Finance
USDA Rural Development loans are available to West Virginia buyers in eligible rural areas and offer:
ACommercial development financing only
B100% financing (no down payment) with income limits for qualifying borrowers in eligible rural areas✓ Correct
CLoans exclusively for agricultural land
DFinancing only for properties with acreage over 5 acres
Explanation
USDA Rural Development loans offer 100% financing (no down payment required) to eligible buyers in qualifying rural areas of West Virginia. Income limits apply and the property must be in a designated eligible rural area.
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Key Terms to Know
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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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.
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.
Math Concepts
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