An audit analyst is reviewing a mortgage file during a regulator exam preparation. Which statement correctly handles USDA loan-program requirements?
Correct Answer
A) Recognize USDA provides a loan-note guarantee to approved lenders
USDA Section 502 guaranteed loans require eligible rural property, income eligibility, primary residence use, and lender approval. The best answer is "Recognize USDA provides a loan-note guarantee to approved lenders".
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 "Recognize USDA provides a loan-note guarantee to approved lenders".
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