A borrower scenario raises a question about USDA loan-program requirements. Which answer should Frankie rely on?
Correct Answer
C) 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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A processor asks how to handle a file where an applicant is considering a USDA Section 502 guaranteed loan. Which response is most accurate?