Question

Wallace and Melissa live in a small rural community of just over 15,000. They want to purchase a home and start a small home-based business. At the current time, they have a very limited income and need their own home. Where is the best place for Wallace and Melissa to turn for a home loan?

Answer 1

These are the options for the question:

• Rural Economic and Community Development (RECD)
• VA
• FHA
• Cal-Vet

And this is the correct answer:

Rural Economic and Community Development (RECD)

Step-by-step explanation:

Of the four options listed in the question, the Rural Economic and Community Development is the most appropriate.

The RECD is a program that helps rural communities set up businesses and proper through loans, financial help, grants, technical assistance, and so on. This would be the best option for Wallace and Melissa to obtain a loan.

The VA and Cal-Vet are agencies aimed at veterans, and Wallace and Melissa are not veterans.

The FHA would also be an option, but as it is not specifically designed for rural communities, it's best if Wallace and Melissa go to the RECD first.