What is required to get pre-approved for getting a USDA Rural housing loan in Maitland, FL?
It’s definitely still quite straightforward taking into consideration all the new changes that have happened in the mortgage industry over the last 6 years. Mortgages in 2013 are “back to basics” in many instances. Gone forever are the days of getting qualified for a loan without having income, low credit scores, etc. Homebuyers at present that have really good credit, stable documentation of source of income and potential debt generally have no issue getting pre-qualification for a mortgage right away.
All the Federal government mortgage loans (USDA, FHA and VA) pretty much need the same things in order to get pre-approval.
Take a look at several key points to take into consideration when deciding upon a federal loan type.
Your Credit Scores
In most situations a 640 credit score is needed to be pre approved for any of the federal residential loans today, including VA, FHA and USDA. In addition be aware that a 640 credit score does NOT guarantee loan affirmation as all lenders and banks have additional waiting demands regarding home buyers that have any previous individual bankruptcy, real estate foreclosure, or short sales. Further time will be required for USDA Rural loans. A clean Twelve month payment history on any other consumer credit lines is critical to keep up with.
It has to be steady and documented in 2013. The times of said income or no documentation loans are gone forever. Showing revenue correctly can occasionally pose a major problem with independently employed or 1099 persons, specifically those which have not been self-employed for at least two years. Finance companies and banks commonly want to see a 2 year employment history. Minimal interruptions in your entire employment history are just satisfactory, just as long the space isn”t for too long, or unexplainable. Fresh university or college graduates are often exempt from the Two year employment history rule.
100% USDA Home mortgages
These financing options are available to pretty much any homebuyer thinking about buying a home with a rural specified location. Click here for the USDA eligibility map. USDA loans also have income limitations dependent on the amount of members in the household, region, etc. Please click here for more information on Florida USDA income limitations. USDA, and the VA, are considered the only two home mortgages in Florida that provides 100% financing with Zero down payment.
Additional Orange County and Maitland, Florida mortgage types:
FHA Home Loans
These financing options are available up and down Florida for any homebuyer that is eligible. FHA residential loans have to have a min 3.5% down payment, so there are no earnings limitations, boundaries or location rules. Contact us to learn learn more about FHA mortgage loan specifications in Florida.
VA Lending options
Available for all eligible prior and current armed forces members. Please contact us to find out more on VA loans in Florida.
Home-owners that presently have a VA, USDA and FHA loan should also look into the diversity of streamline home refinance alternatives available presently. Most of these options will allow home-owners to re-finance REGARDLESS of the mortgage to value ratio. If you now have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are currently at all-time low levels!