Finance
Washington borrowers using a USDA guaranteed loan benefit from:
A100% financing (no down payment required) for eligible rural properties✓ Correct
BBelow-market interest rates set by the state
CTax credits equal to 20% of the purchase price
DNo income limits on who may qualify
Explanation
USDA guaranteed loans allow eligible borrowers to purchase homes in eligible rural areas with no down payment (100% financing). Borrowers must meet income limits and the property must be in a USDA-eligible area.
Related Washington Finance Questions
- RESPA Section 8 prohibits which practice in connection with federally related mortgage transactions?
- In Washington, a 'non-recourse loan' means that if the borrower defaults:
- Title insurance is especially important in Washington because the state uses a:
- A Washington seller who accepts a buyer's VA loan offer should know that VA loans:
- Under Regulation Z (TILA), Washington lenders who advertise a specific loan interest rate must also disclose the:
- A Washington homebuyer obtains a 30-year fixed mortgage at 7% for $450,000. The monthly P&I payment factor for $1,000 at 7% for 30 years is approximately $6.65. What is the monthly P&I payment?
- In Washington, which of the following best describes a 'hard money loan'?
- In Washington, a 'wraparound mortgage' involves:
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →