So what does it take to get pre approved to acquire a USDA Rural housing loan in Lecanto?
It’s actually still rather easy taking into consideration all the new changes which have taken place in the mortgage sector over the last 6 years. Mortgage loans in 2013 are “back to basics” in most instances. Long gone are the days of being approved for a mortgage loan without having income, a low credit score, etc. Homebuyers at present that have acceptable credit, reliable documentation of earnings and potential debt generally have no trouble getting pre-qualification for a home mortgage right away.
All the Federal government mortgage loans (VA, USDA and FHA) basically require the same things in order to get pre approved.
Listed below are several main points to contemplate when considering a government loan program.
Your Credit Rating
Generally a 640 credit score is needed to be approved for the government home mortgages today, including FHA, VA and USDA. But do not forget that a 640 credit score doesn’t warrantee home loan authorization as just about all banks and lenders have different waiting standards when it comes to buyers with any previous personal bankruptcy, property foreclosures, or short sale. More time is also required for USDA Rural loans. A clear Twelve month monthly payment history on any other credit lines is critical to manage.
It has to be reliable and documentable in 2013. The era of stated income or loans without documentation are long gone. Revealing income correctly may cause an issue with the self employed or 1099 persons, specially those that have not been independently employed for a minimum of a two year period. Finance companies and banks frequently need to see a 2 year history of employment. Minor gaps in your personal history of employment might be fine, so long as the time is not too much time, or unexplained. New college graduates tend to be exempt within the Two year employment history rule.
100% USDA Home mortgages
Alternatives are available to any type of home buyer thinking about purchasing a home inside of a rural classified location. Click here for the USDA eligibility map. USDA loans generally have income guidelines depending on the amount of members in the household, county, etc. Please click here for more information on Florida USDA income rules. USDA, along with VA, have become the only two mortgages in Florida that give 100% funding with Zero down payment.
Other Citrus County and Lecanto, Florida mortgage types:
FHA Home Loans
These financing options are found all over Florida for just about any homebuyer that is eligible. FHA mortgages have to have a minimum 3.5% down payment, there are no income limitations, restrictions or location demands. Contact us to learn all about FHA loan guidelines in the state of Florida.
VA Home mortgages
Open to all eligible prior and present armed forces members. Please contact us to get more information on VA mortgages in Florida.
Homeowners that currently have a VA, FHA and USDA loan ought to look at the wide selection of streamline refinancing alternatives available today. These offerings help home-owners to re-finance REGARDLESS of the mortgage loan to value proportion. If you currently have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are now at all-time low levels!