USDA Loans Flashcards
1
Q
USDA Loans, also known as Section 502 Loans, receive how much financing?
A
100%
2
Q
Who do USDA loans provide financial support to?
A
Low-income homebuyers in rural communities, or farm communities.
3
Q
For small towns, what is considered “Rural?”
A
35,000 people.
4
Q
Who administers USDA loans?
A
The Department of Agriculture (United States Department of Agriculture, USDA).
5
Q
What is the percentage of Area Medium Income (AMI) that applicants can not exceed to be guaranteed a loan?
A
115% of AMI
6
Q
What is the late fee for USDA loans?
A
4% of the P&I Only
