What is required to get approved on a USDA Rural housing loan in Bowling Green, FL?
It’s definitely still quite straightforward taking into consideration all the changes that have taken place in the mortgage market place over the past 4 years. Mortgage loans in 2013 are “back to basics” most of the time. Gone forever is the time of being eligible for a loan without having income, bad credit, etc. Homebuyers at present with favorable credit, stable documentation of income and workable debt will often have no trouble obtaining pre-qualification for a home loan right away.
All Government mortgages (FHA, USDA and VA) primarily require the same things when getting pre approved.
Listed below are several main points to think about when shopping for a federal loan type.
Your Credit Status
In most instances a 640 credit rating is needed to be pre approved for any of the government mortgage loans today, including USDA, FHA and VA. Still keep in mind that a 640 credit score DOES NOT confirm mortgage authorization as most lenders and banks have further waiting prerequisites when it comes to homebuyers that have any previous bankruptcy, property foreclosures, or short sales. Added time can be required for USDA Rural loans. A clean One year payment history on all other consumer credit trade lines is critical to manage.
It needs to be consistent and documented in 2013. The days of stated income or no documentation loans are gone forever. Recording net income effectively can sometimes create a major problem with independently employed or 1099 workers, particularly those who’ve not been independently employed for at least 2 years. Finance companies and banks typically are interested in a Two year employment history. Minimal interruptions in your personal history of employment may be fine, just as long the gap is not too much time, or unexplained. Fresh college graduates are usually exempt from the Two year employment history rule.
100% USDA Home mortgages
These loans are offered to any type of homebuyer looking to purchase a dwelling within a rural outlined geographic location. Click here for the USDA eligibility map. USDA loans also include earning limits according to the quantity of people in the home, region, etc. Please click here for more information on Florida USDA income rules. USDA, alongside VA, have become the only mortgages in Florida that give 100% financing with NO down payment.
Some other Hardee County and Bowling Green, Florida mortgage solutions:
FHA Home Loans
These financing options are readily available all over Florida for just about any homebuyer that is approved. FHA residential loans require a minimum 3.5% down payment, so there are no net income limitations, boundaries or property location rules. Contact us to learn all about FHA mortgage loan restrictions 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 home loans in Florida.
Home owners that presently have a USDA, FHA and VA loan should investigate the variety of enhanced refinance mortgage loan options available on the market now. Many of these offerings permit homeowners to re-finance REGARDLESS of the mortgage to value ratio. If you already have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are now at all time low levels!