What do I need to get pre approved for getting a USDA Rural housing loan in Land O’ Lakes?
It’s honestly still very straightforward considering all the new changes that have taken place in the mortgage sector within the last 5 years. Mortgage loans in 2013 are “back to basics” in most cases. Gone are the days of approval for a loan without having any income, below-average credit, etc. Homebuyers at present with decent credit, stable documentation of cash flow and acceptable debt ordinarily have no issue getting pre-qualification for a mortgage loan right away.
All the Govt home loans (FHA, VA and USDA) largely require the same things when getting pre-approval.
Take a look at a number of main points to look for when considering a government loan.
Your Credit History
Almost always a 640 FICO score is necessary to become pre approved for any of the fed home loans today, including USDA, VA and FHA. Still be aware that a 640 credit score doesn’t guarantee mortgage loan acceptance as most banks and lenders have further waiting demands when it comes to home buyers because of any earlier bankruptcy proceedings, home foreclosure, or short sales. Increased time may be needed for USDA Rural loans. A clear 12 month monthly payment history on any other credit trade lines is critical to take care of.
It needs to be long-standing and documented in 2013. The times of said income or no documentation loans are gone forever. Recording income correctly could possibly pose a concern with self employed or 1099 persons, in particular those which have not been self-employed for at least 2 years. Finance companies and banks generally wish to see a 2 year history of employment. Minor gaps in ones history of employment may be okay, as long as the space isn”t too much time, or unexplained. New university or college grads are in general exempt within the Two year employment regulation.
100% USDA Home loans
These loans are offered to any sort of homebuyer considering the purchase of a home within a rural outlined geographic location. Click here for the USDA eligibility map. USDA loans also have earning rules based on the amount of members in the home, area, etc. Please click here for more information on Florida USDA income limits. USDA, collectively with VA, are the only home mortgages in Florida that provides 100% financing with Zero downpayment.
Different Pasco County and Land O’ Lakes, Florida mortgage recommendations:
FHA Home Loans
These loans are accessible all over Florida to any homebuyer that is approved. FHA mortgage loans have to have a minimum 3.5% down-payment, there are no revenue limits, boundaries or property location policies. Contact us to learn all about FHA loan requirements in Florida.
VA Mortgage loans
Accessible to all eligible past and present armed forces members. Please contact us to find out more about VA home loans in Florida.
Homeowners that currently have a VA, FHA and USDA loan need to look into the wide array of simplified loan refinancing options available today. These sorts of options enable home owners to refinance REGARDLESS of the mortgage to value ratio. If you now have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are currently at historical low levels!