What can I do to get pre-approved for a USDA Rural housing loan in Palm Harbor, FL?
It’s honestly still relatively easy considering all the changes that have happened in the mortgage sector in the last 6 years. Mortgage loans in 2013 will be “back to basics” most of the time. Gone is the time of qualifying for a loan without any income, poor credit, etc. Homebuyers today with reasonable credit, reliable documentation of source of income and workable debt ordinarily have no issue acquiring pre-qualification for a mortgage today.
All the Federal mortgages (USDA, FHA and VA) primarily require the same things when getting pre approved.
Let’s consider a lot of tips to keep in mind when shopping for a federal government loan program.
Your Credit Score
In most situations a 640 credit rating is necessary to become pre-approved for any of the government residential loans today, including VA, FHA and USDA. Nevertheless take into account that a 640 fico score DOES NOT warrantee home loan approval as virtually all lenders and banks have more waiting conditions regarding homebuyers because of any preceding bankruptcy proceedings, foreclosures, or short sale. Further time is typically needed for USDA Rural loans. A clear 12 month payment history on all other consumer credit trade lines is important to manage.
It has to be reliable and documented in 2013. The era of said income or no documentation loans are gone. Documenting net income correctly will often present an obstacle with the self employed or 1099 personnel, particularly those that have not been self-employed for no less than 2 years. Banks and lenders generally are interested in a 2 year employment history. Minor spaces in a person’s history of employment are okay, so long as the space is not for too long, or unexplained. New college or university graduates are normally exempt from the Two year employment rule.
100% USDA Loans
Choices are available to any sort of home buyer considering the purchase of a dwelling in a rural specified vicinity. Click here for the USDA eligibility map. USDA loans generally have earning limits dependent on the amount of members in the household, area, etc. Please click here for more information on FL USDA income constraints. USDA, in addition to VA, have become the only two residential loans in Florida that come with 100% loans with NO downpayment.
Even more Pinellas County and Palm Harbor, Florida mortgage options:
These financing options are readily available across Florida for just about any homebuyer that is eligible. FHA home mortgages need a min 3.5% down-payment, so there are no revenue constraints, boundaries or location disadvantages. Contact us to learn learn more about FHA mortgage loan restrictions in Florida.
Accessible to all qualified previous and present military members. Please contact us to find out about VA mortgages in Florida.
Home owners that currently have a VA, FHA and USDA loan should also check out the wide variety of enhanced home refinance options available at this time. These types of packages help home owners to refinance REGARDLESS of the mortgage loan to value proportion. If you already have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are now at record low levels!