Finance
Which government-backed loan program is designed to help low-to-moderate income buyers in rural areas of South Carolina?
AFHA loans
BUSDA Rural Development loans✓ Correct
CVA loans
DFannie Mae HomeReady loans
Explanation
USDA Rural Development loans (Section 502) provide financing with no down payment for eligible rural properties. South Carolina has many eligible rural areas outside major metropolitan areas.
People Also Study
Related South Carolina Questions
- A South Carolina buyer makes a 20% down payment on a $310,000 home. What is their loan amount?Real Estate Math
- In South Carolina, which agency issues permits for development in flood-prone areas under the National Flood Insurance Program?Environmental
- In South Carolina, a mortgage lender must provide the Loan Estimate to a borrower within how many business days of receiving a complete loan application?Finance
- A South Carolina buyer obtains an 80% LTV conventional loan on a $320,000 home. The down payment required is:Finance
- In South Carolina, which type of loan is backed by the federal government through FHA insurance and requires a minimum 3.5% down payment (with a 580+ credit score)?Finance
- In South Carolina, a USDA Rural Development loan is designed for:Finance
- Which type of depreciation in a South Carolina property results from factors outside the property itself, such as nearby industrial development?Property Valuation
- South Carolina Coastal Zone Management regulates development in coastal areas to protect:Environmental
Key Terms to Know
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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
Study This Topic
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →