What does one need to get pre-approved for getting a USDA Rural housing loan in Paxton?
It’s actually still pretty simple taking into account all the new changes which have happened in the mortgage market over the past 4 years. Mortgage loans in 2013 will be “back to basics” in most instances. Gone forever are the days of qualifying for a mortgage loan without having income, poor credit, etc. Homebuyers jn the market now that have decent credit, stable documentation of source of income and reasonable debt often times have no trouble acquiring pre-qualification for a mortgage loan right away.
All Federal home loans (USDA, FHA and VA) largely require the same things when getting pre approved.
Listed below are a few key points to contemplate when considering a government loan.
Your Credit Score
In most cases a 640 credit rating is necessary to become approved for the fed residential loans today, including FHA, USDA and VA. But keep in mind a 640 overall credit score DOES NOT assure you mortgage approval as just about all lenders and banks have other waiting requirements in regards to home buyers due to any past personal bankruptcy, real estate foreclosure, or short sales. Increased time is typically needed for USDA Rural loans. A clean One year payment history on all other consumer credit trade lines is very important to look after.
Net income Level
It needs to be reliable and documented in 2013. The era of stated income or loans without documentation are gone forever. Recording income properly could possibly pose issues with independently employed or 1099 individuals, especially those that have not been independently employed for a minimum of a two year period. Finance companies and banks usually wish to see a Two year employment history. Limited holes in a person’s history of employment are just satisfactory, as long as the gap is not too much, or unexplained. New college grads may be exempt within the 2 year employment history regulation.
100% USDA Loan options
These financing options are available to pretty much any home buyer thinking about buying a residential home within a rural classified locality. Click here for the USDA eligibility map. USDA loans will have earning rules based on the number of family members in the home, region, etc. Please click here for more information on Florida USDA income restrictions. USDA, collectively with VA, are considered the only two mortgage loans in Florida which offer 100% funding with NO downpayment.
Different Walton County and Paxton, Florida mortgage programs:
FHA Home Loans
These financing options are found all over Florida to any homebuyer that is eligible. FHA home loans have to have a minimum 3.5% down payment, there are no net income constraints, restrictions or property location policies. Contact us to learn all about FHA mortgage qualifications in Florida.
VA Home mortgages
Designed for all qualified prior and current armed forces members. Please contact us to learn more about VA lending options in Florida.
Home owners that presently have a VA, FHA and USDA loan should look into the wide selection of enhanced refinance options available on the market now. All of these options permit homeowners to re-finance REGARDLESS of the mortgage loan to value ratio. If you now have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are now at all-time low levels!