Finance
A North Dakota buyer is approved for a conventional loan with a 3% down payment. This is an example of what program?
AFHA Section 203(b)
BConventional 97 or similar low-down-payment conventional loan✓ Correct
CVA loan
DUSDA Rural Development loan
Explanation
Conventional loan programs like Fannie Mae's HomeReady and Freddie Mac's Home Possible allow down payments as low as 3% for qualifying borrowers. These are conventional (not government-insured) loans with PMI.
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