rate loan is defined at 2% below Prime and very low-rate loan is defined at 4% below prime. What is the credit for a bank that makes a loan that is between 2 and 4% below prime?
A qualified loan is eligible for a 5% credit and is defined as any loan that is at least 2% below the prime rate as published by the Wall Street Journal at the time the loan is approved. That does not qualify as a qualified low-rate loan. A qualified low-rate loan is eligible for a 10% credit and is defined as any loan that is at least 4% below the prime rate as published by the Wall Street Journal at the time the loan is approved. Any qualified loan between 2% and 4% below prime is eligible for the 5% credit.
