A mortgage team asks a renewal specialist about USDA loan-program requirements during a consumer complaint response. Which answer should guide the file?
Correct Answer
C) Check whether the borrower and property meet USDA eligibility
USDA Section 502 guaranteed loans require eligible rural property, income eligibility, primary residence use, and lender approval. The best answer is "Check whether the borrower and property meet USDA eligibility".
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 "Check whether the borrower and property meet USDA eligibility".
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A borrower scenario raises a question about HELOC and open-end credit rules and open-end credit rules. Which answer should Emery rely on?