What do you need to get approved for getting a USDA Rural housing loan in St. Petersburg, FL?
It’s actually still relatively easy taking into consideration all the new changes that have happened in the mortgage industry over the past 5 years. Mortgage loans in 2018 are “back to basics” in most cases. Gone forever is the time of qualifying for a mortgage loan with no income, below-average credit, etc. Buyers at present that have decent credit, reliable documentation of earnings and acceptable debt routinely have no issue obtaining pre-qualification for a mortgage right away.
All of the Govt mortgages (FHA, VA and USDA) largely need the same things to get pre approved.
Here are a few tips to consider when making a decision on a government loan type.
Your Credit Scores
Almost always a 620 credit score is required to become pre-approved for the fed residential loans today, including FHA, USDA and VA. In addition bear in mind that a 640 overall credit score does NOT warrantee mortgage approval as all lenders and banks have additional waiting demands when it comes to homebuyers due to any past bankruptcy proceedings, foreclosed property, or short sale. Increased time is usually required for USDA Rural loans. A clean Twelve month monthly payment history on any other credit lines is essential to look after.
It needs to be steady and documentable in 2013. The times of stated income or loans without documentation are long gone. Showing income properly may present a concern with self-employed or 1099 labor, specifically those that have not been self-employed for a minimum of 2 years. Finance companies and banks frequently wish to see a Two year employment history. Minimal spaces in your entire history of employment are satisfactory, so long as the space is not too lengthy, or unexplainable. New university or college graduates are often exempt from the 2-year employment history rule.
100% USDA Home loans
Choices are available to just about any homebuyer looking to acquire a house inside of a rural outlined locality. Click here for the USDA eligibility map. USDA loans also include income rules dependent on the number of people in the home, area, etc. Please click here for more information on Florida USDA income constraints. USDA, collectively with VA, are definitely the only mortgage loans in Florida which offer 100% loans with NO downpayment.
Some other Pinellas County and St. Petersburg, Florida mortgage options:
These loans are offered all over Florida to any homebuyer that is eligible. FHA home loans have to have a min 3.5% down-payment, so there are no revenue limits, restrictions or location policies. Contact us to learn more about FHA loan regulations in Florida.
Accessible to all eligible previous and present military members. Please contact us to find out more about VA lending options in Florida.
Homeowners that currently have a VA, USDA and FHA loan should be encouraged to investigate the wide selection of simplified refinance choices available at this time. These kinds of programs allow home owners to refinance their home REGARDLESS of the mortgage loan to value ratio. If you already have a USDA Home loan, contact us to learn about the streamline refinance program. Interest rates are now at all-time low levels!