What can I do to get pre-approval to acquire a USDA Rural housing loan in Homosassa?
It’s definitely still rather easy taking into account all the changes that have taken place in the mortgage marketplace during the last 4 years. Mortgage loans in 2013 are “back to basics” most of the time. Long gone is the time of being approved for a mortgage loan without having income, a low credit score, etc. Buyers today which have acceptable credit, reliable documentation of cash flow and acceptable debt routinely have no issue acquiring pre-qualification for a mortgage today.
All Govt home loans (VA, USDA and FHA) basically require the same things when getting pre-approval.
Below are quite a few tips to look for when selecting a federal government loan.
Your Credit Rating
Generally a 640 credit rating is required to get pre approved for any of the government home loans today, including USDA, FHA and VA. Also remember a 640 fico score doesn’t assure you mortgage loan authorization as just about all banks and lenders have other waiting standards with regards to buyers with any prior bankruptcy proceedings, real estate foreclosure, or short sale. Further time will be needed for USDA Rural loans. A clean 12 month payment history on all other consumer credit trade lines is vital to maintain.
It needs to be long-standing and documented in 2013. The era of said income or loans without documentation are gone forever. Showing source of income adequately can often present a problem with self-employed or 1099 workers, especially those who’ve not been independently employed for no less than 2 years. Finance companies and banks commonly are interested in a 2 year history of employment. Reasonable holes in an individual’s employment history may be acceptable, as long as the gap is not for too long, or unexplained. New college graduates are in general exempt from a 2 year employment rule.
100% USDA Solutions
Alternatives are offered to just about any homebuyer wishing to acquire a home with a rural specified geographic location. Click here for the USDA eligibility map. USDA loans include earning limitations depending on number of family members in the home, county, etc. Please click here for more information on Florida USDA income rules. USDA, accompanied by VA, are considered the only mortgages in Florida which provide 100% loans with NO down payment.
Some other Citrus County and Homosassa, Florida mortgage types:
FHA Home Loans
These loans can be obtained all over Florida for any home buyer that qualifies. FHA home mortgages need a minimum 3.5% down payment, so there are no income limits, boundaries or property location rules. Contact us to learn all about FHA mortgage conditions in the state of Florida.
VA Lending options
Available for all qualified prior and current military members. Please contact us to learn about VA mortgage loans in Florida.
Homeowners that currently have a VA, FHA and USDA loan need to look at the diversity of simplified refinance loan options available at present. Quite a number of offerings help home-owners to refinance REGARDLESS of the loan to value relative amount. If you currently have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are currently at record low levels!