Finance
An Oklahoma USDA loan's primary geographic eligibility requirement is that:
AThe property must be on a farm of at least 5 acres
BThe property must be in a USDA-designated rural area✓ Correct
CThe borrower must be a veteran
DThe home must be new construction
Explanation
USDA Rural Development loans require the property to be located in a USDA-designated rural area. Eligibility maps are used to determine qualifying locations, which include many Oklahoma small towns and rural communities.
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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.
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.
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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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