So what does it take to get pre-approval for a USDA Rural housing loan in Moore Haven, FL?
It’s honestly still reasonably simple taking into account all the changes which have taken place in the mortgage market during the last 6 years. Mortgages in 2013 are “back to basics” in most instances. Gone forever are the days of being approved for a loan without any income, low credit scores, etc. Buyers today with decent credit, stable documentation of cash flow and manageable debt will have no trouble acquiring pre-qualification for a home loan today.
All Federal home mortgages (USDA, VA and FHA) generally need the same things to get pre-approved.
Below are several key points to consider when making a choice on a government loan.
Your Credit Score
Most often a 640 credit rating is necessary to be pre-approved for the government home mortgages today, including VA, USDA and FHA. Even so do not forget that a 640 overall credit score does NOT confirm home loan agreement as just about all lenders and banks have further waiting requirements in relation to buyers with any past individual bankruptcy, home foreclosure, or short sale. Added time is also required for USDA Rural loans. A clear 12 month monthly payment history on all other credit trade lines is crucial to maintain.
It has to be consistent and documented in 2013. The times of said income or loans without documentation are gone forever. Revealing net income effectively may present a major issue with independently employed or 1099 labor, in particular those who’ve not been self-employed for at least a two year period. Finance companies and banks usually want to see a 2 year history of employment. Minimal gaps in ones employment history are fine, just as long the gap is not too much time, or unexplainable. Fresh college or university grads may be exempt within the 2 year employment rule.
100% USDA Homeowner loans
These plans are available to pretty much any homebuyer thinking about buying a house in a rural listed locality. Click here for the USDA eligibility map. USDA loans also include earning rules based on the quantity of members in the household, region, etc. Please click here for more information on FL USDA income constraints. USDA, alongside VA, are the only two mortgage loans in Florida offering 100% funding with Zero downpayment.
Different Glades County and Moore Haven, Florida mortgage solutions:
FHA Home Loans
These loans are found across Florida for any homebuyer that qualifies. FHA mortgages need a min 3.5% down payment, there are no income limits, restrictions or property location disadvantages. Contact us to learn learn more about FHA loan conditions in Florida.
Available to all eligible prior and present military members. Please contact us to find out about VA homeowner loans in Florida.
Home-owners that presently have a USDA, VA and FHA loan need to examine the wide selection of enhanced refinance mortgage loan options available at this time. All these offerings enable homeowners to refinance REGARDLESS of the mortgage loan to value proportion. 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!