During an automated underwriting submission to DU, the system returns a message stating 'Property Type Not Eligible.' The property is a single-family home built in 1975. What is the most likely reason for this message?
Correct Answer
C) The property information entered doesn't match DU's acceptable property types
DU's 'Property Type Not Eligible' message typically indicates that the property type entered in the system doesn't match one of the acceptable categories for the loan program being submitted. This is often due to data entry errors or selecting an ineligible property type. The age of a 1975 home wouldn't trigger this message, as older homes are generally eligible for conventional financing.
Why This Is the Correct Answer
DU's 'Property Type Not Eligible' message typically indicates that the property type entered in the system doesn't match one of the acceptable categories for the loan program being submitted. This is often due to data entry errors or selecting an ineligible property type. The age of a 1975 home wouldn't trigger this message, as older homes are generally eligible for conventional financing.
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