What do I need to get pre approved on a USDA Rural housing loan in Gulfport?
It’s honestly still pretty easy taking into consideration all the new changes that have happened in the mortgage sector in the last 6 years. Mortgage loans in 2013 are “back to basics” most of the time. Long gone is the time of approval for a loan without having income, low credit scores, etc. Homebuyers today which have really good credit, stable documentation of income and potential debt usually have no trouble acquiring pre-qualification for a home loan right away.
All Federal mortgages (VA, FHA and USDA) pretty much require the same things in order to get pre-approval.
Listed below are a few key points to take into consideration when making a choice on a government loan type.
Your Credit Scores
Generally a 640 FICO score is required to become approved for any of the federal government home mortgages today, including USDA, VA and FHA. In addition remember a 640 fico score DOES NOT confirm loan approval as most banks and lenders have other waiting demands when it comes to home buyers due to any earlier bankruptcy proceedings, real estate foreclosure, or short sale. Further time is additionally needed for USDA Rural loans. A clean Twelve month payment history on any other consumer credit trade lines is vital to manage.
It must be steady and documentable in 2013. The times of stated income or loans without documentation are gone forever. Recording revenue effectively will often cause a huge concern with the self employed or 1099 persons, specially those that have not been self employed for no less than 2 years. Banks and lenders generally are interested in a 2 year history of employment. Minimal holes in a person’s employment history might be okay, as long as the space isn”t a long time, or unexplained. Fresh college or university grads are often exempt within the 2 year employment history regulation.
100% USDA Homeowner loans
Alternatives are offered to any kind of homebuyer wishing to buy a dwelling with a rural outlined location. Click here for the USDA eligibility map. USDA loans also have earning limits depending on the quantity of members in the home, region, etc. Please click here for more information on FL USDA income rules. USDA, in addition to VA, are the only two mortgage loans in Florida that come with 100% funding with Zero downpayment.
Additional Pinellas County and Gulfport, Florida mortgage programs:
FHA Home Loans
These financing options can be obtained up and down Florida to any homebuyer that qualifies. FHA home loans need a min 3.5% down-payment, so there are no income limits, regulations or location policies. Contact us to learn all about FHA loan guidelines in Florida.
VA Home mortgages
Designed for all qualified past and current military service members. Please contact us to learn about VA mortgages in Florida.
Homeowners that presently have a FHA, VA and USDA loan need to look into the multitude of enhanced refinance alternatives available on the market now. All of these programs allow home owners to re-finance REGARDLESS of the loan to value percentage. If you now have a USDA Home mortgage, contact us to find out more about the Pilot program. Interest rates are currently at record low levels!