So what does it take to get pre-approved on a USDA Rural housing loan in Indian Harbour Beach, FL?
It’s actually still relatively easy taking into account all the new changes that have happened in the mortgage industry over the past 4 years. Mortgages in 2013 will be “back to basics” in most cases. Gone forever is the time of being eligible for a loan without the presence of income, low credit score, etc. Homebuyers jn the market now which have very good credit, reliable documentation of earnings and workable debt will often have no issue acquiring pre-qualification for a home mortgage today.
All of the Government mortgages (FHA, VA and USDA) essentially require the same things when getting pre approved.
Let’s consider a number of main points to think about when selecting a federal loan.
Your Credit Score
Almost always a 640 credit rating is required to become approved for the federal home mortgages today, including VA, FHA and USDA. However keep in mind that a 640 fico score DOES NOT warrantee home loan authorization as just about all banks and lenders have various other waiting requirements concerning buyers with any past personal bankruptcy, foreclosed properties, or short sales. Even more time is typically needed for USDA Rural loans. A clear One year monthly payment history on any other consumer credit trade lines is crucial to keep up with.
It must be stable and documented in 2013. The days of stated income or loans without documentation are gone. Showing income effectively can sometimes create a challenge with the self employed or 1099 workers, in particular those who’ve not been self-employed for a minimum of a two year period. Finance companies and banks usually need to see a Two year history of employment. Minor gaps in your entire history of employment may be acceptable, just as long the space is not for too long, or unexplainable. New university or college graduates are usually exempt within the Two year employment rule.
100% USDA Loan
These loans are offered to any kind of home buyer looking to acquire a residential home in a rural specified geographic location. Click here for the USDA eligibility map. USDA loans will have earning guidelines based on the amount of members in the home, county, etc. Please click here for more information on Florida USDA income maximum. USDA, alongside VA, are considered the only residential loans in Florida which provide 100% financing with Zero downpayment.
Even more Brevard County and Indian Harbour Beach, Florida mortgage programs:
FHA Home Loans
These loans are found up and down Florida for any homebuyer that qualifies. FHA residential loans require a min 3.5% down-payment, there are no revenue limitations, restrictions or property location rules. Contact us to learn all about FHA mortgage loan restrictions in Florida.
VA Home loans
Offered to all eligible previous and present military members. Please contact us to learn about VA mortgage loans in Florida.
Homeowners that currently have a VA, FHA and USDA loan should be encouraged to examine the wide selection of simplified refinance options available on the market now. These sorts of products help home-owners to re-finance REGARDLESS of the loan to value proportion. If you currently have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are currently at all-time low levels!