What do I need to get pre-approval on a USDA Rural housing loan in St. Leo, FL?
It’s definitely still rather easy considering all the changes that have taken place in the mortgage market in the last 6 years. Mortgages in 2013 are “back to basics” in many instances. Gone forever is the time of being eligible for a mortgage loan without having income, a bad credit score, etc. Homebuyers today that have outstanding credit, stable documentation of source of income and acceptable debt normally have no trouble getting pre-qualification for a home mortgage right away.
All of the Government mortgages (VA, FHA and USDA) more or less require the same things in order to get pre approved.
Let’s consider a few main points to take into account when considering a federal government loan.
Your Credit Rating
Generally a 640 credit score is necessary to get approved for any of the federal government home loans today, including VA, USDA and FHA. In addition do not forget that a 640 overall credit score DOES NOT confirm loan acceptance as just about all lenders and banks have added waiting demands concerning home buyers that have any preceding bankruptcy proceedings, home foreclosure, or short sale. Extra time may be needed for USDA Rural loans. A clean Twelve month payment history on any other consumer credit trade lines is essential to keep up with.
It must be stable and documented in 2013. The era of said income or no documentation loans are gone forever. Revealing net income adequately can pose a dilemma with independently employed or 1099 personnel, particularly those who have not been self-employed for no less than a two year period. Finance companies and banks frequently are interested in a Two year history of employment. Reasonable gaps in ones employment history may be acceptable, so long as the space is not too lengthy, or unexplained. Recent university or college graduates tend to be exempt from a Two year employment rule.
100% USDA Home loans
These loans are available to just about any homebuyer thinking about buying a home with a rural defined geographic location. Click here for the USDA eligibility map. USDA loans also have earning guidelines based on the amount of members in the household, area, etc. Please click here for more information on FL USDA income limitations. USDA, as well as the VA, are the only two residential loans in Florida which provide 100% funding with NO downpayment.
Further Pasco County and St. Leo, Florida mortgage options:
FHA Home Loans
These loans are readily available up and down Florida for any home buyer that is eligible. FHA mortgages have to have a minimum 3.5% down-payment, so there are no income limitations, restrictions or location disadvantages. Contact us to learn learn more about FHA home loan specifications in the state of Florida.
VA Mortgage loans
Open to all qualified past and current armed forces members. Please contact us to find out more on VA mortgages in Florida.
Home-owners that presently have a USDA, FHA and VA loan need to investigate the wide selection of simplified refinance mortgage loan options available on the market now. These sorts of offerings help homeowners to refinance their home REGARDLESS of the mortgage to value proportion. If you now have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are presently at record low levels!