Finance
USDA Rural Development loans offer which benefit to qualified borrowers?
ALower interest rates for urban properties
BNo down payment for eligible rural and suburban properties✓ Correct
CGuaranteed approval regardless of credit score
DInterest-free financing for the first 5 years
Explanation
USDA Rural Development (Section 502) loans offer 100% financing (no down payment) to eligible buyers in qualifying rural and suburban areas who meet income limits.
Related New Jersey Finance Questions
- In a NJ mortgage foreclosure proceeding, the mortgagee (lender) is required to go through:
- The Equal Credit Opportunity Act (ECOA) prohibits NJ lenders from discriminating in mortgage lending based on:
- A NJ buyer's monthly gross income is $8,500. The maximum monthly housing expense allowed under a 28% front-end ratio is:
- When a NJ property is sold 'subject to the existing mortgage,' the original borrower remains:
- A New Jersey homeowner who is 60 days delinquent on their mortgage receives a 'notice of intention to foreclose' under NJ's Fair Foreclosure Act. This notice:
- Points paid at closing to reduce the mortgage interest rate are called:
- A NJ buyer's lender requires title insurance as a condition of the mortgage loan. This is the:
- In NJ, a 'blanket mortgage' covers:
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 →