What can I do to get pre-approval to acquire a USDA Rural housing loan in Oakland, FL?
It’s definitely still very simple taking into account all the new changes which have occurred in the mortgage market over the past 6 years. Mortgages in 2013 will be “back to basics” in most cases. Long gone is the time of qualifying for a loan with no income, bad credit, etc. Homebuyers today that have good credit, reliable documentation of revenue and potential debt will have no trouble acquiring pre-qualification for a home mortgage right away.
All the Federal government mortgages (VA, FHA and USDA) basically need the same things when getting pre-approval.
Take a look at quite a few main points to consider when looking for a federal government loan program.
Your Credit Status
In many instances a 640 credit score is needed to be approved for the government home loans today, including FHA, USDA and VA. However keep in mind a 640 credit score DOES NOT warrantee mortgage acceptance as all lenders and banks have different waiting specifications when it comes to homebuyers having any recent individual bankruptcy, foreclosed properties, or short sales. Additional time can be required for USDA Rural loans. A clean Twelve month payment history on any other consumer credit lines is essential to manage.
It has to be steady and documentable in 2013. The era of stated income or no documentation loans are gone forever. Recording income adequately can present a huge concern with the self employed or 1099 labor, specially those who have not been self employed for a minimum of a two year period. Banks and lenders normally need to see a Two year history of employment. Limited interruptions in your personal history of employment are just acceptable, as long as the gap is not too lengthy, or unexplained. Fresh university or college graduates are generally exempt from the Two year employment history rule.
100% USDA Solutions
These plans are available to any kind of home buyer wishing to acquire a house within a rural recognized geographic location. Click here for the USDA eligibility map. USDA loans usually have income limitations according to the number of members in the home, region, etc. Please click here for more information on FL USDA income limits. USDA, and the VA, are the only two mortgages in Florida which offer 100% financing with Zero down payment.
Further Orange County and Oakland, Florida mortgage programs:
These loans are found throughout Florida for just about any home buyer that qualifies. FHA mortgage loans need a min 3.5% down-payment, there are no net income limits, restrictions or property location rules. Contact us to learn learn more about FHA mortgage loan requirements in Florida.
Accessible to all qualified past and present military service members. Please contact us to learn more about VA mortgage loans in Florida.
Homeowners that currently have a FHA, VA and USDA loan should check out the variety of simplified home refinance loan choices available today. All these options help home-owners to refinance REGARDLESS of the mortgage to value percentage. If you currently have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are currently at all time low levels!