What is required to get approved to acquire a USDA Rural housing loan in Panama City, FL?
It’s honestly still quite easy taking into consideration all the new changes that have happened in the mortgage marketplace in the last 4 years. Mortgages in 2013 will be “back to basics” most of the time. Gone are the days of approval for a mortgage loan without having income, a bad credit score, etc. Homebuyers at present with very good credit, reliable documentation of salary and potential debt normally have no trouble finding pre-qualification for a home loan right away.
All the Govt home mortgages (VA, FHA and USDA) essentially need the same things in order to get pre-approved.
Take a look at several key points to consider when looking for a government loan program.
Your Credit Report
Typically a 640 FICO score is required to get pre-approved for the federal government home loans today, including FHA, USDA and VA. However do not forget that a 640 credit score DOES NOT guarantee home loan endorsement as virtually all banks and lenders have even more waiting conditions in terms of home buyers due to any preceding bankruptcy proceedings, property foreclosures, or short sale. More time will be needed for USDA Rural loans. A clean Twelve month payment history on any other credit trade lines is vital to maintain.
It has to be long-standing and documentable in 2013. The era of said income or no documentation loans are gone. Documenting revenue adequately can pose a huge concern with self employed or 1099 persons, especially those who’ve not been self-employed for at least a two year period. Banks and lenders typically want to see a 2 year employment history. Reasonable interruptions in your personal history of employment are just okay, as long as the gap is not too much, or unexplainable. New college grads may be exempt within the Two year employment regulation.
100% USDA Loan
Choices are offered to any type of homebuyer looking to acquire a residential home in a rural specified locality. Click here for the USDA eligibility map. USDA loans include income rules regarding the number of members in the home, area, etc. Please click here for more information on FL USDA income limits. USDA, collectively with VA, are definitely the only two residential loans in Florida that have 100% funding with NO down payment.
Further Bay County and Panama City, Florida mortgage recommendations:
These financing options are readily available throughout Florida to any home buyer that is eligible. FHA loans have to have a min 3.5% down payment, so there are no net income limits, regulations or location demands. Contact us to learn learn more about FHA loan standards in the state of Florida.
VA Home loans
Offered to all eligible previous and present military service members. Please contact us to find out more about VA home mortgages in Florida.
Home owners that currently have a FHA, USDA and VA loan must examine the diversity of simplified refinance loan choices available today. Most of these offers permit home-owners to re-finance REGARDLESS of the loan to value proportion. If you already have a USDA Home loan, contact us to learn about the Pilot program. Interest rates are now at all-time low levels!