So what does it take to get pre-approval on a USDA Rural housing loan in Fruitland Park?
It’s honestly still quite easy considering all the changes which have occurred in the mortgage marketplace within the last 4 years. Mortgage loans in 2013 will be “back to basics” in most cases. Gone is the time of getting qualified for a mortgage loan without any income, bad credit, etc. Homebuyers today that have very good credit, stable documentation of cash flow and reasonable debt ordinarily have no trouble obtaining pre-qualification for a mortgage right away.
All of the Federal mortgage loans (USDA, FHA and VA) basically need the same things in order to get pre-approved.
Here are several tips to take into account when deciding on a federal government loan program.
Your Credit Report
Typically a 640 FICO score is needed to be pre-approved for the federal mortgage loans today, including USDA, VA and FHA. However take into account that a 640 overall credit score does NOT assure you home loan approval as almost all banks and lenders have different waiting specifications in terms of buyers having any past bankruptcy proceedings, foreclosures, or short sale. More time may be required for USDA Rural loans. A clear Twelve month payment history on all other credit lines is very important to maintain.
It needs to be steady and documented in 2013. The era of said income or loans without documentation are long gone. Recording income effectively can occasionally cause a concern with independently employed or 1099 workers, especially those which have not been self employed for a minimum of a two year period. Banks and lenders typically are interested in a 2 year employment history. Minor holes in your entire history of employment may be acceptable, just as long the gap is not a long time, or unexplainable. Fresh college or university grads are normally exempt from a 2 year employment history rule.
100% USDA Loan
These financing options are offered to pretty much any homebuyer wishing to buy a home with a rural defined location. Click here for the USDA eligibility map. USDA loans also have earning limitations based on the quantity of members in the home, county, etc. Please click here for more information on FL USDA income limits. USDA, in conjunction with VA, are considered the only two mortgage loans in Florida that have 100% loans with Zero down payment.
Other Lake County and Fruitland Park, Florida mortgage recommendations:
These loans are found across Florida for any homebuyer that is eligible. FHA home loans need a min 3.5% down-payment, there are no revenue constraints, restrictions or property location demands. Contact us to learn all about FHA home loan conditions in the state of Florida.
Open to all qualified prior and existing military members. Please contact us to find out more on VA loans in Florida.
Home-owners that currently have a VA, USDA and FHA loan should examine the wide range of streamline refinance options available on the market now. These sorts of programs allow home-owners to refinance REGARDLESS of the mortgage loan to value ratio. If you now have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are now at historical low levels!