoma?
Correct Answer
B) Offers 100% financing, and much of rural Oklahoma qualifies
USDA Rural Development loans offer 100% financing (no down payment required) for eligible rural properties. A significant portion of Oklahoma qualifies as rural under USDA guidelines, making these loans widely used throughout the state for residential purchases.
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Related Topics & Key Terms
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Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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