What do you need to get pre-approval for a USDA Rural housing loan in Belleview, FL?
It’s actually still rather easy considering all the new changes that have occurred in the mortgage industry over the past 6 years. Mortgage loans in 2013 will be “back to basics” in many instances. Gone are the days of qualifying for a loan without the presence of income, a low credit score, etc. Buyers at present which have decent credit, stable documentation of source of income and potential debt usually have no trouble getting pre-qualification for a home mortgage today.
All of the Government home loans (VA, FHA and USDA) largely require the same things to get pre-approval.
Here are several main points to look for when choosing a federal loan type.
Your Credit Evaluation
Normally a 640 credit rating is necessary to be approved for any of the government mortgage loans today, including FHA, USDA and VA. Still remember that a 640 overall credit score DOES NOT confirm mortgage loan authorization as just about all banks and lenders have even more waiting requirements with regards to buyers that have any previous individual bankruptcy, real estate foreclosure, or short sales. Added time can be needed for USDA Rural loans. A clear 12 month payment history on all other consumer credit trade lines is crucial to look after.
Net income Level
It must be long-standing and documentable in 2013. The era of stated income or loans without documentation are long gone. Showing revenue adequately can sometimes create a difficulty with self employed or 1099 labor, in particular those who have not been self employed for not less than a two year period. Banks and lenders normally are interested in a 2 year history of employment. Small spaces in your entire employment history might be ok, as long as the time is not too much time, or unexplainable. Recent university or college graduates are typically exempt within the 2 year employment rule.
100% USDA Loans
Alternatives are available to any type of home buyer looking to acquire a residential home with a rural defined location. Click here for the USDA eligibility map. USDA loans usually have income limits based on the quantity of family members in the home, area, etc. Please click here for more information on Florida USDA income limits. USDA, in conjunction with VA, are the only two mortgages in Florida that provides 100% financing with NO downpayment.
Different Marion County and Belleview, Florida mortgage solutions:
These loans are found up and down Florida for any home buyer that qualifies. FHA loans have to have a minimum 3.5% down payment, so there are no net income limitations, boundaries or property location rules. Contact us to learn all about FHA home loan prerequisites in Florida.
VA Home mortgages
Open to all eligible prior and present military service members. Please contact us to read more about VA home mortgages in Florida.
Home-owners that presently have a FHA, VA and USDA loan need to investigate the wide selection of streamline refinance alternatives available on the market now. These sorts of products empower household owners to re-finance REGARDLESS of the mortgage loan to value relative amount. If you now have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are now at all time low levels!