What do I need to get pre approved for getting a USDA Rural housing loan in Layton?
It’s honestly still relatively easy taking into account all the new changes which have occurred in the mortgage industry over the last 6 years. Mortgages in 2013 will be “back to basics” in many instances. Gone is the time of getting qualified for a mortgage loan without having any income, low credit score, etc. Homebuyers jn the market now that have good credit, stable documentation of revenue and reasonable debt ordinarily have no issue finding pre-qualification for a home loan right away.
All the Govt mortgage loans (USDA, FHA and VA) primarily need the same things in order to get pre approved.
Below are several main points to keep in mind when selecting a government loan.
Your Credit Status
More often than not a 640 FICO score is required to be pre-approved for the fed home mortgages today, including VA, FHA and USDA. But keep in mind a 640 credit rating doesn’t assure you mortgage loan endorsement as most banks and lenders have added waiting prerequisites regarding home buyers with any earlier bankruptcy, real estate foreclosure, or short sales. Further time will be required for USDA Rural loans. A clean One year payment history on all other credit lines is important to take care of.
It has to be stable and documentable in 2013. The times of said income or loans without documentation are gone. Showing earnings adequately could possibly cause a problem with self-employed or 1099 individuals, specially those who have not been self-employed for at least two years. Banks and lenders normally need to see a Two year employment history. Minimal gaps in your employment history are acceptable, so long as the time is not too long, or unexplained. Recent university or college grads are in general exempt from a Two year employment rule.
100% USDA Home loans
These financing options are offered to any kind of homebuyer wishing to acquire a house inside of a rural classified geographic location. Click here for the USDA eligibility map. USDA loans include income rules based on the quantity of members in the household, county, etc. Please click here for more information on Florida USDA income maximum. USDA, accompanied by VA, are the only two residential loans in Florida that provides 100% financing with Zero down payment.
Different Monroe County and Layton, Florida mortgage types:
FHA Home Loans
These financing options are readily available up and down Florida for any home buyer that is approved. FHA mortgages have to have a minimum 3.5% down payment, so there are no revenue limitations, boundaries or location rules. Contact us to learn learn more about FHA home loan standards in Florida.
VA Lending options
Offered to all eligible previous and present military service members. Please contact us to learn more about VA lending options in Florida.
Home owners that currently have a USDA, FHA and VA loan need to investigate the wide array of enhanced loan refinancing options available presently. Most of these offers help home-owners to re-finance REGARDLESS of the mortgage to value proportion. If you now have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are now at historical low levels!