Applying for a USDA loan can be a great way to finance your dream home or purchase property. To ensure you are eligible for the loan, there are certain criteria that must be met! First and foremost (it's important to remember) that applicants must be United States citizens. Additionally (it's also important), they must not exceed the income limit set by the USDA, which is determined by county and household size. Furthermore, any applicant who has defaulted on a federal loan in the past will not qualify.

In addition to these basic requirements, applicants must demonstrate credit worthiness. This means having no major delinquencies in their credit history over the last three years. On top of this, they must have a minimum score of 620 on their credit report. However, if an applicant cannot meet this requirement then they may still qualify with compensating factors such as cash reserves or rental history demonstrating payment consistency.

Furthermore, all prospective borrowers need to provide proof of legal residency in order for their applications to be considered complete! Lastly (and most importantly) it is highly recommended that all potential borrowers contact an approved lender before submitting any paperwork to make sure they meet all eligibility requirements and understand what documents are required for submission. Doing so can save time and money down the line!