Finance
A South Dakota buyer with a credit score of 580 can use which loan program with the minimum 3.5% down payment?
AConventional conforming loan
BVA loan
CFHA loan✓ Correct
DUSDA Rural Development loan
Explanation
FHA loans allow borrowers with credit scores as low as 580 to qualify with the minimum 3.5% down payment. Lower scores (500-579) require 10% down. Conventional loans typically require 620+ credit scores.
Related South Dakota Finance Questions
- What does 'amortization' mean in the context of a South Dakota real estate loan?
- In South Dakota, the 'Ability-to-Repay' (ATR) rule under Dodd-Frank requires lenders to:
- The Truth in Lending Act (TILA) requires lenders to disclose which key cost figure to South Dakota borrowers?
- In South Dakota, the 'Equal Credit Opportunity Act' (ECOA) prohibits lenders from discriminating in credit decisions based on:
- Which type of mortgage loan is guaranteed by the Department of Veterans Affairs?
- A South Dakota borrower obtains a 30-year fixed-rate mortgage at 7% interest. The monthly payment per $1,000 borrowed is approximately $6.65. On a $200,000 loan, what is the approximate monthly payment (principal and interest)?
- South Dakota's usury laws set limits on:
- In South Dakota, what does 'amortization schedule' show a borrower?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →