What do I need to get pre-approved for getting a USDA Rural housing loan in Baker, FL?
It’s definitely still reasonably simple taking into account all the changes that have taken place in the mortgage marketplace in the last 5 years. Mortgages in 2013 are “back to basics” in most cases. Long gone is the time of getting qualified for a loan devoid of income, below-average credit, etc. Buyers at present that have decent credit, stable documentation of earnings and acceptable debt routinely have no issue getting pre-qualification for a home loan today.
All of the Federal government mortgage loans (USDA, VA and FHA) primarily need the same things when getting pre-approved.
Let’s consider quite a few main points to consider when making a choice on a federal government loan type.
Your Credit Report
In many cases a 640 credit score is needed to be approved for any of the federal government home mortgages today, including FHA, VA and USDA. However take into account a 640 credit rating DOES NOT warrantee mortgage affirmation as virtually all banks and lenders have more waiting conditions regarding homebuyers due to any prior personal bankruptcy, foreclosure, or short sale. Added time is also required for USDA Rural loans. A clean 12 month payment history on any other consumer credit trade lines is vital to maintain.
It needs to be long-standing and documentable in 2013. The days of said income or no documentation loans are gone forever. Revealing source of income correctly can occasionally cause a major issue with self employed or 1099 individuals, especially those who’ve not been self employed for at least 2 years. Finance companies and banks usually wish to see a Two year employment history. Small gaps in ones employment history are just fine, just as long the time is not too much time, or unexplainable. New college grads are usually exempt within the 2 year employment history rule.
100% USDA Homeowner loans
Alternatives are available to pretty much any homebuyer wishing to purchase a residential home within a rural recognized location. Click here for the USDA eligibility map. USDA loans usually have income restrictions dependant upon the number of people in the household, county, etc. Please click here for more information on FL USDA income maximum. USDA, in addition to VA, are the only two home mortgages in Florida offering 100% loans with Zero downpayment.
More Okaloosa County and Baker, Florida mortgage solutions:
FHA Home Loans
These financing options are found up and down Florida for just about any home buyer that qualifies. FHA home mortgages require a minimum 3.5% down-payment, there are no net income limits, regulations or property location restrictions. Contact us to learn learn more about FHA mortgage regulations in the state of Florida.
VA Mortgage loans
Available for all qualified past and current military members. Please contact us to get more information on VA homeowner loans in Florida.
Home-owners that presently have a VA, USDA and FHA loan need to investigate the selection of streamline refinancing options available at this time. Many of these packages enable household owners to refinance their home REGARDLESS of the loan to value relative amount. If you already have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are now at record low levels!