What do I need to get pre approved on a USDA Rural housing loan in Madison?
It’s definitely still relatively easy considering all the new changes which have taken place in the mortgage industry over the last 4 years. Mortgages in 2013 will be “back to basics” in most cases. Gone is the time of qualifying for a mortgage loan with no income, unfavorable credit ratings, etc. Homebuyers today which have really good credit, stable documentation of revenue and workable debt ordinarily have no issue getting pre-qualification for a home loan today.
All of the Federal home mortgages (USDA, VA and FHA) generally require the same things to get pre-approved.
Here are a lot of key points to take into consideration when searching for a federal loan program.
Your Credit Rating
Normally a 640 FICO score is required to be pre approved for the government home loans today, including USDA, VA and FHA. However understand a 640 fico score does NOT assure you loan approval as just about all banks and lenders have additional waiting requirements concerning home buyers having any previous personal bankruptcy, foreclosed property, or short sales. Extra time is also required for USDA Rural loans. A clean Twelve month payment history on all other consumer credit trade lines is essential to manage.
Net income Level
It must be stable and documented in 2013. The days of stated income or loans without documentation are long gone. Revealing revenue correctly can sometimes create a problem with independently employed or 1099 persons, specially those who’ve not been independently employed for a minimum of a two year period. Banks and lenders typically are interested in a Two year history of employment. Modest gaps in your entire history of employment may be okay, as long as the gap is not a long time, or unexplainable. Recent college or university grads usually are exempt from a 2 year employment history regulation.
100% USDA Mortgages
Choices are offered to just about any home buyer looking to purchase a house inside a rural listed locality. Click here for the USDA eligibility map. USDA loans have earning limits with regards to the amount of family members in the household, county, etc. Please click here for more information on Florida USDA income constraints. USDA, in conjunction with VA, are considered the only home mortgages in Florida that offer 100% financing with NO down payment.
Other Madison County and Madison, Florida mortgage recommendations:
FHA Home Loans
These financing options are offered up and down Florida to any homebuyer that is eligible. FHA mortgages require a minimum 3.5% down-payment, there are no revenue limits, boundaries or property location disadvantages. Contact us to learn learn more about FHA home loan prerequisites in Florida.
VA Home loans
Obtainable by all eligible prior and current military members. Please contact us to get more information on VA mortgages in Florida.
Homeowners that currently have a VA, USDA and FHA loan should look at the multitude of simplified home refinance loan alternatives available on the market now. All these plans help home owners to refinance REGARDLESS of the mortgage to value ratio. If you currently have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are currently at all time low levels!