Finance
A Maine home buyer uses a USDA Rural Development loan. This loan type is available for properties located in:
AAny location in Maine
BRural and small-town areas designated by the USDA✓ Correct
COnly farms and agricultural property
DOnly properties in Aroostook County
Explanation
USDA Rural Development loans are available for properties in designated rural and small-town areas, as defined by the USDA. Much of Maine's geography qualifies, though major metropolitan areas like Portland may not.
People Also Study
Related Maine Questions
- A Maine property buyer applies for a USDA Rural Development loan. This loan type:Finance
- A Maine buyer is purchasing a home using a VA loan. VA loans are available to:Finance
- In Maine rural areas, buyers may qualify for which government loan program with no down payment?Finance
- In Maine, properties located near the Portland International Jetport may experience a reduction in value due to airplane noise. This is an example of:Property Valuation
- A Maine buyer uses an FHA 203(k) loan. This type of loan is designed for:Finance
- Which appraisal approach is MOST commonly used for special-purpose properties like a lighthouse or fire station in Maine?Property Valuation
- A Maine buyer pays $265,000 for a home and makes a 10% down payment. The loan amount is:Real Estate Math
- In Maine, the Coastal Barrier Resources Act (CBRA) restricts federal financial assistance (including flood insurance) in designated coastal barrier areas to:Land Use & Zoning
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.
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →