What can I do to get pre approved to acquire a USDA Rural housing loan in Freeport?
It’s honestly still quite easy taking into account all the changes which have occurred in the mortgage market in the last 4 years. Mortgages in 2013 are “back to basics” most of the time. Gone are the days of getting qualified for a loan without having any income, low credit, etc. Buyers today that have reasonable credit, stable documentation of salary and reasonable debt normally have no issue obtaining pre-qualification for a mortgage today.
All Federal government home mortgages (FHA, USDA and VA) largely need the same things when getting pre-approval.
Here are several key points to take into consideration when making a decision on a federal government loan program.
Your Credit Score
In most instances a 640 FICO score is required to be pre-approved for any of the fed home mortgages today, including USDA, FHA and VA. However take into account that a 640 credit rating doesn’t warrantee home loan endorsement as most lenders and banks have extra waiting criteria in terms of buyers due to any previous individual bankruptcy, real estate foreclosure, or short sales. Further time is likewise required for USDA Rural loans. A clean One year monthly payment history on any other credit lines is essential to maintain.
It must be reliable and documented in 2013. The era of stated income or no documentation loans are long gone. Recording net income correctly will often cause a major issue with self-employed or 1099 labor, especially those who’ve not been independently employed for a minimum of two years. Finance companies and banks typically are interested in a 2 year employment history. Small spaces in an individual’s employment history may be fine, just as long the time is not too much, or unexplainable. Recent university or college graduates are usually exempt from the 2 year employment rule.
100% USDA Loan options
Alternatives are available to any kind of homebuyer considering the purchase of a house with a rural classified location. Click here for the USDA eligibility map. USDA loans also have earning restrictions in accordance with the number of people in the home, county, etc. Please click here for more information on FL USDA income restrictions. USDA, collectively with VA, are the only two residential loans in Florida that provides 100% loans with NO downpayment.
Additional Walton County and Freeport, Florida mortgage possibilities:
These loans are offered across Florida for any homebuyer that is eligible. FHA home loans have to have a min 3.5% down payment, so there are no income constraints, regulations or property location restrictions. Contact us to learn learn more about FHA mortgage conditions in Florida.
VA Mortgage loans
Offered to all eligible prior and current military members. Please contact us to find out more about VA home loans in Florida.
Home-owners that currently have a FHA, USDA and VA loan should check out the multitude of streamline loan refinancing choices available on the market now. Quite a number of packages enable household owners to refinance their home REGARDLESS of the loan to value percentage. If you now have a USDA Home loan, contact us to find out more about the Pilot program. Interest rates are presently at all-time low levels!