What do you need to get pre approved on a USDA Rural housing loan in O’Brien, FL?
It’s definitely still relatively straightforward taking into consideration all the new changes which have taken place in the mortgage market over the last 4 years. Mortgages in 2013 will be “back to basics” in most instances. Gone forever is the time of approval for a loan without having any income, bad credit, etc. Homebuyers jn the market now with good credit, stable documentation of salary and workable debt often times have no trouble getting pre-qualification for a home mortgage today.
All Federal government mortgage loans (USDA, VA and FHA) essentially require the same things when getting pre-approved.
Take a look at a few main points to consider when deciding on a federal loan program.
Your Credit Scores
In most situations a 640 FICO score is necessary to get approved for any of the federal mortgage loans today, including USDA, VA and FHA. But take into account a 640 credit score does NOT warrantee loan affirmation as just about all banks and lenders have more waiting requirements in terms of homebuyers because of any earlier bankruptcy, foreclosure, or short sales. Extra time is typically needed for USDA Rural loans. A clean One year monthly payment history on all other credit trade lines is essential to manage.
It has to be long-standing and documented in 2013. The era of stated income or no documentation loans are gone forever. Revealing source of income adequately will often present a challenge with self employed or 1099 workers, in particular those that have not been self employed for no less than two years. Banks and lenders normally want to see a Two year history of employment. Reasonable interruptions in an individual’s history of employment are just ok, so long as the gap isn”t too long, or unexplainable. Fresh college grads are normally exempt within the 2 year employment rule.
100% USDA Home loans
These loans are offered to any homebuyer thinking of purchasing a home within a rural listed geographic location. Click here for the USDA eligibility map. USDA loans will have earning limits in accordance with the amount of people in the home, region, etc. Please click here for more information on Florida USDA income constraints. USDA, together with VA, have become the only two home mortgages in Florida that provides 100% funding with Zero down payment.
Further Suwannee County and O’Brien, Florida mortgage options:
These loans are found up and down Florida for any home buyer that is eligible. FHA home loans need a minimum 3.5% down payment, there are no revenue constraints, restrictions or property location policies. Contact us to learn all about FHA loan restrictions in Florida.
VA Lending options
Open to all qualified previous and present military service members. Please contact us to learn about VA mortgage loans in Florida.
Homeowners that presently have a FHA, VA and USDA loan should be encouraged to investigate the wide variety of streamline refinance loan options available at present. Most of these packages help home owners to refinance REGARDLESS of the mortgage loan to value ratio. If you already have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are currently at record low levels!