What do you need to get pre approved for a USDA Rural housing loan in Hampton, FL?
It’s honestly still very easy considering all the changes that have happened in the mortgage sector during the last 6 years. Mortgage loans in 2013 are “back to basics” in most cases. Gone forever is the time of being approved for a mortgage loan devoid of income, low credit scores, etc. Homebuyers at present with excellent credit, stable documentation of income and workable debt normally have no issue getting pre-qualification for a mortgage today.
All of the Government home mortgages (USDA, VA and FHA) essentially require the same things when getting pre approved.
Let’s consider several key points to look for when searching for a government loan type.
Your Credit Report
Almost always a 640 credit rating is needed to get pre-approved for any of the federal home mortgages today, including FHA, VA and USDA. Also take into account that a 640 credit rating does NOT confirm mortgage loan authorization as all lenders and banks have various other waiting conditions with regards to buyers with any past personal bankruptcy, foreclosure, or short sale. Increased time is usually required for USDA Rural loans. A clean One year payment history on all other consumer credit lines is critical to take care of.
It must be consistent and documentable in 2013. The days of stated income or no documentation loans are long gone. Showing income properly will often pose a problem with self employed or 1099 workers, especially those that have not been independently employed for a minimum of 2 years. Finance companies and banks generally wish to see a 2 year history of employment. Modest interruptions in your employment history are okay, so long as the time isn”t too much time, or unexplained. New college or university graduates tend to be exempt from the Two year employment history rule.
100% USDA Borrowing
These plans are offered to any homebuyer looking to buy a residential home with a rural outlined location. Click here for the USDA eligibility map. USDA loans generally have income guidelines as per the number of family members in the household, area, etc. Please click here for more information on Florida USDA income restrictions. USDA, and the VA, are the only two residential loans in Florida which offer 100% loans with NO down payment.
Different Bradford County and Hampton, Florida mortgage variations:
FHA Home Loans
These loans are accessible all over Florida to any homebuyer that is eligible. FHA home loans need a min 3.5% down-payment, there are no net income limits, restrictions or property location rules. Contact us to learn learn more about FHA mortgage loan regulations in Florida.
VA Mortgage loans
Accessible to all qualified past and existing armed forces members. Please contact us to learn about VA home mortgages in Florida.
Home-owners that presently have a USDA, FHA and VA loan should look at the diversity of enhanced home refinance alternatives available at this time. These offerings permit home owners to re-finance REGARDLESS of the mortgage to value relative amount. If you currently have a USDA Home loan, contact us to find out more about the Pilot program. Interest rates are currently at record low levels!