What do I need to get pre-approved on a USDA Rural housing loan in Alachua, FL?
It’s actually still relatively simple taking into consideration all the changes that have occurred in the mortgage market in recent years. Mortgage loans in 2019 are “back to basics” most of the time. Gone are the days of being approved for a mortgage loan without having any income, poor credit, etc. Homebuyers in the market now with good credit, stable documentation of revenue and reasonable debt often times have no trouble acquiring pre-qualification for a home mortgage today.
All Govt mortgages (USDA, VA and FHA) generally need the same things to get pre-approved.
Let’s consider a number of main points to take into consideration when choosing a federal loan.
Your Credit Score
Typically a 620 FICO score is needed to become pre-approved for the government home loans today, including FHA, VA and USDA. But be aware that a 640 credit score does NOT confirm home loan affirmation as almost all lenders and banks have different waiting specifications in regards to home buyers due to any previous individual bankruptcy, foreclosed properties, or short sales. Extra time may be required for USDA Rural loans. A clean 12 month payment history on any other credit trade lines is crucial to maintain.
Net income Level
It must be reliable and documented in 2013. The era of said income or loans without documentation are gone. Recording revenue correctly may present issues with self-employed or 1099 workers, especially those who’ve not been self-employed for a minimum of two years. Finance companies and banks frequently need to see a 2-year employment history. Limited interruptions in your personal employment history are just fine, just as long the gap is not too much, or unexplainable. New university or college grads are in general exempt from the 2-year employment history rule.
100% USDA Home mortgages
Choices are available to any kind of home buyer thinking of buying a house inside of a rural defined locality. Click here for the USDA eligibility map. USDA loans also have earning limits in accordance with the number of family members in the household, area, etc. Please click here for more information on Florida USDA income limitations. USDA, alongside VA, are the only mortgages in Florida that come with 100% funding with Zero downpayment.
More Alachua County and Alachua, Florida mortgage choices:
FHA Home Loans
These financing options are accessible throughout Florida to any homebuyer that qualifies. FHA residential loans require a minimum 3.5% down-payment, there are no income limitations, restrictions or location demands. Contact us to learn more about FHA home loan specifications in Florida.
VA Home loans
Obtainable by all eligible past and existing armed forces members. Please contact us to read more about VA lending options in Florida.
Homeowners that currently have a USDA, FHA and VA loan should investigate the wide array of simplified loan refinancing options available today. These options permit home-owners to refinance REGARDLESS of the loan to value percentage. If you already have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates still near all-time low levels!