So what does it take to get approved for a USDA Rural housing loan in Crescent City, FL?
It’s definitely still very simple taking into consideration all the new changes which have happened in the mortgage industry over the past 5 years. Mortgage loans in 2013 will be “back to basics” in many instances. Gone forever are the days of qualifying for a mortgage loan without any income, low credit, etc. Homebuyers today that have acceptable credit, reliable documentation of cash flow and acceptable debt frequently have no issue getting pre-qualification for a mortgage today.
All the Federal home mortgages (FHA, USDA and VA) pretty much need the same things to get pre-approved.
Let’s consider a number of main points to think about when making a choice on a federal government loan.
Your Credit Status
In most situations a 640 FICO score is necessary to become pre-approved for the federal home loans today, including FHA, USDA and VA. Nevertheless bear in mind a 640 overall credit score DOES NOT confirm mortgage loan approval as all lenders and banks have even more waiting conditions concerning home buyers having any prior bankruptcy proceedings, home foreclosure, or short sales. Additional time is typically needed for USDA Rural loans. A clean Twelve month monthly payment history on all other credit lines is essential to take care of.
Net income Level
It has to be reliable and documented in 2013. The days of said income or loans without documentation are gone forever. Revealing source of income effectively can sometimes present a huge concern with self employed or 1099 persons, specifically those which have not been self-employed for a minimum of 2 years. Banks and lenders commonly need to see a 2 year history of employment. Minimal interruptions in your employment history are acceptable, so long as the time is not too long, or unexplainable. Recent college graduates are normally exempt from the 2 year employment history regulation.
100% USDA Loans
Choices are available to any homebuyer thinking of purchasing a home with a rural listed locality. Click here for the USDA eligibility map. USDA loans generally have income rules with regards to the number of people in the household, area, etc. Please click here for more information on FL USDA income constraints. USDA, as well as the VA, have become the only mortgage loans in Florida that provide 100% funding with Zero down payment.
Other Putnam County and Crescent City, Florida mortgage recommendations:
These financing options are offered across Florida for just about any homebuyer that is eligible. FHA home mortgages have to have a min 3.5% down payment, there are no income limitations, boundaries or property location restrictions. Contact us to learn all about FHA mortgage loan requirements in the state of Florida.
Offered to all qualified prior and current military service members. Please contact us to get more information on VA loan options in Florida.
Homeowners that currently have a VA, USDA and FHA loan should be encouraged to investigate the wide selection of streamline loan refinancing choices available on the market now. Most of these packages will allow homeowners to re-finance REGARDLESS of the loan to value relative amount. If you currently have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are currently at all time low levels!