What do you need to get pre-approved to acquire a USDA Rural housing loan in Palm Coast, FL?
It’s honestly still rather easy taking into consideration all the changes that have occurred in the mortgage industry during the last 5 years. Mortgages in 2013 are “back to basics” in most cases. Gone is the time of qualifying for a loan devoid of income, low credit scores, etc. Homebuyers today with really good credit, stable documentation of source of income and acceptable debt generally have no trouble getting pre-qualification for a mortgage loan today.
All the Federal home loans (USDA, FHA and VA) more or less require the same things when getting pre approved.
Listed below are a lot of main points to think about when considering a government loan program.
Your Credit Report
Generally a 640 FICO score is required to become approved for the federal mortgage loans today, including FHA, USDA and VA. But take into account that a 640 credit rating does NOT assure you mortgage affirmation as almost all lenders and banks have other waiting criteria with regards to homebuyers that have any recent individual bankruptcy, property foreclosures, or short sale. Additional time is usually required for USDA Rural loans. A clear 12 month payment history on any other credit lines is important to maintain.
It must be consistent and documentable in 2013. The days of stated income or no documentation loans are gone. Showing income effectively can sometimes present a difficulty with the self employed or 1099 persons, in particular those who’ve not been self employed for a minimum of a two year period. Finance companies and banks normally are interested in a 2 year history of employment. Minor interruptions in a person’s employment history are alright, so long as the gap isn”t too much time, or unexplained. Recent college or university graduates tend to be exempt from the Two year employment regulation.
100% USDA Mortgage loans
These financing options are offered to any home buyer wishing to acquire a residential home inside of a rural recognized geographic location. Click here for the USDA eligibility map. USDA loans generally have income guidelines as per the number of members in the household, region, etc. Please click here for more information on Florida USDA income rules. USDA, accompanied by VA, are considered the only two residential loans in Florida that give 100% funding with NO downpayment.
More Flagler County and Palm Coast, Florida mortgage types:
These loans can be obtained across Florida for just about any home buyer that qualifies. FHA mortgages require a minimum 3.5% down payment, there are no income limitations, boundaries or property location demands. Contact us to learn learn more about FHA home loan qualifications in Florida.
Provided to all eligible prior and existing armed forces members. Please contact us to learn more about VA home loans in Florida.
Home owners that currently have a USDA, VA and FHA loan must investigate the vast array of simplified refinance mortgage loan alternatives available today. Many of these plans help home owners to refinance REGARDLESS of the mortgage loan to value relative amount. If you already have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are presently at all-time low levels! Visit us at www.UsdaMortgageSource.com or call 904-302-6060