So you are interested in the 100% Government backed USDA home loan? Obtaining your USDA mortgage pre qualification in advance is important on many levels. First is demonstrates to the home sellers that your qualified for home loan financing. Equally important is it lets you (prospective homeowner) know exactly all the numbers. How much your pre qualified for, the amount of your mortgage payments, closing costs, etc. It is generally a good idea to insure your are prequalified for your USDA loan a few weeks before you plan to start looking for that special home.
So, what do you need to be prepared for the USDA pre qualification approval process? What questions will be ask?
Be sure you know the exact amount income you make on a yearly basis. If paid hourly, know your hourly rate and also the frequency of any overtime, etc. Be sure to also the amount of income other members of your household make, even if they are not on the mortgage with you. This is important for USDA household income eligibility. Also be sure you have a detailed two year work history – the name, address and phone number of all employers over the last two years.
- Living history – Two year living history will be needed. Your past address, length of time, and name/number of landlord.
- Assets – Name of financial intuitions, balance of each account and account numbers.
- Information about your debts will not be needed as this is generally obtained from your credit report automatically. However, you will be asked about any child support or alimony requirements you may have.
- All the other information is generally things you know by heart – date of birth, social security number, etc.
The USDA pre qualification process generally takes 20 min over the phone. Once your USDA pre qualification is complete, your assigned loan specialist can review all the numbers with you and issue your letter of pre qualification.
At this time is always a good idea to gather up all the documentation needed by your USDA loan specialist. Once they receive and verify your documents, your USDA pre qualification will be reviewed for a full pre-approval. Keep in mind, pre qualification is generally a “basic” review of the information your provided. A complete pre APPROVAL is total verification of all your loan documents and the information provided by the underwriter. The complete USDA pre approval will generally be looked at better when dealing with home sellers.
What paper work will you need to obtain the full USDA pre approval? Below you will find a basic list, some extra documents may be needed in addition to the list below depending on your situation. Each loan case is different.
- Last (2) most recent pay stub
- Last (2) most recent years tax returns
- Last (2) most recent bank account statements
- Last (1) most recent retirement account statements if you have one of these accounts. 401K, IRA, etc.
- Copy of ID and social security card.
Interest in applying for a USDA home loan? Please visit our main web site by clicking here.
USDA Mortgage Source is Florida’s LOCAL leader for all 100% USDA / Rural home loans. We service all of Florida including Lakeland , Ocala , Deland , Lake City and everywhere in between. Please visit our main web site at www.UsdaMortgageSource.com or call 904.302.6060 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida. We are available to serve you 7 days a week.
Serving – Alachua County – Gainesville, Baker County – Macclenny, Bay County – Panama City, Bradford County – Starke, Brevard County – Titusville, Broward County – Fort Lauderdale, Calhoun County – Blountstown, Charlotte County – Punta Gorda, Citrus County – Inverness, Clay County – Green Cove Springs, Collier County – Naples, Columbia County – Lake City, De Soto County – Arcadia, Dixie County – Cross City, Duval County – Jacksonville, Escambia County – Pensacola, Flagler County – Bunnell, Franklin County – Apalachicola, Gadsden County – Quincy, Gilchrist County – Trenton, Glades County – Moore Haven, Gulf County – Port St. Joe, Hamilton County – Jasper, Hardee County – Wauchula, Hendry County – LaBelle, Hernando County – Brooksville, Highlands County – Sebring, Hillsborough County – Tampa, Holmes County – Bonifay, Indian River County – Vero Beach, Jackson County – Marianna, Jefferson County – Monticello, Lafayette County – Mayo, Lake County – Tavares, Lee County – Fort Myers, Leon County – Tallahassee, Levy County – Bronson, Liberty County – Bristol, Madison County – Madison, Manatee County – Bradenton, Marion County – Ocala, Martin County – Stuart, Miami-Dade County – Miami, Monroe County – Key West, Nassau County – Fernandina Beach, Okaloosa County – Crestview, Okeechobee County – Okeechobee, Orange County – Orlando, Osceola County – Kissimmee, Palm Beach County – West Palm Beach, Pasco County – Dade City, Pinellas County – Clearwater, Polk County – Bartow, Putnam County – Palatka, Santa Rosa County – Milton, Sarasota County – Sarasota, Seminole County – Sanford, St. Johns County – St. Augustine, St. Lucie County – Fort Pierce, Sumter County – Bushnell, Suwannee County – Live Oak, Taylor County – Perry, Union County – Lake Butler, Volusia County – DeLand, Wakulla County – Crawfordville, Walton County – De Funiak Springs, Washington County – Chipley, FL, FLA