What do I need to get approved for a USDA Rural housing loan in Fort Myers Beach?
It’s definitely still very easy considering all the changes which have occurred in the mortgage market place over the past 6 years. Mortgage loans in 2013 will be “back to basics” in most cases. Long gone is the time of being approved for a mortgage loan with no income, bad credit, etc. Buyers today with favorable credit, reliable documentation of income and manageable debt routinely have no issue getting pre-qualification for a home mortgage right away.
All of the Govt mortgage loans (FHA, USDA and VA) essentially require the same things in order to get pre approved.
Take a look at a number of main points to keep in mind when choosing a federal loan program.
Your Credit Score
In many instances a 640 credit rating is required to be approved for any of the government home loans today, including VA, FHA and USDA. Also remember a 640 fico score does NOT confirm home loan authorization as all banks and lenders have different waiting standards in relation to buyers having any past bankruptcy, foreclosed property, or short sales. Additional time may be needed for USDA Rural loans. A clear One year monthly payment history on all other credit lines is crucial to manage.
It needs to be consistent and documentable in 2013. The times of said income or loans without documentation are gone. Documenting earnings adequately could possibly create an obstacle with independently employed or 1099 persons, in particular those who have not been self-employed for a minimum of a couple of years. Finance companies and banks frequently need to see a 2 year history of employment. Limited holes in your personal history of employment might be alright, as long as the gap is not for too long, or unexplainable. New university or college grads are often exempt from the 2 year employment rule.
100% USDA Borrowing
These loans are available to any sort of home buyer thinking of buying a house inside a rural defined locality. Click here for the USDA eligibility map. USDA loans will have earning restrictions regarding 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 mortgage loans in Florida that provides 100% funding with NO downpayment.
Additional Lee County and Fort Myers Beach, Florida mortgage programs:
These loans can be obtained up and down Florida to any homebuyer that qualifies. FHA home loans need a minimum 3.5% down-payment, so there are no income limits, restrictions or location restrictions. Contact us to learn learn more about FHA mortgage loan regulations in Florida.
VA Lending options
Available for all eligible prior and existing armed forces members. Please contact us to read more about VA home mortgages in Florida.
Home owners that currently have a FHA, USDA and VA loan need to check out the variety of enhanced refinance loan choices available at this time. These kinds of options allow homeowners to refinance their home REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are now at record low levels!