What does one need to get pre-approval to acquire a USDA Rural housing loan in Bonita Springs?
It’s actually still quite easy taking into consideration all the changes which have happened in the mortgage industry over the past 5 years. Mortgages in 2013 are “back to basics” in most cases. Gone forever are the days of approval for a mortgage loan devoid of income, bad credit, etc. Buyers today that have very good credit, stable documentation of source of income and potential debt typically have no issue getting pre-qualification for a home loan right away.
All the Government home loans (USDA, FHA and VA) generally need the same things to get pre-approval.
Here are some key points to take into account when making a choice on a government loan type.
Your Credit Scores
Almost always a 640 FICO score is necessary to become pre-approved for any of the federal residential loans today, including USDA, VA and FHA. Even so bear in mind that a 640 credit rating does NOT warrantee mortgage loan affirmation as all lenders and banks have further waiting requirements with regards to home buyers due to any earlier personal bankruptcy, foreclosures, or short sale. Added time can be required for USDA Rural loans. A clean Twelve month payment history on all other credit trade lines is essential to keep up with.
It must be stable and documentable in 2013. The times of stated income or no documentation loans are gone. Documenting source of income correctly may pose a problem with self-employed or 1099 persons, specially those who’ve not been independently employed for no less than a two year period. Finance companies and banks generally want to see a Two year history of employment. Minor gaps in your personal employment history are just satisfactory, just as long the time isn”t a long time, or unexplainable. Recent university or college grads are often exempt from the 2 year employment regulation.
100% USDA Mortgage loans
These financing options are available to just about any homebuyer wishing to acquire a house with a rural listed geographic location. Click here for the USDA eligibility map. USDA loans include earning restrictions regarding the quantity of family members in the household, area, etc. Please click here for more information on Florida USDA income constraints. USDA, together with VA, are definitely the only two mortgages in Florida that provide 100% funding with Zero down payment.
Even more Lee County and Bonita Springs, Florida mortgage programs:
These loans are accessible all over Florida to any homebuyer that is eligible. FHA mortgages require a min 3.5% down payment, there are no earnings limitations, restrictions or property location policies. Contact us to learn learn more about FHA mortgage loan regulations in the state of Florida.
VA Lending options
Available to all qualified past and present armed forces members. Please contact us to find out more about VA home loans in Florida.
Home owners that currently have a VA, FHA and USDA loan must examine the wide range of simplified refinance loan options available presently. Quite a number of packages help home-owners to refinance their home REGARDLESS of the mortgage loan to value ratio. If you already have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are presently at all-time low levels!