Finance
In NJ, a USDA Section 502 Direct Loan provides financing to:
ACommercial developers
BVery low- and low-income households in eligible rural areas to purchase safe and sanitary housing✓ Correct
COnly agricultural businesses
DFirst-time buyers with high incomes
Explanation
USDA Section 502 Direct Loans are issued directly by USDA to very low- and low-income households in eligible rural areas, helping them purchase, build, or repair affordable homes. They feature subsidized interest rates and flexible terms.
Related New Jersey Finance Questions
- The federal Home Ownership and Equity Protection Act (HOEPA) protects NJ borrowers from:
- A home equity line of credit (HELOC) is secured by:
- In NJ, the concept of 'amortization' in a mortgage means that:
- A balloon mortgage is best described as:
- Which federal law governs real estate settlement procedures and requires the Loan Estimate and Closing Disclosure?
- In NJ, which government-sponsored enterprise (GSE) secondary mortgage market entity buys and guarantees conforming conventional mortgages?
- Which of the following best describes an adjustable-rate mortgage (ARM)?
- A NJ lender requires a 'two-year history of self-employment income.' This requirement comes from:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →