Finance
A USDA Rural Development loan is available in Iowa to buyers in:
AAll Iowa cities and towns
BOnly the Des Moines metropolitan area
CEligible rural areas and small towns that meet USDA income and location requirements✓ Correct
DOnly farms and agricultural properties
Explanation
USDA Rural Development loans are available in eligible rural areas and small communities. They offer no-down-payment options to income-qualifying buyers in designated Iowa rural areas.
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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.
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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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