Finance
In South Dakota, which government program provides loan guarantees for agricultural land purchases to help beginning farmers?
AFHA Farm Loan Program
BUSDA Farm Service Agency (FSA) loan programs✓ Correct
CVA Farm Purchase Program
DSouth Dakota Rural Development Grant Program
Explanation
The USDA Farm Service Agency (FSA) offers direct loans and loan guarantees for beginning farmers and ranchers in South Dakota who cannot qualify for commercial credit, facilitating agricultural land purchases.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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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