PSI Virginia Real Estate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the PSI Virginia Real Estate Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam success!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which type of loan program specifically helps low-income rural residents?

FHA loans
VA loans
USDA/rural loan programs
Conventional loans

The correct answer is: USDA/rural loan programs

The USDA/rural loan programs are specifically designed to assist low-income rural residents in obtaining affordable financing for purchasing homes. These programs target areas designated as rural by the United States Department of Agriculture and provide various benefits to eligible borrowers, such as lower down payment requirements, subsidized interest rates, and reduced mortgage insurance costs. FHA loans, while they do offer assistance to low-income borrowers, do not exclusively focus on rural areas. Similarly, VA loans are geared towards veterans and active military personnel rather than the rural population at large. Conventional loans are typically not tailored towards low-income individuals and may require higher credit scores and down payments compared to USDA programs. This makes USDA/rural loan programs the most suitable option for supporting low-income residents in rural areas.