Finance
In Virginia, a hard money loan is typically used for:
AFirst-time homebuyers with low income
BShort-term real estate investment financing based on property equity rather than borrower creditworthiness✓ Correct
CUSDA rural development projects
DGovernment-assisted housing programs
Explanation
Hard money loans are short-term, high-interest loans from private lenders based primarily on property equity (LTV) rather than borrower credit. Virginia investors use them for fix-and-flip projects when conventional financing is unavailable.
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