So what does it take to get pre-approval on a USDA Rural housing loan in Perry, FL?
It’s definitely still pretty simple taking into account all the changes that have happened in the mortgage market place in the last 5 years. Mortgage loans in 2013 are “back to basics” in many instances. Gone forever are the days of being approved for a mortgage loan without any income, unfavorable credit ratings, etc. Buyers jn the market now that have very good credit, stable documentation of earnings and potential debt generally have no issue finding pre-qualification for a mortgage loan right away.
All the Federal home loans (FHA, USDA and VA) primarily require the same things in order to get pre approved.
Below are quite a few key points to think about when shopping for a federal government loan program.
Your Credit Report
Almost always a 640 credit score is needed to be approved for any of the government home mortgages today, including USDA, FHA and VA. However bear in mind a 640 overall credit score does NOT assure you mortgage loan affirmation as virtually all banks and lenders have other waiting standards regarding buyers due to any earlier bankruptcy, foreclosed property, or short sales. Additional time is usually needed for USDA Rural loans. A clean 12 month payment history on any other credit trade lines is vital to maintain.
It needs to be long-standing and documented in 2013. The times of stated income or loans without documentation are long gone. Documenting net income effectively can occasionally cause a concern with independently employed or 1099 individuals, especially those which have not been independently employed for at least two years. Banks and lenders frequently are interested in a Two year employment history. Limited holes in an individual’s employment history might be acceptable, so long as the gap isn”t too much time, or unexplainable. Recent college grads are by and large exempt within the Two year employment history regulation.
100% USDA Mortgages
Choices are offered to just about any homebuyer looking to buy a dwelling within a rural classified location. Click here for the USDA eligibility map. USDA loans generally have income restrictions as per the number of people in the home, county, etc. Please click here for more information on FL USDA income limits. USDA, in addition to VA, are considered the only two home mortgages in Florida that have 100% funding with NO downpayment.
Many other Taylor County and Perry, Florida mortgage variations:
These loans are readily available up and down Florida for just about any home buyer that is eligible. FHA mortgages require a minimum 3.5% down payment, so there are no income limits, restrictions or location demands. Contact us to learn learn more about FHA loan conditions in Florida.
VA Home loans
Obtainable by all qualified prior and existing military service members. Please contact us to get more information on VA homeowner loans in Florida.
Home owners that currently have a USDA, FHA and VA loan need to investigate the variety of simplified home refinance options available today. These types of programs allow household owners to re-finance REGARDLESS of the mortgage to value proportion. If you currently have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are currently at record low levels!