So what does it take to get pre approved for a USDA Rural housing loan in Crystal River?
It’s honestly still reasonably simple considering all the new changes which have happened in the mortgage industry over the last 4 years. Mortgage loans in 2013 will be “back to basics” in many instances. Long gone is the time of qualifying for a loan without having any income, bad credit, etc. Homebuyers today which have very good credit, reliable documentation of income and manageable debt will often have no issue acquiring pre-qualification for a home mortgage today.
All the Govt home loans (USDA, VA and FHA) pretty much need the same things in order to get pre-approved.
Below are a lot of key points to take into account when choosing a government loan type.
Your Credit Scores
In many instances a 640 FICO score is required to become approved for any of the government residential loans today, including USDA, FHA and VA. In addition bear in mind that a 640 overall credit score DOES NOT confirm loan agreement as most banks and lenders have more waiting requirements in regards to homebuyers because of any recent personal bankruptcy, home foreclosure, or short sale. Increased time will be required for USDA Rural loans. A clean Twelve month monthly payment history on any other credit lines is crucial to keep up with.
It must be stable and documentable in 2013. The days of said income or loans without documentation are gone. Showing earnings properly could possibly present a major issue with the self employed or 1099 workers, in particular those that have not been independently employed for at least 2 years. Finance companies and banks usually need to see a 2 year employment history. Small interruptions in your personal history of employment may be okay, just as long the space isn”t too lengthy, or unexplainable. Recent university or college graduates are usually exempt from the 2 year employment history regulation.
100% USDA Mortgage loans
These financing options are offered to any sort of home buyer thinking about buying a home with a rural specified location. Click here for the USDA eligibility map. USDA loans have got earning restrictions according to the quantity of family members in the household, region, etc. Please click here for more information on FL USDA income constraints. USDA, accompanied by VA, are considered the only two mortgages in Florida which provide 100% loans with NO downpayment.
Additional Citrus County and Crystal River, Florida mortgage programs:
These financing options are offered up and down Florida for just about any homebuyer that qualifies. FHA home loans need a min 3.5% down-payment, there are no income limitations, regulations or location rules. Contact us to learn learn more about FHA mortgage guidelines in the state of Florida.
VA Home loans
Provided to all eligible prior and existing military members. Please contact us to read more about VA lending options in Florida.
Homeowners that currently have a VA, FHA and USDA loan should look at the selection of simplified refinance alternatives available at this time. Quite a number of offerings will allow homeowners to refinance REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Home loan, contact us to learn about the Pilot program. Interest rates are presently at historical low levels!