So what does it take to get pre-approval for getting a USDA Rural housing loan in Bristol, FL?
It’s honestly still very easy taking into consideration all the new changes which have happened in the mortgage sector over the past 4 years. Mortgage loans in 2013 will be “back to basics” in most cases. Long gone is the time of getting qualified for a loan without the presence of income, unfavorable credit ratings, etc. Homebuyers jn the market now that have decent credit, reliable documentation of earnings and acceptable debt generally have no trouble obtaining pre-qualification for a home loan right away.
All Federal mortgage loans (VA, USDA and FHA) more or less need the same things in order to get pre-approval.
Here are a few main points to think about when deciding upon a federal government loan.
Your Credit Report
In most situations a 640 credit score is necessary to become pre-approved for any of the federal residential loans today, including VA, FHA and USDA. In addition keep in mind that a 640 credit rating does NOT warrantee loan affirmation as virtually all lenders and banks have various other waiting standards in relation to homebuyers that have any past bankruptcy proceedings, property foreclosures, or short sales. Further time is likewise required for USDA Rural loans. A clean Twelve month payment history on all other consumer credit lines is very important to keep up with.
It must be reliable and documented in 2013. The times of said income or loans without documentation are gone. Revealing earnings correctly will often pose a concern with self-employed or 1099 persons, in particular those who have not been self-employed for a minimum of 2 years. Banks and lenders usually want to see a Two year history of employment. Minor gaps in your personal history of employment are just ok, as long as the time is not too lengthy, or unexplainable. New university or college grads are usually exempt from the 2 year employment regulation.
100% USDA Loan options
These plans are available to any type of home buyer thinking about buying a dwelling in a rural outlined location. Click here for the USDA eligibility map. USDA loans have got income rules depending upon the quantity of people in the home, region, etc. Please click here for more information on Florida USDA income constraints. USDA, along with VA, are definitely the only mortgages in Florida that provide 100% financing with NO downpayment.
Additional Liberty County and Bristol, Florida mortgage programs:
FHA Home Loans
These financing options are found up and down Florida to any home buyer that is eligible. FHA loans require a min 3.5% down-payment, there are no net income limits, regulations or property location demands. Contact us to learn all about FHA home loan requirements in the state of Florida.
Accessible to all qualified past and existing military members. Please contact us to get more information on VA lending options in Florida.
Home-owners that currently have a VA, USDA and FHA loan should be encouraged to check out the wide selection of streamline home refinance loan choices available today. Many of these packages enable home owners to re-finance REGARDLESS of the mortgage loan to value ratio. If you currently have a USDA Home loan, contact us to find out more about the Pilot program. Interest rates are presently at record low levels!