So what does it take to get pre-approval for a USDA Rural housing loan in Gainesville, FL?
It’s honestly still quite easy taking into consideration all the changes which have taken place in the mortgage market place in the last 5 years. Mortgages in 2013 are “back to basics” in many instances. Gone is the time of being eligible for a mortgage loan devoid of income, poor credit, etc. Homebuyers at present that have favorable credit, stable documentation of salary and reasonable debt will have no trouble obtaining pre-qualification for a mortgage loan today.
All of the Federal government home mortgages (VA, USDA and FHA) essentially require the same things when getting pre-approved.
Here are some main points to take into account when shopping for a federal loan.
Your Credit Scores
Generally speaking a 640 FICO score is necessary to become pre approved for the federal mortgage loans today, including FHA, USDA and VA. In addition do not forget that a 640 fico score does NOT warrantee loan authorization as just about all banks and lenders have more waiting conditions concerning buyers because of any past individual bankruptcy, property foreclosure, or short sale. Extra time is also required for USDA Rural loans. A clean 12 month monthly payment history on all other consumer credit trade lines is crucial to maintain.
It must be steady and documented in 2013. The era of stated income or no documentation loans are gone forever. Showing earnings adequately can sometimes present a huge concern with self employed or 1099 persons, specially those who have not been self-employed for not less than two years. Banks and lenders generally need to see a Two year employment history. Small holes in an individual’s history of employment are just acceptable, just as long the time isn”t too long, or unexplained. Fresh college graduates are in general exempt from a Two year employment regulation.
100% USDA Solutions
These plans are available to any type of home buyer looking to acquire a house inside a rural classified geographic location. Click here for the USDA eligibility map. USDA loans also include income restrictions dependent on the amount of people in the household, region, etc. Please click here for more information on FL USDA income maximum. USDA, as well as the VA, are definitely the only mortgage loans in Florida that come with 100% financing with NO downpayment.
Even more Alachua County and Gainesville, Florida mortgage types:
These loans are found up and down Florida for any home buyer that is approved. FHA residential loans require a minimum 3.5% down payment, there are no net income constraints, regulations or property location restrictions. Contact us to learn learn more about FHA loan regulations in Florida.
Open to all eligible past and existing military service members. Please contact us to find out about VA home loans in Florida.
Homeowners that presently have a FHA, USDA and VA loan should look at the vast array of streamline home refinance options available today. These kinds of offerings will allow homeowners to re-finance REGARDLESS of the mortgage to value proportion. If you currently have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are now at all-time low levels!