What does one need to get pre approved for a USDA Rural housing loan in Lake Placid?
It’s honestly still quite easy taking into account all the changes that have taken place in the mortgage marketplace over the last 5 years. Mortgage loans in 2013 will be “back to basics” in most cases. Long gone is the time of qualifying for a mortgage loan without having income, low credit, etc. Homebuyers at present that have pretty good credit, stable documentation of earnings and potential debt normally have no trouble obtaining pre-qualification for a mortgage loan today.
All the Federal home loans (FHA, VA and USDA) primarily need the same things to get pre approved.
Here are quite a few tips to keep in mind when searching for a government loan program.
Your Credit Scores
In many instances a 640 FICO score is required to be pre approved for any of the federal home mortgages today, including FHA, USDA and VA. Still don’t forget that a 640 overall credit score doesn’t confirm loan agreement as virtually all banks and lenders have various other waiting conditions when it comes to home buyers because of any previous bankruptcy proceedings, foreclosure, or short sales. Added time is likewise needed for USDA Rural loans. A clean 12 month monthly payment history on all other credit trade lines is critical to take care of.
It has to be stable and documented in 2013. The era of stated income or no documentation loans are long gone. Recording net income adequately can often pose a problem with the self employed or 1099 persons, specially those who’ve not been self-employed for a minimum of two years. Finance companies and banks commonly wish to see a Two year employment history. Limited gaps in an individual’s employment history may be satisfactory, just as long the space isn”t too lengthy, or unexplainable. New college graduates tend to be exempt from the Two year employment history regulation.
100% USDA Mortgages
These plans are offered to any type of home buyer wishing to purchase a residential home in a rural specified location. Click here for the USDA eligibility map. USDA loans will have earning limitations depending on quantity of members in the home, county, etc. Please click here for more information on FL USDA income constraints. USDA, as well as the VA, have become the only residential loans in Florida that provides 100% financing with Zero down payment.
More Highlands County and Lake Placid, Florida mortgage options:
FHA Home Loans
These loans are accessible up and down Florida to any home buyer that is eligible. FHA residential loans have to have a minimum 3.5% down-payment, so there are no revenue limits, restrictions or location demands. Contact us to learn all about FHA mortgage loan specifications in Florida.
Available for all qualified prior and existing military service members. Please contact us to find out more on VA loan options in Florida.
Homeowners that presently have a VA, USDA and FHA loan should look at the diversity of streamline refinance mortgage loan options available presently. These types of options help homeowners to refinance their home REGARDLESS of the mortgage to value proportion. If you now have a USDA Home mortgage, contact us to find out more about the Pilot program. Interest rates are currently at all-time low levels!