What do I need to get pre approved for getting a USDA Rural housing loan in Alford?
It’s definitely still very simple taking into consideration all the changes that have occurred in the mortgage market place over the past 4 years. Mortgages in 2013 will be “back to basics” in most cases. Long gone are the days of being eligible for a mortgage loan without the presence of income, low credit scores, etc. Homebuyers today which have pretty good credit, reliable documentation of cash flow and manageable debt ordinarily have no issue finding pre-qualification for a home loan right away.
All Government home mortgages (USDA, VA and FHA) essentially need the same things in order to get pre-approved.
Listed below are a few tips to take into consideration when making a choice on a federal government loan program.
Your Credit Scores
In most cases a 640 credit rating is necessary to be approved for any of the fed home mortgages today, including VA, FHA and USDA. However be aware that a 640 credit score DOES NOT warrantee mortgage endorsement as just about all lenders and banks have even more waiting prerequisites in relation to buyers having any past personal bankruptcy, foreclosure, or short sale. Even more time is usually required for USDA Rural loans. A clear One year payment history on all other consumer credit trade lines is important to maintain.
It needs to be reliable and documented in 2013. The times of stated income or no documentation loans are gone forever. Documenting source of income properly can often create an obstacle with the self employed or 1099 labor, specifically those which have not been self-employed for a minimum of a two year period. Banks and lenders frequently wish to see a 2 year history of employment. Minimal gaps in an individual’s history of employment are just fine, so long as the time is not too much time, or unexplainable. Recent university or college graduates may be exempt from the 2 year employment regulation.
100% USDA Loans
Choices are offered to just about any homebuyer considering the purchase of a residential home inside a rural recognized location. Click here for the USDA eligibility map. USDA loans generally have income limits based on the quantity of people in the household, region, etc. Please click here for more information on FL USDA income limitations. USDA, along with VA, are the only residential loans in Florida that come with 100% loans with NO downpayment.
More Jackson County and Alford, Florida mortgage options:
These financing options are found up and down Florida for any home buyer that qualifies. FHA mortgages have to have a min 3.5% down payment, so there are no net income limitations, regulations or location demands. Contact us to learn all about FHA mortgage conditions in the state of Florida.
VA Lending options
Designed for all eligible prior and current military members. Please contact us to learn about VA loans in Florida.
Homeowners that presently have a VA, USDA and FHA loan should be encouraged to check out the wide array of streamline home refinance loan alternatives available at present. All of these products enable home-owners to refinance their home REGARDLESS of the mortgage to value percentage. If you now have a USDA Home loan, contact us to learn about the Pilot program. Interest rates are now at historical low levels!