Finance
An Alaska buyer is seeking a mortgage under the USDA Rural Development Guaranteed Loan Program. This program is available for:
AProperties in Anchorage and Fairbanks only
BProperties in eligible rural areas with income-qualifying borrowers✓ Correct
CCommercial agricultural properties
DAny property where the buyer has lived in Alaska for 5 years
Explanation
USDA Rural Development Guaranteed Home Loans are available for properties in eligible rural areas (as defined by USDA) for income-qualifying buyers. Many Alaska communities outside Anchorage and Fairbanks may qualify.
People Also Study
Related Alaska Questions
- A buyer in Anchorage purchases a home for $450,000 with a 20% down payment. What is the loan amount?Finance
- A buyer makes a 5% down payment on a $380,000 Alaska home. What is the mortgage amount?Real Estate Math
- Which type of Alaska mortgage loan is specifically designed for rural areas and typically requires no down payment?Finance
- A buyer in Alaska is using a VA loan to purchase a $350,000 home. The VA funding fee for a first-time user with no down payment is 2.15%. What is the funding fee amount?Finance
- A buyer in Alaska uses an FHA loan and makes a down payment of 3.5% on a $280,000 home. What is the amount of the down payment?Finance
- A buyer in Alaska purchases a $420,000 home, making a 15% down payment. How much private mortgage insurance is required annually if the PMI rate is 0.75% of the loan amount?Real Estate Math
- A buyer purchases a $260,000 Alaska home with an FHA loan at 3.5% down. The FHA upfront MIP is 1.75% of the loan amount. What is the upfront MIP?Real Estate Math
- A property in Alaska is purchased for $500,000. The buyer makes a 20% down payment and finances the remainder. What is the mortgage amount?Real Estate Math
Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
Study This Topic
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →