So what does it take to get pre approved to acquire a USDA Rural housing loan in Dade City, FL?
It’s honestly still pretty straightforward taking into consideration all the changes which have occurred in the mortgage market within the last 4 years. Mortgages in 2013 are “back to basics” in most cases. Gone are the days of qualifying for a mortgage loan without having income, low credit score, etc. Buyers jn the market now which have reasonable credit, stable documentation of earnings and potential debt will often have no issue acquiring pre-qualification for a mortgage loan today.
All the Govt home loans (VA, USDA and FHA) more or less require the same things when getting pre approved.
Take a look at a few key points to look for when considering a government loan.
Your Credit Score
In most situations a 640 FICO score is needed to get pre-approved for any of the federal home mortgages today, including FHA, USDA and VA. Still take into account that a 640 credit score DOES NOT assure you mortgage authorization as most lenders and banks have even more waiting criteria with regards to home buyers that have any previous bankruptcy proceedings, property foreclosure, or short sale. Increased time will be required for USDA Rural loans. A clean 12 month monthly payment history on any other consumer credit trade lines is important to manage.
Net income Level
It must be long-standing and documentable in 2013. The days of said income or no documentation loans are gone. Documenting source of income correctly can create a problem with independently employed or 1099 labor, specifically those who’ve not been self-employed for at least 2 years. Banks and lenders normally need to see a Two year history of employment. Modest gaps in your entire history of employment are just ok, just as long the space isn”t too much, or unexplainable. Recent university or college graduates are by and large exempt from the Two year employment regulation.
100% USDA Solutions
These plans are available to any homebuyer thinking of purchasing a house within a rural identified geographic location. Click here for the USDA eligibility map. USDA loans will have earning rules based on the quantity of family members in the home, area, etc. Please click here for more information on FL USDA income maximum. USDA, as well as the VA, are the only home mortgages in Florida that provide 100% loans with Zero downpayment.
Some other Pasco County and Dade City, Florida mortgage programs:
These financing options are offered across Florida to any home buyer that qualifies. FHA residential loans require a minimum 3.5% down-payment, there are no net income limitations, restrictions or property location policies. Contact us to learn learn more about FHA home loan restrictions in the state of Florida.
Obtainable by all eligible prior and present military members. Please contact us to learn about VA mortgage loans in Florida.
Home owners that presently have a FHA, USDA and VA loan ought to investigate the variety of enhanced loan refinancing choices available presently. All these offerings empower homeowners to refinance their home REGARDLESS of the mortgage to value ratio. If you already have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are currently at record low levels!