So what does it take to get pre-approval for getting a USDA Rural housing loan in Highland Park?
It’s honestly still very simple taking into account all the changes which have taken place in the mortgage sector in the last 5 years. Mortgage loans in 2013 will be “back to basics” in most instances. Gone forever are the days of being eligible for a mortgage loan without any income, below-average credit, etc. Homebuyers today that have favorable credit, reliable documentation of revenue and workable debt usually have no trouble finding pre-qualification for a mortgage loan today.
All Government mortgage loans (VA, FHA and USDA) more or less need the same things in order to get pre-approved.
Below are a few key points to contemplate when searching for a federal loan.
Your Credit Evaluation
In many cases a 640 FICO score is required to become approved for any of the fed home loans today, including USDA, VA and FHA. But bear in mind that a 640 credit rating doesn’t guarantee home loan authorization as virtually all banks and lenders have various other waiting standards in terms of homebuyers that have any past individual bankruptcy, real estate foreclosure, or short sale. Additional time is also required for USDA Rural loans. A clean Twelve month payment history on all other consumer credit trade lines is critical to manage.
It must be consistent and documented in 2013. The days of said income or no documentation loans are long gone. Documenting income properly can often present an obstacle with self employed or 1099 labor, especially those that have not been self-employed for at least a couple of years. Banks and lenders usually want to see a Two year history of employment. Minimal interruptions in a person’s employment history may be okay, so long as the gap isn”t too much, or unexplained. New university or college graduates tend to be exempt from the Two year employment history rule.
100% USDA Home mortgages
These loans are offered to any home buyer considering the purchase of a dwelling inside a rural recognized geographic location. Click here for the USDA eligibility map. USDA loans usually have earning limitations depending upon the amount of people in the household, region, etc. Please click here for more information on FL USDA income limitations. USDA, accompanied by VA, are the only mortgages in Florida that give 100% financing with Zero downpayment.
Further Polk County and Highland Park, Florida mortgage options:
FHA Home Loans
These loans are readily available all over Florida for any home buyer that is eligible. FHA residential loans require a minimum 3.5% down-payment, so there are no earnings limits, regulations or location policies. Contact us to learn all about FHA mortgage standards in Florida.
Open to all eligible previous and present military members. Please contact us to find out more on VA lending options in Florida.
Home-owners that currently have a FHA, USDA and VA loan need to examine the wide variety of enhanced refinance mortgage loan options available at this time. These programs allow homeowners to refinance REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are now at historical low levels!