The loan team checks whether a government loan file meets USDA program conditions before moving forward. What should guide the decision?
Correct Answer
B) Confirm rural eligibility, income limits, and primary-residence use
USDA Section 502 guaranteed loans require eligible rural property, income eligibility, primary residence use, and lender approval. The best answer is "Confirm rural eligibility, income limits, and primary-residence use".
Why This Is the Correct Answer
USDA Section 502 guaranteed loans require eligible rural property, income eligibility, primary residence use, and lender approval. The best answer is "Confirm rural eligibility, income limits, and primary-residence use".
More Mortgage Knowledge Questions
During a borrower intake review, a training manager encounters an Amortization and Payment Calculations issue. Which response should choose the most defensible file action?
During a post-application update, the file reviewer encounters an Income Calculation Self Employed issue. Which response should confirm the rule-based response?
During a mortgage operations checklist, a sponsorship reviewer identifies an issue involving points and fee calculations. Which response is most compliant?
A team member asks about DTI Calculation Guidelines in a consumer complaint triage while trying to explain the required action to the team. Which response should the file reviewer use?
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The branch manager is resolving HELOC CLTV Calculation during a loan setup review. Which action best fits the rule?
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During a post-application update, an operations lead encounters a Secondary Market GSEs issue. Which response should resolve the issue before the file moves forward?
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