What do I need to get pre approved for a USDA Rural housing loan in Century, FL?
It’s actually still pretty straightforward considering all the changes that have taken place in the mortgage industry in the last 4 years. Mortgage loans in 2013 will be “back to basics” most of the time. Gone forever is the time of being eligible for a mortgage loan without the presence of income, low credit score, etc. Homebuyers jn the market now with really good credit, reliable documentation of earnings and workable debt typically have no trouble getting pre-qualification for a home mortgage today.
All the Govt mortgage loans (VA, USDA and FHA) primarily need the same things in order to get pre-approved.
Take a look at quite a few tips to think about when considering a federal loan.
Your Credit Report
Normally a 640 FICO score is needed to be approved for the fed mortgage loans today, including USDA, VA and FHA. But bear in mind a 640 credit rating doesn’t warrantee mortgage loan authorization as just about all lenders and banks have even more waiting specifications in regards to homebuyers due to any preceding personal bankruptcy, home foreclosure, or short sales. Even more time is also needed for USDA Rural loans. A clean One year monthly payment history on all other credit lines is very important to maintain.
It has to be steady and documentable in 2013. The era of said income or no documentation loans are gone forever. Recording revenue adequately can sometimes cause an obstacle with self-employed or 1099 workers, specially those which have not been independently employed for not less than 2 years. Finance companies and banks normally want to see a 2 year history of employment. Modest holes in an individual’s history of employment are just fine, as long as the time isn”t too lengthy, or unexplained. New college grads are usually exempt from the 2 year employment history regulation.
100% USDA Mortgages
Choices are offered to any type of home buyer thinking about purchasing a dwelling in a rural listed location. Click here for the USDA eligibility map. USDA loans will have earning limitations based on the number of members in the home, area, etc. Please click here for more information on FL USDA income restrictions. USDA, as well as the VA, are the only home mortgages in Florida that provides 100% funding with NO down payment.
Different Escambia County and Century, Florida mortgage programs:
These loans are found all over Florida for just about any home buyer that qualifies. FHA mortgage loans need a min 3.5% down payment, so there are no earnings limits, restrictions or property location rules. Contact us to learn all about FHA loan standards in the state of Florida.
VA Home mortgages
Available to all qualified past and present military service members. Please contact us to get more information on VA home loans in Florida.
Homeowners that currently have a USDA, FHA and VA loan should be encouraged to examine the wide array of streamline home refinance loan choices available presently. All these packages will allow homeowners to refinance their home REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are presently at all time low levels!