So what does it take to get approved to acquire a USDA Rural housing loan in Jupiter Island, FL?
It’s actually still reasonably simple taking into account all the changes which have occurred in the mortgage market over the last 5 years. Mortgage loans in 2013 are “back to basics” in most cases. Long gone are the days of getting qualified for a loan without having any income, poor credit, etc. Homebuyers at present which have pretty good credit, reliable documentation of earnings and reasonable debt frequently have no issue getting pre-qualification for a home mortgage right away.
All the Govt home loans (VA, FHA and USDA) more or less require the same things in order to get pre approved.
Take a look at several main points to consider when searching for a federal loan program.
Your Credit Score
Typically a 640 FICO score is needed to be pre approved for the government residential loans today, including FHA, VA and USDA. In addition bear in mind a 640 fico score DOES NOT guarantee home loan agreement as most lenders and banks have different waiting specifications in regards to homebuyers having any earlier bankruptcy proceedings, property foreclosures, or short sales. Extra time can be needed for USDA Rural loans. A clear 12 month monthly payment history on all other consumer credit trade lines is critical to take care of.
Net income Level
It has to be long-standing and documentable in 2013. The times of said income or no documentation loans are long gone. Revealing income adequately can sometimes cause a dilemma with the self employed or 1099 persons, specifically those who’ve not been self-employed for not less than 2 years. Banks and lenders normally wish to see a Two year employment history. Modest gaps in ones employment history might be alright, as long as the space is not too lengthy, or unexplainable. New college graduates usually are exempt within the Two year employment history rule.
100% USDA Homeowner loans
These financing options are available to any kind of home buyer looking to acquire a residential home with a rural identified location. Click here for the USDA eligibility map. USDA loans have income limitations depending on number of members in the household, region, etc. Please click here for more information on FL USDA income restrictions. USDA, as well as the VA, have become the only two mortgages in Florida that offer 100% funding with NO down payment.
More Martin County and Jupiter Island, Florida mortgage options:
FHA Home Loans
These loans are found all over Florida for any homebuyer that is eligible. FHA mortgages have to have a minimum 3.5% down-payment, there are no revenue limits, regulations or property location restrictions. Contact us to learn all about FHA mortgage loan regulations in Florida.
VA Home loans
Accessible to all qualified previous and existing military service members. Please contact us to find out more about VA loans in Florida.
Homeowners that presently have a VA, FHA and USDA loan should also look into the wide selection of simplified refinance mortgage loan choices available on the market now. All these offers enable household owners to refinance their home REGARDLESS of the mortgage loan to value percentage. If you currently have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are now at record low levels!