I ran thru the scenario you had for 60k yearly of income and for USDA it said that you should be eligible. I pasted the text below. It's not a final answer by a long shot but looks promising.
Hope this helps please let me know if you have any further questions.
Senior Loan Officer
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
You can cancel the application. Most of the time lenders don't take application fees because they have to keep them in a different escrow account. If you already paid for the appraisal, you can't get that back. Any money already spent is gone...but you have no obligation to stick with them (typically). I'm a mortgage broker also and I can't think of anything that would legally bind you...wait...UNLESS...look at the mortgage broker business contract. Somtimes they obligate you to pay the total commission if you back out. If there has been poor service on their part, it may negate that part of the contract anyway. I have never seen a lender hold a borrower to that, but it's a risk. Hope I helped a little!
Keller Williams Realty... more