A quality-control reviewer is reviewing a mortgage file during a renewal checklist. Which statement correctly handles USDA loan-program requirements?
Correct Answer
B) 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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