What do you need to get pre approved for a USDA Rural housing loan in Lady Lake, FL?
It’s honestly still very straightforward considering all the changes that have occurred in the mortgage market place during the last 6 years. Mortgage loans in 2013 will be “back to basics” in most cases. Long gone is the time of being eligible for a loan with no income, below-average credit, etc. Homebuyers today with favorable credit, reliable documentation of source of income and reasonable debt routinely have no trouble getting pre-qualification for a home loan right away.
All of the Federal government home loans (FHA, USDA and VA) generally require the same things to get pre-approved.
Listed below are a few main points to contemplate when deciding on a federal government loan program.
Your Credit History
Generally speaking a 640 FICO score is needed to become pre approved for any of the fed home loans today, including USDA, VA and FHA. Also remember a 640 fico score doesn’t warrantee mortgage loan agreement as just about all lenders and banks have various other waiting demands in relation to buyers that have any past bankruptcy, home foreclosure, or short sales. Even more time is typically needed for USDA Rural loans. A clear 12 month payment history on all other consumer credit trade lines is very important to take care of.
It needs to be long-standing and documentable in 2013. The era of stated income or no documentation loans are gone forever. Recording source of income effectively can often cause a problem with self employed or 1099 labor, in particular those that have not been self-employed for at least two years. Finance companies and banks frequently are interested in a Two year employment history. Minor spaces in your employment history might be ok, so long as the time is not too lengthy, or unexplainable. Recent university or college grads are generally exempt from the Two year employment regulation.
100% USDA Home mortgages
Choices are offered to any sort of home buyer looking to acquire a house in a rural defined vicinity. Click here for the USDA eligibility map. USDA loans include income limitations depending on the amount of members in the household, area, etc. Please click here for more information on Florida USDA income constraints. USDA, collectively with VA, are considered the only mortgages in Florida which offer 100% loans with Zero down payment.
Additional Lake County and Lady Lake, Florida mortgage programs:
These financing options are found all over Florida for just about any homebuyer that is eligible. FHA residential loans have to have a minimum 3.5% down payment, so there are no net income limitations, regulations or location policies. Contact us to learn learn more about FHA home loan standards in Florida.
VA Home loans
Available to all qualified prior and current military service members. Please contact us to find out more about VA loan options in Florida.
Homeowners that currently have a USDA, VA and FHA loan should examine the vast array of enhanced refinance options available today. These types of options empower home owners to refinance REGARDLESS of the mortgage to value relative amount. If you already have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are presently at historical low levels!