If they are only lending at 75% LTV like most banks on investment property and staring at 76 million folks nationwide in their 20s that haven't formed households yet....are you kidding? 

A lot of tenants have them and they aren't in 99.9% of American households like a fridge is.  

A million dollars in the bank generated $40 thousand a year of interest income, which was 10X the $4 thousand annual median household income of that era.

The real definition of a first time buyer is anyone who has not owned a primary residence within the last 3 years.This is determined by the schedule A where itemized deductions are written off and typically its page 3 of your 1040/personal tax returns (sometimes you may not have a schedule A because your itemized deductions do not exceed your standard deduction as Single/Married/head of household).One of the few times that the 25% equity rule has come up recently for me regarding FHA is when you "already," have a FHA loan and you're looking to utilize the program again (second FHA loan)  under one of the four exceptions of: 1) relocation, 2) larger family size, 3) co-signor, or 4) legal separation/divorce. 

I just worry with our household income outside of the property being so low, if we fell on hard times we would not be able to pay the mortgage.

In the public housing sector they are "over income" households, Google "over income housing".

If so, the use of the money is for a business purpose (i.e. not for personal, family, or household use) and Dodd-Frank would not apply.

If I made 3 times what I make at my day job in REI for at least 1 full year, then I might possibly consider quitting again, but at this point in my life, if all I am doing is matching the wage I am paid at my day job, why in the word would I cut off half of my household income by quitting my day job?

If I do Quicken, I could use it to keep track of other household expenses, credit cards, etc. 

USDA is a 0% down loan if the household is within county income limits and the property is located within the USDA areas of lending (usually rural areas).