ANSWERS: 1
  • REO property is real estate that is currently owned by the government. These properties are classified in two categories, program and non-program. A program property is one that is eligible for financing under the section 502 program or one that can be reasonable repaired to be eligible. A non-program property is one that cannot be reasonably repaired or has been improved to a point that it will no longer qualify as modest under section 502 regulations. ---http://www.rurdev.usda.gov/ga/treo.htm

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