What can I do to get pre approved for getting a USDA Rural housing loan in Tallahassee?
It’s actually still very simple taking into consideration all the changes that have happened in the mortgage industry in the last 4 years. Mortgage loans in 2013 will be “back to basics” in most cases. Gone is the time of being eligible for a loan with no income, low credit score, etc. Buyers today that have very good credit, stable documentation of source of income and workable debt will often have no issue acquiring pre-qualification for a home mortgage today.
All of the Federal home mortgages (VA, FHA and USDA) primarily require the same things to get pre-approved.
Let’s consider several key points to take into consideration when making a choice on a government loan program.
Your Credit Scores
More often than not a 640 credit score is necessary to become approved for the federal government mortgage loans today, including VA, USDA and FHA. However don’t forget that a 640 credit rating DOES NOT warrantee home loan affirmation as almost all lenders and banks have extra waiting standards regarding home buyers with any recent personal bankruptcy, foreclosures, or short sales. Extra time can be needed for USDA Rural loans. A clean One year monthly payment history on any other credit lines is important to manage.
It has to be consistent and documented in 2013. The times of said income or no documentation loans are long gone. Recording income effectively can sometimes create a dilemma with self employed or 1099 persons, especially those who have not been self employed for no less than a two year period. Finance companies and banks commonly are interested in a Two year history of employment. Small gaps in your personal employment history may be ok, as long as the gap isn”t too much, or unexplainable. New college or university grads are by and large exempt from a Two year employment history regulation.
100% USDA Loan options
Choices are available to any homebuyer thinking of purchasing a house inside of a rural listed location. Click here for the USDA eligibility map. USDA loans have earning rules dependent on the number of family members in the household, county, etc. Please click here for more information on FL USDA income maximum. USDA, in addition to VA, are definitely the only mortgage loans in Florida which offer 100% funding with NO down payment.
Even more Leon County and Tallahassee, Florida mortgage picks:
These financing options are accessible throughout Florida to any home buyer that is eligible. FHA residential loans have to have a min 3.5% down payment, so there are no income limitations, restrictions or property location disadvantages. Contact us to learn learn more about FHA loan prerequisites in Florida.
VA Home mortgages
Designed for all qualified previous and existing military service members. Please contact us to find out more on VA loan options in Florida.
Home-owners that presently have a VA, FHA and USDA loan need to check out the multitude of streamline home refinance choices available at present. All these packages will allow home-owners to refinance their home REGARDLESS of the loan to value proportion. If you now have a USDA Home loan, contact us to find out more about the Pilot program. Interest rates are presently at all time low levels!