So what does it take to get pre-approval on a USDA Rural housing loan in Hastings?
It’s actually still very straightforward considering all the changes that have occurred in the mortgage sector within the last 6 years. Mortgages in 2013 are “back to basics” most of the time. Long gone are the days of qualifying for a mortgage loan without the presence of income, bad credit, etc. Homebuyers at present that have decent credit, stable documentation of cash flow and manageable debt often times have no trouble finding pre-qualification for a mortgage right away.
All of the Government home loans (FHA, VA and USDA) largely require the same things in order to get pre approved.
Below are quite a few tips to think about when making a choice on a federal loan type.
Your Credit Score
More often than not a 640 credit score is needed to become approved for any of the fed home loans today, including USDA, FHA and VA. Also understand a 640 credit score doesn’t warrantee home loan endorsement as almost all lenders and banks have more waiting criteria regarding home buyers because of any recent personal bankruptcy, foreclosed properties, or short sales. Increased time is also required for USDA Rural loans. A clear Twelve month payment history on all other credit lines is vital to manage.
It needs to be reliable and documentable in 2013. The times of said income or loans without documentation are gone forever. Documenting net income correctly can occasionally present a problem with independently employed or 1099 workers, particularly those that have not been independently employed for a minimum of two years. Banks and lenders typically are interested in a Two year history of employment. Minimal holes in your personal employment history might be acceptable, just as long the space isn”t too much time, or unexplainable. Recent college or university grads are often exempt within the 2 year employment history rule.
100% USDA Mortgage loans
These financing options are available to any sort of homebuyer thinking about buying a house with a rural recognized vicinity. Click here for the USDA eligibility map. USDA loans have earning rules according to the amount of members in the household, county, etc. Please click here for more information on Florida USDA income constraints. USDA, alongside VA, are the only two mortgage loans in Florida which provide 100% financing with Zero downpayment.
More St. Johns County and Hastings, Florida mortgage programs:
FHA Home Loans
These financing options are offered throughout Florida for just about any homebuyer that is approved. FHA loans require a min 3.5% down-payment, there are no net income constraints, boundaries or property location policies. Contact us to learn learn more about FHA mortgage loan requirements in Florida.
Available for all eligible prior and current armed forces members. Please contact us to get more information on VA mortgages in Florida.
Home owners that presently have a VA, USDA and FHA loan should be encouraged to investigate the wide range of simplified refinance mortgage loan choices available at present. These kinds of programs enable household owners to refinance their home REGARDLESS of the mortgage loan to value proportion. If you now have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are now at historical low levels!