What do I need to get pre approved to acquire a USDA Rural housing loan in Lake Mary?
It’s actually still quite simple taking into account all the changes that have occurred in the mortgage marketplace within the last 4 years. Mortgages in 2013 are “back to basics” in most cases. Gone are the days of being eligible for a loan devoid of income, low credit, etc. Buyers at present which have excellent credit, reliable documentation of source of income and reasonable debt often times have no trouble getting pre-qualification for a mortgage loan today.
All of the Govt home mortgages (FHA, USDA and VA) essentially require the same things to get pre-approved.
Listed below are some tips to consider when choosing a government loan type.
Your Credit Status
In many cases a 640 credit rating is required to be pre-approved for any of the federal government home mortgages today, including USDA, VA and FHA. In addition take into account a 640 credit rating does NOT guarantee mortgage loan affirmation as most lenders and banks have additional waiting conditions concerning buyers with any recent bankruptcy proceedings, property foreclosures, or short sales. Added time may be needed for USDA Rural loans. A clean One year monthly payment history on any other credit trade lines is very important to take care of.
Net income Level
It has to be consistent and documentable in 2013. The days of stated income or loans without documentation are gone. Showing net income effectively can create an obstacle with the self employed or 1099 individuals, especially those that have not been independently employed for not less than a two year period. Finance companies and banks normally need to see a Two year history of employment. Limited spaces in ones employment history may be satisfactory, so long as the gap isn”t too long, or unexplainable. New college grads are in general exempt from a 2 year employment history regulation.
100% USDA Borrowing
These loans are offered to any kind of home buyer looking to purchase a dwelling inside a rural classified location. Click here for the USDA eligibility map. USDA loans usually have earning rules according to the amount of people in the home, region, etc. Please click here for more information on Florida USDA income maximum. USDA, together with VA, have become the only mortgages in Florida that have 100% financing with NO downpayment.
Other Seminole County and Lake Mary, Florida mortgage solutions:
FHA Home Loans
These financing options are found up and down Florida for any home buyer that is approved. FHA home mortgages need a minimum 3.5% down payment, there are no net income constraints, regulations or property location policies. Contact us to learn all about FHA loan qualifications in the state of Florida.
Available for all eligible previous and present military service members. Please contact us to find out about VA mortgage loans in Florida.
Home owners that presently have a VA, FHA and USDA loan should be encouraged to look into the wide selection of enhanced refinance loan alternatives available at this time. Many of these programs will allow household owners to refinance their home REGARDLESS of the loan to value percentage. If you now have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are presently at record low levels!