What can I do to get pre-approval on a USDA Rural housing loan in Jacksonville Beach?
It’s honestly still very easy considering all the changes which have occurred in the mortgage industry over the last 6 years. Mortgage loans in 2013 are “back to basics” in most instances. Long gone are the days of being eligible for a loan with no income, below-average credit, etc. Buyers at present with favorable credit, reliable documentation of income and acceptable debt will often have no trouble finding pre-qualification for a home mortgage right away.
All the Government mortgages (VA, FHA and USDA) generally need the same things to get pre-approval.
Let’s consider a few main points to keep in mind when looking for a government loan program.
Your Credit History
In most situations a 640 FICO score is necessary to become approved for any of the government home loans today, including USDA, FHA and VA. However take into account that a 640 fico score DOES NOT guarantee home loan endorsement as most banks and lenders have additional waiting specifications in relation to homebuyers with any earlier personal bankruptcy, property foreclosures, or short sale. Added time can be required for USDA Rural loans. A clear One year payment history on any other credit trade lines is essential to keep up with.
Net income Level
It has to be long-standing and documentable in 2013. The days of stated income or loans without documentation are long gone. Revealing earnings properly could possibly create a dilemma with self-employed or 1099 personnel, in particular those that have not been independently employed for not less than 2 years. Banks and lenders normally wish to see a 2 year history of employment. Minimal spaces in your history of employment might be acceptable, so long as the gap isn”t too much, or unexplained. New university or college grads may be exempt from a Two year employment history rule.
100% USDA Solutions
Choices are offered to any type of homebuyer considering the purchase of a house in a rural listed vicinity. Click here for the USDA eligibility map. USDA loans have earning rules as per the number of family members in the household, region, etc. Please click here for more information on Florida USDA income rules. USDA, as well as the VA, are definitely the only mortgages in Florida which provide 100% funding with Zero downpayment.
Even more Duval County and Jacksonville Beach, Florida mortgage choices:
These financing options are offered throughout Florida for just about any homebuyer that is approved. FHA mortgage loans need a min 3.5% down-payment, there are no income constraints, restrictions or location rules. Contact us to learn learn more about FHA home loan regulations in the state of Florida.
VA Home loans
Designed for all eligible prior and current military members. Please contact us to learn more about VA loan options in Florida.
Home owners that presently have a FHA, VA and USDA loan must examine the wide variety of streamline home refinance options available at this time. These kinds of offers will allow household owners to re-finance REGARDLESS of the mortgage to value percentage. If you now have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are presently at all-time low levels!