What can I do to get pre-approval on a USDA Rural housing loan in Bell?
It’s honestly still rather easy taking into account all the changes which have happened in the mortgage industry during the last 4 years. Mortgage loans in 2013 will be “back to basics” most of the time. Gone are the days of being approved for a mortgage loan without the presence of income, bad credit, etc. Buyers today that have decent credit, reliable documentation of earnings and potential debt ordinarily have no issue obtaining pre-qualification for a home mortgage today.
All the Government mortgage loans (USDA, FHA and VA) generally require the same things when getting pre-approval.
Here are some main points to take into consideration when considering a federal loan type.
Your Credit Report
Generally speaking a 640 credit score is required to become approved for any of the government home loans today, including FHA, VA and USDA. Also remember a 640 credit score doesn’t assure you loan agreement as all lenders and banks have additional waiting criteria regarding home buyers due to any previous bankruptcy, home foreclosure, or short sales. Added time is usually required for USDA Rural loans. A clear 12 month monthly payment history on any other consumer credit lines is important to take care of.
It needs to be reliable and documented in 2013. The times of stated income or loans without documentation are long gone. Revealing earnings adequately could possibly create a problem with the self employed or 1099 individuals, specially those who’ve not been self employed for at least a couple of years. Banks and lenders typically want to see a 2 year employment history. Reasonable interruptions in a person’s employment history are fine, so long as the gap is not a long time, or unexplainable. Fresh university or college graduates are normally exempt within the 2 year employment regulation.
100% USDA Homeowner loans
Choices are offered to any sort of homebuyer wishing to purchase a home in a rural outlined vicinity. Click here for the USDA eligibility map. USDA loans generally have earning restrictions based on the number of family members in the household, region, etc. Please click here for more information on Florida USDA income rules. USDA, in addition to VA, are the only two mortgage loans in Florida which offer 100% funding with NO downpayment.
Further Gilchrist County and Bell, Florida mortgage options:
These loans are offered throughout Florida to any homebuyer that is eligible. FHA home loans have to have a minimum 3.5% down payment, so there are no earnings constraints, regulations or location restrictions. Contact us to learn all about FHA home loan guidelines in Florida.
Available for all qualified previous and current armed forces members. Please contact us to find out more about VA homeowner loans in Florida.
Home-owners that presently have a FHA, VA and USDA loan should be encouraged to look into the range of streamline home refinance loan choices available at this time. These sorts of options allow home-owners to re-finance REGARDLESS of the mortgage to value percentage. If you already have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are now at all time low levels!