So what does it take to get pre approved for a USDA Rural housing loan in Fort Meade?
It’s definitely still very easy considering all the new changes that have occurred in the mortgage industry over the past 6 years. Mortgage loans in 2013 are “back to basics” in most instances. Gone forever are the days of being approved for a loan without having income, low credit score, etc. Homebuyers at present which have outstanding credit, stable documentation of revenue and reasonable debt frequently have no trouble finding pre-qualification for a mortgage right away.
All the Govt home mortgages (FHA, VA and USDA) more or less require the same things in order to get pre approved.
Take a look at several main points to take into consideration when making a choice on a federal government loan program.
Your Credit Score
Generally speaking a 640 credit rating is needed to be pre approved for any of the federal government mortgage loans today, including USDA, VA and FHA. But keep in mind that a 640 fico score does NOT confirm mortgage agreement as just about all lenders and banks have additional waiting demands in terms of home buyers with any recent personal bankruptcy, home foreclosure, or short sales. Increased time may be needed for USDA Rural loans. A clear One year monthly payment history on all other consumer credit trade lines is important to take care of.
Net income Level
It has to be long-standing and documented in 2013. The times of said income or no documentation loans are gone. Recording net income adequately can sometimes pose a problem with the self employed or 1099 workers, in particular those who’ve not been independently employed for no less than a couple of years. Finance companies and banks frequently need to see a 2 year employment history. Modest interruptions in your personal history of employment are just ok, so long as the gap isn”t a long time, or unexplainable. New college graduates are by and large exempt from the 2 year employment history rule.
100% USDA Homeowner loans
These financing options are offered to any kind of home buyer looking to buy a home in a rural defined location. Click here for the USDA eligibility map. USDA loans generally have earning guidelines regarding the number of members in the household, area, etc. Please click here for more information on Florida USDA income limitations. USDA, accompanied by VA, are the only two mortgage loans in Florida that have 100% financing with NO downpayment.
More Polk County and Fort Meade, Florida mortgage options:
FHA Home Loans
These loans are accessible throughout Florida for any home buyer that is eligible. FHA mortgages need a minimum 3.5% down payment, so there are no revenue limitations, restrictions or location rules. Contact us to learn learn more about FHA mortgage qualifications in Florida.
VA Mortgage loans
Offered to all qualified previous and current military service members. Please contact us to get more information on VA lending options in Florida.
Home-owners that currently have a USDA, VA and FHA loan must look into the wide variety of simplified refinancing alternatives available presently. All these plans permit homeowners to refinance REGARDLESS of the mortgage to value ratio. If you already have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are currently at record low levels!