So what does it take to get pre-approved for a USDA Rural housing loan in Gibsonton?
It’s actually still relatively straightforward considering all the new changes that have taken place in the mortgage market place over the past 5 years. Mortgage loans in 2013 are “back to basics” in many instances. Gone forever is the time of getting qualified for a mortgage loan devoid of income, bad credit, etc. Homebuyers at present with good credit, stable documentation of source of income and acceptable debt ordinarily have no issue getting pre-qualification for a mortgage loan today.
All Federal mortgage loans (VA, USDA and FHA) primarily need the same things to get pre approved.
Below are a few main points to keep in mind when deciding upon a government loan.
Your Credit Score
In most cases a 640 credit rating is required to become pre-approved for any of the federal mortgage loans today, including VA, USDA and FHA. Still take into account a 640 credit rating doesn’t warrantee mortgage loan endorsement as almost all banks and lenders have additional waiting prerequisites in terms of buyers with any recent individual bankruptcy, foreclosure, or short sale. Additional time is also needed for USDA Rural loans. A clear One year monthly payment history on all other credit lines is crucial to maintain.
Net income Level
It has to be long-standing and documentable in 2013. The days of said income or no documentation loans are long gone. Recording income adequately can sometimes pose a major issue with self-employed or 1099 personnel, specially those who’ve not been self employed for not less than two years. Banks and lenders typically wish to see a Two year history of employment. Reasonable gaps in an individual’s history of employment are alright, so long as the gap is not too long, or unexplained. Fresh college grads are usually exempt from the Two year employment regulation.
100% USDA Home mortgages
These loans are available to pretty much any homebuyer looking to purchase a dwelling with a rural identified vicinity. Click here for the USDA eligibility map. USDA loans include income restrictions according to the number of people in the home, county, etc. Please click here for more information on FL USDA income constraints. USDA, along with VA, have become the only two mortgages in Florida that give 100% funding with NO downpayment.
Further Hillsborough County and Gibsonton, Florida mortgage recommendations:
These financing options are readily available across Florida for any homebuyer that is eligible. FHA mortgages need a minimum 3.5% down-payment, there are no net income limitations, restrictions or location disadvantages. Contact us to learn all about FHA mortgage loan qualifications in the state of Florida.
Open to all eligible prior and current military members. Please contact us to learn more about VA mortgage loans in Florida.
Homeowners that presently have a FHA, USDA and VA loan should be encouraged to check out the wide range of enhanced loan refinancing options available at this time. All of these options enable household owners to refinance REGARDLESS of the mortgage loan to value percentage. If you currently have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are presently at all-time low levels!