Contracts
Under Kentucky law, a purchase contract that includes a financing contingency must typically specify:
AThe buyer's credit score
BThe lender's name and branch location
CThe loan amount, type, and interest rate✓ Correct
DThe down payment source
Explanation
A financing contingency should specify the loan amount, type (conventional, FHA, VA), and maximum interest rate so the buyer's obligation to purchase is clearly conditional on obtaining those specific loan terms.
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