What is required to get pre-approved for getting a USDA Rural housing loan in Lawtey, FL?
It’s actually still very simple taking into account all the changes that have taken place in the mortgage marketplace within the last 6 years. Mortgage loans in 2013 are “back to basics” most of the time. Long gone is the time of being eligible for a loan without the presence of income, a low credit score, etc. Buyers today that have acceptable credit, stable documentation of source of income and manageable debt ordinarily have no issue finding pre-qualification for a home mortgage today.
All Government mortgage loans (FHA, VA and USDA) essentially require the same things in order to get pre approved.
Here are a few tips to take into consideration when shopping for a federal government loan type.
Your Credit Score
In most instances a 640 FICO score is needed to be pre-approved for the government residential loans today, including USDA, VA and FHA. Also remember a 640 credit score does NOT assure you mortgage loan affirmation as most lenders and banks have different waiting requirements concerning home buyers with any past personal bankruptcy, property foreclosure, or short sales. Increased time will be required for USDA Rural loans. A clear One year monthly payment history on any other consumer credit lines is very important to manage.
It has to be steady and documented in 2013. The times of stated income or loans without documentation are long gone. Documenting source of income effectively will often cause an obstacle with self employed or 1099 personnel, particularly those that have not been self-employed for a minimum of a two year period. Finance companies and banks normally need to see a Two year employment history. Small interruptions in your entire history of employment are satisfactory, so long as the space is not too long, or unexplained. New university or college graduates are often exempt within the 2 year employment rule.
100% USDA Homeowner loans
Alternatives are offered to any type of home buyer thinking about buying a residential home with a rural classified locality. Click here for the USDA eligibility map. USDA loans have got income guidelines depending on the quantity of family members in the household, county, etc. Please click here for more information on Florida USDA income rules. USDA, together with VA, are considered the only two home mortgages in Florida offering 100% loans with Zero downpayment.
Even more Bradford County and Lawtey, Florida mortgage possibilities:
FHA Home Loans
These loans are available up and down Florida for just about any homebuyer that is approved. FHA loans require a min 3.5% down-payment, so there are no earnings limitations, restrictions or location restrictions. Contact us to learn learn more about FHA mortgage regulations in Florida.
VA Home mortgages
Open to all eligible past and existing armed forces members. Please contact us to learn about VA loan options in Florida.
Home owners that currently have a USDA, FHA and VA loan should also look at the selection of enhanced home refinance loan options available at this time. All of these programs permit home-owners to refinance their home REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are currently at all-time low levels!