What do I need to get pre-approved for a USDA Rural housing loan in Fountain?
It’s actually still very simple taking into consideration all the new changes which have happened in the mortgage marketplace within the last 6 years. Mortgage loans in 2013 are “back to basics” in most instances. Gone are the days of getting qualified for a loan without the presence of income, low credit scores, etc. Homebuyers today with favorable credit, stable documentation of revenue and reasonable debt ordinarily have no trouble finding pre-qualification for a mortgage loan right away.
All Federal home mortgages (USDA, FHA and VA) generally require the same things when getting pre approved.
Take a look at quite a few key points to consider when selecting a federal loan type.
Your Credit Rating
In most situations a 640 FICO score is necessary to get pre approved for the federal home mortgages today, including FHA, VA and USDA. In addition don’t forget that a 640 overall credit score doesn’t warrantee mortgage loan agreement as all banks and lenders have various other waiting standards with regards to buyers having any previous individual bankruptcy, home foreclosure, or short sales. Further time is likewise required for USDA Rural loans. A clear One year payment history on all other consumer credit trade lines is vital to keep up with.
It must be long-standing and documented in 2013. The days of said income or no documentation loans are gone forever. Recording source of income properly may create a problem with independently employed or 1099 individuals, especially those who have not been self employed for no less than a couple of years. Banks and lenders usually wish to see a 2 year employment history. Minimal holes in a person’s employment history are just ok, as long as the space isn”t a long time, or unexplainable. New university or college grads may be exempt within the 2 year employment history rule.
100% USDA Loan options
Alternatives are offered to pretty much any homebuyer looking to buy a residential home inside a rural defined geographic location. Click here for the USDA eligibility map. USDA loans usually have income rules depending upon the number of family members in the household, area, etc. Please click here for more information on Florida USDA income limits. USDA, in conjunction with VA, are the only mortgage loans in Florida that offer 100% loans with Zero downpayment.
Some other Lee County and Fountain, Florida mortgage variations:
These loans are accessible across Florida to any home buyer that is approved. FHA home loans have to have a minimum 3.5% down-payment, there are no net income limits, restrictions or location disadvantages. Contact us to learn learn more about FHA mortgage qualifications in Florida.
VA Home loans
Available to all qualified previous and current military service members. Please contact us to find out more about VA mortgage loans in Florida.
Homeowners that presently have a VA, USDA and FHA loan should be encouraged to investigate the multitude of simplified refinancing choices available presently. These types of products help home-owners to refinance their home REGARDLESS of the mortgage to value ratio. If you already have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are currently at all-time low levels!