What do I need to get pre-approved on a USDA Rural housing loan in Deltona, FL?
It’s actually still pretty simple taking into account all the new changes that have occurred in the mortgage market place within the last 5 years. Mortgages today are “back to basics” most of the time. Gone forever are the days of approval for a loan devoid of income, unfavorable credit ratings, etc. Homebuyers today which have really good credit, stable documentation of the source of income and acceptable debt typically have no issue finding pre-qualification for a home mortgage today.
All the Federal government mortgage loans (VA, FHA and USDA) essentially require the same things to get pre-approval.
Let’s consider a few main points to take into consideration when making a choice on a federal loan.
Your Credit Status
Almost always a 640 FICO score is needed to get pre-approved for the federal government mortgage loans today, including USDA, VA and FHA. However understand a 640 fico score DOES NOT assure you loan acceptance as all lenders and banks have extra waiting prerequisites in terms of home buyers because of any past bankruptcy, real estate foreclosure, or short sales. Extra time will be needed for USDA Rural loans. Clear twelve-month payment history on any other credit lines is also important to manage.
It has to be consistent and documentable in 2013. The days of stated income or loans without documentation are long gone. Showing income effectively could possibly cause a problem with independently employed or 1099 workers, especially those which have not been independently employed for a minimum of 2 years. Banks and lenders generally want to see a 2-year history of employment. Minor gaps in your entire history of employment are just ok, as long as the gap is not too much time, or unexplainable. New university or college graduates are in general exempt from the 2-year employment rule.
100% USDA Loan options
These financing options are offered to any type of home buyer wishing to buy a home with a rural outlined geographic location. Click here for the USDA eligibility map. USDA loans will have earning guidelines in accordance with the amount of members in the home, county, etc. Please click here for more information on FL USDA income limitations. USDA, accompanied by VA, have become the only two residential loans in Florida offering 100% funding with NO down payment.
Other Volusia County and Deltona, Florida mortgage programs:
FHA Home Loans
These financing options are available across Florida for any home buyer that is approved. FHA mortgage loans need a minimum 3.5% down payment, so there are no income limits, regulations or location rules. Contact us to learn more about FHA mortgage restrictions in the state of Florida.
VA Home mortgages
Designed for all qualified prior and present armed forces members. Please contact us to find out more on VA loans in Florida.
Homeowners that currently have a USDA, FHA and VA loan should also check out the wide array of enhanced home refinance choices available at this time. Quite a number of offerings will allow homeowners to re-finance REGARDLESS of the mortgage to value ratio. If you now have a USDA Home loan, contact us to learn about the special refinance programs. Interest rates are still near historic low levels!