USDA Preliminary Approval Process

The USDA Guaranteed 502 Program is an excellent loan for any individual interested in a home purchase.  It allows for minimal out of pocket cost and helps people obtain property in a manner unlike any other mortgage program.


Consumer Real Estate Finance Company (CREFCO) is a leader in this industry and specializes in this particular loan program.  If you would like to see if you can qualify for the program and see how best CREFCO can help you out, please contact one of our representatives who will get you started on the pre-approval process.  The following is a description of what you can expect regarding your initial inquiry.


Upon making an online inquiry or phone call directly to us you will be speaking with a company representative who will be able to look into the possibility of obtaining a loan.  The rep will ask which state you are looking to purchase in and discuss the parameters of what qualifies a structure for financing through the program.  Then, to determine if you as an individual can qualify, the rep will gather information regarding basic qualifications and get you transferred to a licensed loan officer in your state that will go over the financial aspects of the program with you.


The information obtained by the rep includes your current income situation, employment history, living situation (renting or ownership), as well as some basics about your overall credit profile.  For the file the rep will need contact information as well as a current physical address of the applicant in order to get the applicant speaking with a loan officer.  Once transferred, the loan officer will look into the credit profile of the customer and determine if the program would be an option at this time and discuss the remaining documents that would be needed to complete a pre-approval!

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Rural Loans

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.

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