A compliance review finds that an applicant is considering a USDA Section 502 guaranteed loan. What should the MLO do next?
Correct Answer
D) Confirm rural eligibility, income limits, and primary residence use
Lines 143-149; USDA program overview and other requirements sections. USDA guaranteed loans have program-specific rural-area, income, and occupancy requirements. Therefore, the correct response is "Confirm rural eligibility, income limits, and primary residence use".
Why This Is the Correct Answer
Lines 143-149; USDA program overview and other requirements sections. USDA guaranteed loans have program-specific rural-area, income, and occupancy requirements. Therefore, the correct response is "Confirm rural eligibility, income limits, and primary residence use".
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