So what does it take to get pre-approved for a USDA Rural housing loan in South Daytona?
It’s definitely still very easy considering all the new changes which have taken place in the mortgage market during the last 4 years. Mortgage loans in 2013 are “back to basics” in many instances. Gone forever is the time of getting qualified for a loan without having income, low credit, etc. Buyers at present which have acceptable credit, stable documentation of income and acceptable debt frequently have no trouble obtaining pre-qualification for a home loan right away.
All Govt home loans (VA, FHA and USDA) primarily need the same things in order to get pre-approval.
Take a look at several key points to think about when looking for a government loan program.
Your Credit Status
Normally a 640 credit score is necessary to become approved for any of the fed home mortgages today, including VA, USDA and FHA. But remember that a 640 credit score does NOT warrantee home loan authorization as just about all lenders and banks have added waiting prerequisites in regards to home buyers due to any recent bankruptcy, foreclosed properties, or short sales. More time may be required for USDA Rural loans. A clean Twelve month payment history on any other credit lines is critical to keep up with.
It must be long-standing and documentable in 2013. The times of stated income or loans without documentation are long gone. Documenting source of income properly will often pose a major problem with self employed or 1099 workers, specifically those that have not been self employed for no less than two years. Banks and lenders commonly wish to see a 2 year employment history. Limited interruptions in ones employment history are just acceptable, just as long the space isn”t too much, or unexplained. Recent university or college grads are usually exempt within the Two year employment history rule.
100% USDA Solutions
These financing options are available to any kind of home buyer thinking of purchasing a residential home within a rural recognized geographic location. Click here for the USDA eligibility map. USDA loans have got earning limitations depending upon the amount of family members in the home, area, etc. Please click here for more information on FL USDA income limits. USDA, and the VA, are considered the only two mortgage loans in Florida which offer 100% financing with Zero downpayment.
Different Volusia County and South Daytona, Florida mortgage picks:
FHA Home Loans
These loans can be obtained throughout Florida for any home buyer that is approved. FHA residential loans require a minimum 3.5% down-payment, so there are no income constraints, restrictions or property location disadvantages. Contact us to learn learn more about FHA loan specifications in the state of Florida.
Available to all eligible past and existing military service members. Please contact us to get more information on VA loan options in Florida.
Homeowners that currently have a USDA, VA and FHA loan must look at the multitude of streamline home refinance choices available today. Most of these offers help home owners to refinance their home REGARDLESS of the loan to value percentage. If you now have a USDA Home loan, contact us to learn about the Pilot program. Interest rates are presently at all time low levels!