USDA basically follows fannie mae guidelines but qualification parameters and property types differ.

Due to a higher rate of divorce, increased single parenthood, the over-all delay of marriage, slow wage growth, high debt to income ratios, more stringent mortgage qualification, higher home prices, and a more mobile society investors will continue to see a strong rental market.

The qualifications are interesting also go through those carefully.  2 weeks to close that is exceptional for any deal that I have done with an MBS i avoid them like the plague.  

MY QUESTION IS: Where should I consider applying and what should I consider doing in real estate for the next 2 years meanwhile I gain the qualifications for a loan?

Hi thank you Wayne for the replyI did send a pre approval or pre qualification letter from my bank along with the offer as I was told by the the person I had talked to that the current bank that holds the foreclosed property can't finance it.

We got someone passed the cross-qualification process and closed escrow yesterday. 

It also does not have a credit score qualification, so even someone with "hiccups" in their credit can qualify as long as they have 10% equity, no mortgage lates in 12mons, on-time property taxes and no BK in last 2yrs.Sounds like the original question is based on either a Lease or PPA as I did read in there that it had a guarantee of lower rate in first 2 years.

Of course this will vary on credit score, annual income, income to debt ratio needs to be considered especially since you will be having to deal with two property loans, and other general qualifications (PITI reserves).  

my first multi family, non-owner-occupied (a 4-plex) needed 25% down and normal conventional loan qualifications (purchased November 2014). 

I did give them a heads up the day before that I would be coming so I'm assuming they made provisions to remove the dog for the day.I don't have an issue with having 2 dogs as long as the 2nd dog meets the typical qualifications I had for the first dog (breed, temperament, etc).