What do I need to get pre approved for a USDA Rural housing loan in Brandon, FL?
It’s actually still quite simple considering all the changes that have happened in the mortgage market over the past 5 years. Mortgage loans in 2013 will be “back to basics” in most cases. Gone is the time of being eligible for a mortgage loan without having income, bad credit, etc. Homebuyers today which have acceptable credit, stable documentation of revenue and workable debt normally have no issue finding pre-qualification for a home mortgage right away.
All Federal government mortgage loans (VA, FHA and USDA) more or less need the same things in order to get pre approved.
Let’s consider a few main points to take into consideration when shopping for a federal loan.
Your Credit Report
Most of the time a 640 credit rating is necessary to be approved for any of the fed home loans today, including FHA, USDA and VA. In addition take into account that a 640 fico score DOES NOT warrantee loan affirmation as most banks and lenders have extra waiting standards with regards to homebuyers that have any recent bankruptcy, foreclosures, or short sales. Increased time can be needed for USDA Rural loans. A clear Twelve month payment history on all other credit lines is crucial to manage.
It has to be steady and documentable in 2013. The times of stated income or loans without documentation are gone forever. Revealing source of income correctly may create a huge concern with self-employed or 1099 labor, especially those which have not been independently employed for not less than two years. Banks and lenders frequently wish to see a Two year history of employment. Reasonable spaces in an individual’s employment history are acceptable, so long as the space isn”t for too long, or unexplainable. Recent university or college grads are normally exempt from the Two year employment rule.
100% USDA Loans
Alternatives are offered to any homebuyer thinking of buying a house inside of a rural specified geographic location. Click here for the USDA eligibility map. USDA loans usually have earning limitations according to the amount of people in the household, county, etc. Please click here for more information on Florida USDA income restrictions. USDA, accompanied by VA, are definitely the only two home mortgages in Florida that have 100% funding with Zero down payment.
Even more Hillsborough County and Brandon, Florida mortgage possibilities:
FHA Home Loans
These financing options are accessible all over Florida for just about any homebuyer that is eligible. FHA mortgages have to have a minimum 3.5% down payment, so there are no income limits, boundaries or property location restrictions. Contact us to learn all about FHA mortgage loan requirements in Florida.
Provided to all eligible previous and present military members. Please contact us to learn about VA mortgages in Florida.
Home-owners that presently have a USDA, FHA and VA loan should look at the wide selection of streamline home refinance alternatives available presently. Many of these packages allow household owners to re-finance REGARDLESS of the loan to value ratio. If you currently have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are now at all time low levels!