What is required to get pre approved on a USDA Rural housing loan in Orange Park?
It’s honestly still quite easy taking into account all the new changes which have happened in the mortgage industry over the last 5 years. Mortgages in 2013 will be “back to basics” in many instances. Long gone is the time of qualifying for a loan with no income, bad credit, etc. Homebuyers today with excellent credit, stable documentation of revenue and acceptable debt will have no trouble finding pre-qualification for a mortgage today.
All of the Federal mortgages (VA, USDA and FHA) essentially require the same things when getting pre-approved.
Let’s consider a lot of key points to think about when deciding on a federal government loan type.
Your Credit Rating
Almost always a 640 credit score is necessary to be pre-approved for the government home mortgages today, including USDA, FHA and VA. Even so do not forget that a 640 overall credit score does NOT confirm mortgage loan approval as virtually all banks and lenders have various other waiting criteria regarding home buyers because of any recent personal bankruptcy, foreclosure, or short sales. Even more time is likewise required for USDA Rural loans. A clean Twelve month payment history on any other consumer credit trade lines is important to maintain.
It must be consistent and documentable in 2013. The era of stated income or no documentation loans are long gone. Documenting revenue properly can create a huge concern with the self employed or 1099 workers, especially those who have not been independently employed for a minimum of a couple of years. Finance companies and banks usually wish to see a Two year employment history. Minor spaces in your employment history are okay, so long as the space is not too long, or unexplained. New college graduates are often exempt within the 2 year employment rule.
100% USDA Loan options
Alternatives are offered to any sort of home buyer thinking about purchasing a house within a rural defined locality. Click here for the USDA eligibility map. USDA loans will have income guidelines dependant upon the number of members in the household, area, etc. Please click here for more information on FL USDA income restrictions. USDA, and the VA, have become the only home mortgages in Florida which provide 100% funding with NO down payment.
Many other Clay County and Orange Park, Florida mortgage programs:
These loans are available across Florida for just about any homebuyer that is approved. FHA mortgages have to have a min 3.5% down payment, so there are no income constraints, boundaries or location policies. Contact us to learn learn more about FHA mortgage conditions in the state of Florida.
Open to all qualified past and present military members. Please contact us to find out about VA mortgages in Florida.
Home-owners that presently have a VA, USDA and FHA loan should also check out the selection of streamline refinance loan alternatives available today. These plans permit home owners to refinance REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are now at all time low levels!