Finance
A Colorado borrower is applying for a USDA Rural Development loan. Which requirement is unique to this loan program?
AMinimum 10% down payment
BThe property must be located in an eligible rural area as defined by USDA✓ Correct
CMortgage insurance is never required
DThe borrower must be a first-time homebuyer
Explanation
USDA Rural Development loans are specifically for properties in eligible rural and suburban areas as defined by the USDA. Borrowers with eligible income can finance 100% of the purchase price with no down payment, but the property's location is a key requirement.
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