The Unites States Department of Agriculture loan, otherwise known as the USDA loan, is one that was made to help home buyers purchase a home without having to have a down payment. When looking into a USDA loan the main requirement must be that the buyer’s look for homes that are in rural areas. Another requirement must be that the family’s income must be lower than their county’s income limit. Buyers must also have a minimum of a 620 credit score in order to be approved. Preapprovals can be done within thirty minutes. The buyer must also not have any debts. USDA loan approvals allow buyers to shop for single-family homes, new homes, modular homes, town homes, condos, as well as mobile/newly manufactured homes. However, the financing arrangements must be provided by the seller of the mobile home. All of the types of homes mentioned must also be owner-occupied. The properties financed should also generally be 1,800 square feet or less, not have market value in excess of the applicable area loan limit, not have in-ground swimming pools, and not be designed for income producing activities. The USDA loan program not only allows borrowers to get up to 100% financing, but they also allow closing costs to be covered by either the seller or included in the loan. If the home seller should refuse to cover the borrower’s closing costs; the borrower has the option to include the closing costs within their loan amount. In order for this option to be available the borrower’s house appraisal must be able to match the new loan amount. USDA loans are not just for first time home buyers, it applies to those who want to sell their house as well. The USDA loan program offers a low fixed interest rate for up to 30 years, which means that the borrower would not have to worry about their monthly payments changing. Those seeking into this type of loan must be dwelling in an unsafe and unsanitary housing. They must also be unable to obtain a loan from other resources on terms and conditions that can be expected to meet. They must meet citizenship or eligible noncitizen requirements. Lastly, they must not be suspended or debarred from participation in federal programs.