What does one need to get pre-approved on a USDA Rural housing loan in Lynn Haven, FL?
It’s definitely still rather simple considering all the new changes that have happened in the mortgage market over the last 5 years. Mortgages in 2013 are “back to basics” in most cases. Gone is the time of being eligible for a loan devoid of income, low credit, etc. Buyers jn the market now with reasonable credit, stable documentation of salary and workable debt routinely have no issue finding pre-qualification for a home loan today.
All the Government home mortgages (VA, USDA and FHA) generally need the same things in order to get pre approved.
Below are a lot of key points to consider when making a decision on a federal government loan type.
Your Credit Report
Most of the time a 640 credit rating is necessary to be pre approved for the federal home loans today, including VA, USDA and FHA. However bear in mind a 640 fico score DOES NOT guarantee home loan affirmation as just about all banks and lenders have other waiting conditions in terms of buyers that have any past bankruptcy, property foreclosures, or short sale. Even more time may be required for USDA Rural loans. A clear One year monthly payment history on any other consumer credit trade lines is essential to keep up with.
It must be consistent and documentable in 2013. The days of stated income or loans without documentation are gone. Revealing income properly will often present an issue with self employed or 1099 individuals, specifically those which have not been self employed for at least 2 years. Finance companies and banks generally are interested in a Two year employment history. Minimal spaces in an individual’s history of employment may be alright, so long as the gap isn”t for too long, or unexplainable. New college grads are in general exempt from a 2 year employment rule.
100% USDA Solutions
These plans are offered to pretty much any home buyer thinking about purchasing a residential home with a rural identified location. Click here for the USDA eligibility map. USDA loans include income guidelines depending on number of members in the household, county, etc. Please click here for more information on FL USDA income limits. USDA, along with VA, are considered the only two mortgage loans in Florida that offer 100% financing with NO downpayment.
More Bay County and Lynn Haven, Florida mortgage programs:
These financing options are available throughout Florida for just about any homebuyer that is eligible. FHA home mortgages require a minimum 3.5% down payment, there are no earnings constraints, restrictions or location policies. Contact us to learn learn more about FHA loan restrictions in the state of Florida.
VA Lending options
Provided to all qualified past and current military service members. Please contact us to get more information on VA home loans in Florida.
Home-owners that presently have a USDA, FHA and VA loan must check out the wide selection of simplified refinance loan options available on the market now. Quite a number of offers allow home owners to refinance their home REGARDLESS of the loan to value relative amount. If you now have a USDA Home loan, contact us to find out more about the Pilot program. Interest rates are now at all time low levels!