So what does it take to get pre approved for a USDA Rural housing loan in Merritt Island?
It’s actually still reasonably simple taking into consideration all the changes which have occurred in the mortgage market within the last 5 years. Mortgage loans in 2013 are “back to basics” in most cases. Long gone is the time of being eligible for a loan without having income, low credit, etc. Buyers jn the market now which have excellent credit, stable documentation of revenue and potential debt ordinarily have no issue acquiring pre-qualification for a home loan today.
All Govt mortgages (FHA, VA and USDA) more or less need the same things in order to get pre-approval.
Here are some tips to keep in mind when considering a federal government loan program.
Your Credit Rating
Most often a 640 credit rating is needed to get approved for any of the government home mortgages today, including VA, FHA and USDA. But remember that a 640 overall credit score DOES NOT guarantee loan authorization as most banks and lenders have other waiting demands regarding home buyers because of any recent individual bankruptcy, home foreclosure, or short sales. Extra time is also needed for USDA Rural loans. A clear One year payment history on any other credit lines is vital to manage.
It has to be stable and documentable in 2013. The era of stated income or no documentation loans are gone forever. Recording source of income effectively can sometimes pose a dilemma with self employed or 1099 labor, specifically those which have not been independently employed for no less than a two year period. Finance companies and banks typically wish to see a 2 year history of employment. Limited interruptions in a person’s history of employment may be ok, so long as the time isn”t too much, or unexplainable. Fresh college or university graduates are typically exempt within the 2 year employment rule.
100% USDA Loan
Alternatives are available to any homebuyer thinking about purchasing a home with a rural identified vicinity. Click here for the USDA eligibility map. USDA loans also include income limitations based on the amount of people in the household, area, etc. Please click here for more information on FL USDA income limitations. USDA, as well as the VA, have become the only mortgages in Florida that provides 100% financing with Zero downpayment.
Different Brevard County and Merritt Island, Florida mortgage picks:
FHA Home Loans
These loans can be obtained throughout Florida for just about any homebuyer that is approved. FHA mortgages have to have a min 3.5% down-payment, there are no revenue constraints, regulations or location demands. Contact us to learn all about FHA loan requirements in the state of Florida.
VA Home mortgages
Offered to all eligible previous and current military service members. Please contact us to find out more about VA lending options in Florida.
Home-owners that currently have a FHA, USDA and VA loan should also examine the multitude of streamline loan refinancing choices available at present. These types of offerings allow home owners to re-finance REGARDLESS of the mortgage loan to value relative amount. If you currently have a USDA Home mortgage, contact us to find out more about the Pilot program. Interest rates are now at historical low levels!