So what does it take to get pre-approval for a USDA Rural housing loan in Flagler Beach, FL?
It’s actually still pretty simple taking into account all the new changes that have occurred 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 approval for a mortgage loan without having any income, low credit scores, etc. Homebuyers at present which have decent credit, reliable documentation of earnings and potential debt usually have no issue obtaining pre-qualification for a mortgage loan right away.
All the Govt mortgages (USDA, FHA and VA) primarily require the same things in order to get pre approved.
Listed below are quite a few main points to take into account when making a decision on a federal government loan.
Your Credit Report
In most cases a 640 credit score is needed to get pre approved for any of the federal home loans today, including VA, FHA and USDA. Even so be aware that a 640 fico score does NOT guarantee home loan acceptance as virtually all lenders and banks have additional waiting criteria when it comes to home buyers due to any previous personal bankruptcy, property foreclosure, or short sales. Increased time is likewise required for USDA Rural loans. A clear 12 month payment history on all other credit trade lines is very important to take care of.
It must be long-standing and documentable in 2013. The times of said income or loans without documentation are gone. Recording earnings effectively could possibly create an obstacle with the self employed or 1099 workers, particularly those who’ve not been self employed for no less than two years. Finance companies and banks generally want to see a 2 year employment history. Limited gaps in a person’s history of employment may be fine, just as long the gap is not too long, or unexplainable. Fresh university or college graduates are in general exempt within the 2 year employment history rule.
100% USDA Loan options
These loans are offered to just about any homebuyer looking to purchase a home inside of a rural defined geographic location. Click here for the USDA eligibility map. USDA loans also have income rules depending on the quantity of members in the home, area, etc. Please click here for more information on Florida USDA income limits. USDA, together with VA, have become the only mortgages in Florida that have 100% funding with NO downpayment.
Different Flagler County and Flagler Beach, Florida mortgage recommendations:
These loans are found all over Florida to any homebuyer that is eligible. FHA home loans require a min 3.5% down-payment, so there are no income constraints, boundaries or property location rules. Contact us to learn all about FHA mortgage conditions in Florida.
VA Home loans
Provided to all qualified past and current armed forces members. Please contact us to find out more on VA loans in Florida.
Home-owners that currently have a VA, FHA and USDA loan should check out the diversity of simplified refinance loan choices available today. These kinds of packages empower home owners to re-finance REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are currently at record low levels!