What is the USDA loan process?

The USDA loan process involves several steps:

1. Pre-qualification: Determine if you meet basic eligibility requirements.
2. Pre-approval: Submit financial documents for a more detailed evaluation.
3. Property Selection: Find a home in an eligible rural or suburban area.
4. Loan Application: Complete a formal loan application and provide necessary documentation.
5. Underwriting: The lender reviews your application and the property’s appraisal.
6. Approval and Closing: Once approved, you’ll sign the final loan documents and close on your new home.