Finance
What is a 'USDA Rural Development' loan and which Oregon borrowers might qualify?
AA loan for farming operations only
BA zero-down-payment, government-backed loan for low-to-moderate income buyers in eligible rural and suburban areas✓ Correct
CA commercial loan for agricultural land purchases
DA disaster recovery loan for Oregon farmers
Explanation
USDA Rural Development (Section 502) loans offer zero-down-payment financing for eligible low-to-moderate income buyers in USDA-designated rural areas. In Oregon, this includes many smaller communities outside major metro areas like those in eastern Oregon, the southern Oregon coast, and rural Willamette Valley towns. Eligibility depends on income, credit, and property location.
Related Oregon Finance Questions
- A borrower's debt-to-income (DTI) ratio is calculated by dividing:
- What is Oregon's 'Department of Consumer and Business Services' (DCBS) role in mortgage lending?
- What is 'title insurance for lenders' (a lender's policy) versus 'title insurance for owners' (an owner's policy) in Oregon?
- An Oregon ARM (Adjustable Rate Mortgage) disclosure must include which of the following under federal TILA requirements?
- Under the federal Truth in Lending Act (TILA/TRID), which disclosure must a lender provide to a borrower within 3 business days of receiving a mortgage loan application?
- What is the purpose of 'private mortgage insurance' (PMI) and who does it protect?
- What does the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) require of Oregon mortgage professionals?
- An Oregon buyer is told their debt-to-income ratio (DTI) is 45%. What does this mean for their conventional loan application?
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →