Finance
In Maine rural areas, buyers may qualify for which government loan program with no down payment?
AFHA
BVA
CUSDA Rural Development✓ Correct
DFreddie Mac Home Possible
Explanation
The USDA Rural Development loan program offers 100% financing (no down payment) to eligible buyers in designated rural areas, including many parts of Maine outside of major urban centers.
People Also Study
Related Maine Questions
- A Maine veteran purchasing a home may qualify for which loan program with no down payment required?Finance
- A Maine home buyer uses a USDA Rural Development loan. This loan type is available for properties located in:Finance
- A Maine property buyer applies for a USDA Rural Development loan. This loan type:Finance
- Maine Housing's Advantage Loan program provides down payment and closing cost assistance to eligible Maine homebuyers in the form of:Finance
- 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
- A Maine buyer's loan requires a 20% down payment on a $340,000 purchase. Their monthly mortgage payment (P&I) at 7% for 30 years uses a factor of $6.65 per $1,000 borrowed. The monthly payment is:Real Estate Math
- A Maine home's purchase price is $375,000 with a 5% down payment. The FHA loan amount (rounding to nearest dollar) is:Real Estate Math
Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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.
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.
Math Concepts
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 →