What is required to get pre approved on a USDA Rural housing loan in Belleair Shore?
It’s honestly still reasonably easy considering all the changes that have taken place in the mortgage marketplace during the last 4 years. Mortgage loans in 2013 are “back to basics” in most cases. Gone are the days of getting qualified for a loan devoid of income, a low credit score, etc. Buyers today which have favorable credit, reliable documentation of salary and workable debt usually have no trouble finding pre-qualification for a mortgage loan today.
All of the Federal mortgage loans (USDA, FHA and VA) largely require the same things when getting pre approved.
Below are some main points to think about when making a decision on a federal government loan type.
Your Credit History
Generally speaking a 640 FICO score is required to become pre-approved for the government home loans today, including VA, USDA and FHA. Also understand a 640 credit score does NOT confirm mortgage loan approval as virtually all banks and lenders have other waiting requirements in terms of home buyers having any recent bankruptcy, foreclosures, or short sale. Extra time can be needed for USDA Rural loans. A clean 12 month payment history on any other consumer credit lines is important to look after.
It must be long-standing and documentable in 2013. The era of stated income or no documentation loans are gone forever. Recording source of income properly can cause a huge concern with self-employed or 1099 persons, particularly those who’ve not been independently employed for a minimum of 2 years. Banks and lenders usually need to see a Two year history of employment. Small gaps in a person’s history of employment might be ok, so long as the time isn”t too lengthy, or unexplainable. Recent college grads usually are exempt from a 2 year employment history rule.
100% USDA Homeowner loans
Choices are available to any sort of home buyer thinking of buying a house in a rural defined vicinity. Click here for the USDA eligibility map. USDA loans generally have earning guidelines as per the number of people in the household, area, etc. Please click here for more information on Florida USDA income limitations. USDA, as well as the VA, have become the only two home mortgages in Florida which provide 100% funding with Zero down payment.
Additional Pinellas County and Belleair Shore, Florida mortgage types:
FHA Home Loans
These loans can be obtained across Florida for just about any home buyer that is eligible. FHA mortgages need a min 3.5% down-payment, so there are no income limitations, boundaries or property location restrictions. Contact us to learn learn more about FHA home loan prerequisites in Florida.
Available to all eligible past and present military members. Please contact us to find out more on VA home mortgages in Florida.
Homeowners that presently have a FHA, VA and USDA loan should be encouraged to check out the wide selection of streamline home refinance alternatives available at present. These types of offers allow homeowners to refinance REGARDLESS of the mortgage loan to value ratio. If you currently have a USDA Home mortgage, contact us to find out more about the Pilot program. Interest rates are presently at record low levels!