What can I do to get approved to acquire a USDA Rural housing loan in Southport, FL?
It’s actually still reasonably easy taking into account all the changes which have taken place in the mortgage sector over the past 6 years. Mortgage loans in 2013 are “back to basics” in many instances. Gone forever is the time of qualifying for a loan without any income, poor credit, etc. Buyers at present which have outstanding credit, reliable documentation of earnings and potential debt will have no trouble acquiring pre-qualification for a home loan right away.
All Federal government mortgage loans (VA, FHA and USDA) largely require the same things to get pre-approved.
Listed below are some main points to contemplate when considering a federal loan program.
Your Credit Report
In most instances a 640 credit rating is needed to become pre approved for any of the fed home mortgages today, including VA, USDA and FHA. Still take into account that a 640 overall credit score DOES NOT guarantee mortgage acceptance as virtually all lenders and banks have various other waiting standards when it comes to buyers that have any recent personal bankruptcy, home foreclosure, or short sales. Further time may be needed for USDA Rural loans. A clear 12 month monthly payment history on any other credit trade lines is essential to keep up with.
It needs to be long-standing and documentable in 2013. The days of said income or no documentation loans are gone forever. Documenting income properly may present a problem with self-employed or 1099 labor, specially those who have not been self employed for a minimum of a two year period. Banks and lenders normally need to see a Two year employment history. Small gaps in an individual’s employment history may be acceptable, so long as the time is not for too long, or unexplainable. New university or college grads are typically exempt within the Two year employment history rule.
100% USDA Borrowing
Alternatives are offered to just about any homebuyer looking to acquire a home in a rural outlined vicinity. Click here for the USDA eligibility map. USDA loans also have earning restrictions depending upon the amount of people in the household, region, etc. Please click here for more information on FL USDA income limitations. USDA, and the VA, are the only two residential loans in Florida that provide 100% funding with Zero down payment.
Some other Bay County and Southport, Florida mortgage variations:
These financing options are found across Florida for any homebuyer that is approved. FHA home loans need a minimum 3.5% down-payment, there are no net income limitations, boundaries or property location rules. Contact us to learn learn more about FHA mortgage guidelines in Florida.
VA Home loans
Available for all qualified previous and present armed forces members. Please contact us to get more information on VA home loans in Florida.
Home-owners that currently have a FHA, VA and USDA loan must check out the multitude of simplified refinancing options available at present. Most of these packages empower home owners to refinance REGARDLESS of the mortgage to value ratio. If you currently have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are currently at all time low levels!