What is required to get pre approved for a USDA Rural housing loan in High Springs, FL?
It’s actually still pretty simple taking into account all the changes that have occurred in the mortgage marketplace during the last 6 years. Mortgages in 2013 are “back to basics” in most cases. Gone is the time of being approved for a loan without having any income, below-average credit, etc. Buyers today that have reasonable credit, stable documentation of cash flow and reasonable debt routinely have no issue acquiring pre-qualification for a mortgage today.
All the Govt mortgage loans (USDA, VA and FHA) basically require the same things in order to get pre-approved.
Take a look at a lot of tips to think about when looking for a government loan program.
Your Credit Report
In many cases a 640 credit score is needed to get pre approved for any of the federal mortgage loans today, including USDA, VA and FHA. Nevertheless be aware that a 640 fico score DOES NOT assure you mortgage loan agreement as almost all banks and lenders have extra waiting requirements in regards to buyers that have any preceding individual bankruptcy, real estate foreclosure, or short sale. Increased time is also needed for USDA Rural loans. A clean Twelve month monthly payment history on any other credit trade lines is very important to maintain.
It must be reliable and documentable in 2013. The era of stated income or no documentation loans are long gone. Showing income correctly can create a major issue with independently employed or 1099 workers, particularly those that have not been self-employed for no less than 2 years. Finance companies and banks commonly need to see a Two year history of employment. Minor gaps in your personal history of employment are just acceptable, so long as the space isn”t too much, or unexplained. New university or college grads are usually exempt from the 2 year employment regulation.
100% USDA Loan options
These financing options are available to pretty much any home buyer wishing to buy a house within a rural recognized vicinity. Click here for the USDA eligibility map. USDA loans generally have income guidelines as per the quantity of members in the home, county, etc. Please click here for more information on FL USDA income restrictions. USDA, and the VA, have become the only home mortgages in Florida offering 100% financing with Zero downpayment.
Many other Alachua County and High Springs, Florida mortgage programs:
These financing options are found all over Florida for just about any home buyer that is eligible. FHA loans have to have a minimum 3.5% down-payment, so there are no earnings limits, regulations or location demands. Contact us to learn learn more about FHA loan conditions in Florida.
VA Home mortgages
Offered to all eligible past and existing military members. Please contact us to read more about VA mortgage loans in Florida.
Home owners that presently have a USDA, FHA and VA loan must investigate the wide range of simplified loan refinancing options available at this time. These sorts of options help home owners to refinance their home REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are now at all time low levels!