What is required to get pre approved to acquire a USDA Rural housing loan in La Crosse?
It’s definitely still very simple taking into account all the changes that have taken place in the mortgage industry over the last 4 years. Mortgages in 2013 are “back to basics” in most cases. Gone forever is the time of qualifying for a loan without having income, low credit, etc. Homebuyers today with really good credit, stable documentation of source of income and potential debt typically have no trouble acquiring pre-qualification for a mortgage loan right away.
All the Govt home loans (USDA, VA and FHA) essentially need the same things when getting pre-approved.
Take a look at several main points to consider when making a decision on a federal government loan type.
Your Credit Status
Generally speaking a 640 FICO score is required to get pre-approved for any of the federal mortgage loans today, including USDA, VA and FHA. Also understand a 640 fico score does NOT confirm home loan endorsement as virtually all banks and lenders have further waiting requirements when it comes to homebuyers having any past individual bankruptcy, foreclosures, or short sale. Increased time is likewise required for USDA Rural loans. A clear Twelve month payment history on all other consumer credit trade lines is critical to maintain.
It must be reliable and documented in 2013. The days of said income or loans without documentation are gone. Documenting income adequately can sometimes present a difficulty with the self employed or 1099 labor, specifically those who’ve not been self employed for no less than two years. Banks and lenders generally need to see a 2 year history of employment. Limited spaces in ones employment history are alright, so long as the gap is not for too long, or unexplainable. Recent college graduates may be exempt from the Two year employment rule.
100% USDA Solutions
Choices are offered to just about any home buyer thinking about buying a home in a rural specified vicinity. Click here for the USDA eligibility map. USDA loans have earning restrictions based on the quantity of family members in the home, county, etc. Please click here for more information on Florida USDA income rules. USDA, in addition to VA, are definitely the only mortgages in Florida which provide 100% loans with Zero down payment.
Even more Alachua County and La Crosse, Florida mortgage choices:
FHA Home Loans
These loans can be obtained across Florida for just about any home buyer that qualifies. FHA mortgage loans need a minimum 3.5% down payment, so there are no net income constraints, regulations or location disadvantages. Contact us to learn all about FHA loan prerequisites in Florida.
Designed for all qualified past and present military service members. Please contact us to find out about VA mortgages in Florida.
Homeowners that currently have a VA, USDA and FHA loan need to check out the wide selection of streamline refinancing options available presently. Many of these offerings allow home-owners to refinance their home REGARDLESS of the loan to value ratio. If you now have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are currently at record low levels!