So what does it take to get pre approved for a USDA Rural housing loan in Port Richey?
It’s definitely still pretty easy considering all the new changes that have occurred in the mortgage industry over the past 4 years. Mortgage loans in 2013 are “back to basics” in most cases. Gone are the days of approval for a loan without any income, a low credit score, etc. Homebuyers jn the market now that have acceptable credit, stable documentation of cash flow and potential debt typically have no trouble acquiring pre-qualification for a home mortgage today.
All the Government mortgages (FHA, USDA and VA) generally require the same things when getting pre-approved.
Here are quite a few main points to take into consideration when selecting a federal loan.
Your Credit Evaluation
Usually a 640 credit rating is required to become approved for any of the federal home mortgages today, including FHA, USDA and VA. Even so understand a 640 credit rating DOES NOT assure you home loan agreement as all banks and lenders have more waiting conditions when it comes to homebuyers because of any past individual bankruptcy, foreclosed properties, or short sale. Additional time may be needed for USDA Rural loans. A clear Twelve month payment history on all other credit lines is very important to maintain.
It needs to be steady and documented in 2013. The days of said income or loans without documentation are gone. Showing revenue properly can cause a concern with independently employed or 1099 labor, specifically those who’ve not been self employed for no less than a couple of years. Finance companies and banks typically are interested in a 2 year employment history. Limited interruptions in ones history of employment are acceptable, as long as the time isn”t too much time, or unexplained. New college or university grads are generally exempt within the 2 year employment history rule.
100% USDA Homeowner loans
Choices are available to any sort of homebuyer wishing to buy a house with a rural listed locality. Click here for the USDA eligibility map. USDA loans also include income guidelines with regards to the number of people in the household, area, etc. Please click here for more information on FL USDA income limitations. USDA, in addition to VA, are definitely the only home mortgages in Florida that provides 100% loans with NO downpayment.
Further Pasco County and Port Richey, Florida mortgage choices:
FHA Home Loans
These loans are readily available up and down Florida for just about any homebuyer that is approved. FHA mortgages require a min 3.5% down payment, there are no income constraints, regulations or property location disadvantages. Contact us to learn all about FHA mortgage loan standards in the state of Florida.
Open to all eligible prior and existing military members. Please contact us to find out about VA home loans in Florida.
Home-owners that presently have a VA, USDA and FHA loan ought to look into the wide array of enhanced refinance alternatives available today. Most of these packages help household owners to re-finance REGARDLESS of the loan 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!