So what does it take to get pre-approval to acquire a USDA Rural housing loan in Bradenton Beach, FL?
It’s actually still pretty straightforward considering all the new changes which have occurred in the mortgage market place over the last 4 years. Mortgage loans in 2013 are “back to basics” in most instances. Gone forever are the days of being approved for a loan without having any income, a bad credit score, etc. Buyers today that have really good credit, stable documentation of source of income and acceptable debt will often have no trouble finding pre-qualification for a home loan right away.
All Federal home mortgages (USDA, FHA and VA) pretty much require the same things when getting pre-approved.
Let’s consider a number of main points to look for when looking for a federal government loan program.
Your Credit Scores
Almost always a 640 credit rating is required to get approved for any of the federal home mortgages today, including FHA, VA and USDA. Still take into account that a 640 overall credit score does NOT confirm loan authorization as just about all lenders and banks have different waiting specifications with regards to buyers having any preceding bankruptcy, property foreclosures, or short sales. Additional time is likewise required for USDA Rural loans. A clear 12 month monthly payment history on all other credit lines is crucial to take care of.
It has to be stable and documented in 2013. The era of said income or loans without documentation are long gone. Recording source of income correctly can often create a dilemma with the self employed or 1099 workers, especially those which have not been self employed for at least two years. Finance companies and banks commonly want to see a 2 year employment history. Small spaces in ones history of employment are just fine, as long as the space is not a long time, or unexplained. New college or university grads may be exempt within the Two year employment rule.
100% USDA Loan options
Alternatives are available to any type of homebuyer considering the purchase of a home with a rural listed locality. Click here for the USDA eligibility map. USDA loans also include income restrictions as per the amount of family members in the household, county, etc. Please click here for more information on FL USDA income limitations. USDA, in addition to VA, are the only two mortgage loans in Florida that offer 100% loans with NO down payment.
Other Manatee County and Bradenton Beach, Florida mortgage types:
These loans are accessible throughout Florida for any home buyer that qualifies. FHA home mortgages need a min 3.5% down-payment, so there are no net income limits, boundaries or location rules. Contact us to learn all about FHA mortgage requirements in the state of Florida.
VA Lending options
Designed for all qualified previous and present military service members. Please contact us to find out about VA lending options in Florida.
Home-owners that currently have a VA, FHA and USDA loan should be encouraged to look at the vast array of enhanced home refinance loan options available at present. These products will allow household owners to re-finance REGARDLESS of the loan to value proportion. If you already have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are now at historical low levels!