Finance
Hawaii property buyers using USDA Rural Development loans must meet which key requirement?
AA. The property must be in a rural area designated by USDA and the buyer must meet income limits✓ Correct
BB. The buyer must be a farmer
CC. The property must be agricultural land
DD. The buyer must be a first-time homebuyer only
Explanation
USDA Rural Development loans require the property to be in a USDA-designated rural area and borrowers to meet income limits. Some rural Hawaii areas qualify.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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