What do I need to get pre-approved on a USDA Rural housing loan in Palatka, FL?
It’s actually still very easy taking into consideration all the new changes which have occurred in the mortgage market in the last 5 years. Mortgage loans in 2013 will be “back to basics” most of the time. Gone are the days of getting qualified for a loan with no income, a low credit score, etc. Homebuyers at present which have acceptable credit, reliable documentation of cash flow and potential debt routinely have no issue obtaining pre-qualification for a mortgage loan today.
All of the Govt home loans (VA, FHA and USDA) primarily need the same things in order to get pre-approval.
Below are some tips to contemplate when deciding upon a federal government loan.
Your Credit Evaluation
In most instances a 640 credit rating is necessary to become approved for any of the fed home loans today, including VA, FHA and USDA. However keep in mind a 640 credit rating doesn’t warrantee mortgage endorsement as just about all lenders and banks have additional waiting criteria with regards to homebuyers that have any earlier individual bankruptcy, foreclosed properties, or short sale. Further time is also required for USDA Rural loans. A clean 12 month payment history on any other credit lines is important to keep up with.
Net income Level
It needs to be stable and documented in 2013. The era of said income or loans without documentation are long gone. Revealing earnings adequately can create a major issue with independently employed or 1099 labor, specially those that have not been self employed for no less than two years. Banks and lenders usually want to see a 2 year employment history. Reasonable spaces in your entire history of employment are just satisfactory, just as long the time is not too much time, or unexplainable. New college or university grads tend to be exempt from the Two year employment history regulation.
100% USDA Mortgage loans
Alternatives are offered to any homebuyer considering the purchase of a residential home within a rural recognized locality. Click here for the USDA eligibility map. USDA loans usually have income limits with regards to the quantity of members in the household, county, etc. Please click here for more information on FL USDA income rules. USDA, alongside VA, have become the only two mortgage loans in Florida that have 100% loans with Zero downpayment.
Additional Putnam County and Palatka, Florida mortgage choices:
FHA Home Loans
These loans are readily available all over Florida for just about any home buyer that is approved. FHA home mortgages have to have a min 3.5% down-payment, so there are no earnings constraints, restrictions or location disadvantages. Contact us to learn all about FHA home loan qualifications in the state of Florida.
Designed for all eligible past and existing armed forces members. Please contact us to read more about VA lending options in Florida.
Homeowners that presently have a VA, FHA and USDA loan should also look at the wide array of simplified loan refinancing alternatives available at present. These offerings permit homeowners to re-finance REGARDLESS of the loan to value proportion. If you already have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are currently at historical low levels!