So what does it take to get pre-approval for getting a USDA Rural housing loan in Jennings, FL?
It’s definitely still relatively simple taking into account all the new changes which have taken place in the mortgage market in the last 4 years. Mortgages in 2013 will be “back to basics” in most cases. Gone are the days of approval for a loan with no income, a bad credit score, etc. Homebuyers today which have pretty good credit, stable documentation of salary and manageable debt normally have no issue getting pre-qualification for a mortgage loan right away.
All Federal mortgage loans (USDA, FHA and VA) pretty much require the same things to get pre-approval.
Here are a number of key points to take into consideration when shopping for a government loan type.
Your Credit Report
Typically a 640 credit rating is needed to be approved for any of the federal home loans today, including USDA, FHA and VA. Even so take into account a 640 overall credit score does NOT warrantee loan approval as all banks and lenders have other waiting demands in regards to home buyers with any previous bankruptcy, property foreclosure, or short sales. More time is additionally required for USDA Rural loans. A clear 12 month payment history on any other credit trade lines is important to keep up with.
It has to be consistent and documented in 2013. The era of stated income or no documentation loans are long gone. Documenting income properly can create a difficulty with the self employed or 1099 individuals, in particular those that have not been self-employed for not less than a couple of years. Banks and lenders commonly need to see a 2 year history of employment. Minor gaps in a person’s employment history are just alright, so long as the gap isn”t too much time, or unexplainable. New college or university graduates are usually exempt within the 2 year employment history regulation.
100% USDA Borrowing
Choices are offered to pretty much any home buyer wishing to buy a residential home with a rural specified geographic location. Click here for the USDA eligibility map. USDA loans also include earning restrictions regarding the number of members in the household, region, etc. Please click here for more information on FL USDA income limits. USDA, accompanied by VA, are definitely the only two mortgages in Florida which provide 100% financing with Zero down payment.
Other Hamilton County and Jennings, Florida mortgage solutions:
FHA Home Loans
These financing options are offered throughout Florida to any home buyer that is eligible. FHA loans have to have a minimum 3.5% down-payment, there are no revenue constraints, restrictions or location restrictions. Contact us to learn all about FHA loan prerequisites in Florida.
VA Lending options
Offered to all eligible past and present military members. Please contact us to learn about VA home mortgages in Florida.
Home owners that presently have a FHA, VA and USDA loan ought to look into the wide array of simplified home refinance loan options available at present. These packages help homeowners to re-finance REGARDLESS of the mortgage to value relative amount. If you currently have a USDA Home loan, contact us to learn about the Pilot program. Interest rates are currently at record low levels!