What do you need to get pre-approval to acquire a USDA Rural housing loan in Middleburg, FL?
It’s definitely still relatively easy considering all the new changes that have happened in the mortgage market in the last 4 years. Mortgages in 2013 will be “back to basics” most of the time. Gone is the time of qualifying for a mortgage loan without the presence of income, unfavorable credit ratings, etc. Homebuyers today that have very good credit, reliable documentation of income and acceptable debt normally have no issue acquiring pre-qualification for a mortgage loan today.
All the Federal government home mortgages (USDA, VA and FHA) essentially require the same things when getting pre-approval.
Below are a number of key points to keep in mind when looking for a federal government loan program.
Your Credit Status
Most of the time a 640 credit rating is necessary to get pre-approved for the government home mortgages today, including VA, USDA and FHA. Even so be aware that a 640 fico score doesn’t guarantee loan approval as almost all lenders and banks have various other waiting prerequisites concerning homebuyers with any prior personal bankruptcy, property foreclosure, or short sales. Further time may be required for USDA Rural loans. A clean Twelve month monthly payment history on all other consumer credit lines is essential to keep up with.
Net income Level
It has to be stable and documented in 2013. The era of said income or loans without documentation are gone forever. Recording revenue adequately can occasionally present a major issue with self employed or 1099 individuals, particularly those who’ve not been self-employed for no less than a two year period. Banks and lenders generally need to see a Two year employment history. Limited holes in your entire employment history are just ok, as long as the time is not too much, or unexplainable. New college graduates usually are exempt from a 2 year employment history rule.
100% USDA Home mortgages
These loans are offered to pretty much any homebuyer looking to purchase a dwelling in a rural recognized locality. Click here for the USDA eligibility map. USDA loans have got earning restrictions depending on the amount of members in the home, region, etc. Please click here for more information on Florida USDA income restrictions. USDA, and the VA, are definitely the only two residential loans in Florida which offer 100% loans with Zero down payment.
Many other Clay County and Middleburg, Florida mortgage solutions:
These loans can be obtained up and down Florida for any homebuyer that qualifies. FHA loans require a minimum 3.5% down payment, so there are no revenue limits, boundaries or location disadvantages. Contact us to learn all about FHA mortgage loan restrictions in Florida.
Offered to all qualified prior and current military members. Please contact us to learn more about VA lending options in Florida.
Homeowners that currently have a FHA, VA and USDA loan ought to check out the wide array of simplified loan refinancing choices available today. These programs help homeowners to refinance REGARDLESS of the loan to value percentage. If you now have a USDA Mortgage, contact us to find out more about the Pilot program. Interest rates are currently at all time low levels!