The USDA Loan is a no down payment loan, put in place to populate the rural areas of the United States. The property cannot produce income, for example, it cannot be used as a rental property or any kind of farmland. USDA Loans have household income caps, meaning you can’t make too much money as a household. For a family under 5 people, the income cap is usually around $75,000, but that varies on the county. The home needs to be built, move-in ready, and not sitting on too much land. The value of the land cannot exceed more than 30% of the entire property. My job here as a loan officer assistant is to go over some basic information and see if you can qualify for this type of loan. Compared to a conventional loan, the credit requirements are much easier to meet. A 640 credit score is required. We would like to see at least 2 years of job history, and also 2 years of rental history. If you qualify for the rural development loan, you will be assisted by a loan officer who can go over this information in more detail, and let you know your pre-approval amount. If you don’t have a realtor we will assign one for you, and you can get out there and start shopping for a home. If you have any questions or concerns during the process, your loan officer will be able to assist you. We hope to hear from you soon.