What do I need to get approved on a USDA Rural housing loan in Pomona Park, FL?
It’s honestly still relatively easy taking into account all the new changes which have happened in the mortgage marketplace over the last 4 years. Mortgage loans in 2013 are “back to basics” most of the time. Gone forever are the days of being approved for a loan without any income, unfavorable credit ratings, etc. Homebuyers jn the market now that have good credit, reliable documentation of revenue and reasonable debt ordinarily have no issue getting pre-qualification for a mortgage loan today.
All Govt home mortgages (VA, USDA and FHA) more or less require the same things to get pre-approval.
Take a look at a few tips to look for when considering a federal loan program.
Your Credit History
More often than not a 640 credit rating is necessary to become pre approved for any of the fed residential loans today, including USDA, VA and FHA. In addition be aware that a 640 credit score does NOT confirm home loan authorization as all banks and lenders have additional waiting standards in relation to homebuyers that have any prior bankruptcy, property foreclosure, or short sale. Increased time is usually needed for USDA Rural loans. A clear Twelve month monthly payment history on all other consumer credit trade lines is very important to manage.
It has to be reliable and documentable in 2013. The days of stated income or no documentation loans are long gone. Documenting income correctly may create a huge concern with self employed or 1099 individuals, specifically those who’ve not been self employed for not less than two years. Finance companies and banks generally want to see a 2 year employment history. Small holes in ones history of employment are just ok, just as long the time is not too long, or unexplainable. Fresh college graduates are often exempt within the Two year employment history regulation.
100% USDA Mortgages
Alternatives are available to any homebuyer looking to acquire a residential home within a rural listed vicinity. Click here for the USDA eligibility map. USDA loans include income guidelines depending on number of people in the home, county, etc. Please click here for more information on FL USDA income restrictions. USDA, along with VA, are considered the only mortgage loans in Florida that provide 100% loans with NO downpayment.
Other Putnam County and Pomona Park, Florida mortgage programs:
These financing options are offered throughout Florida to any homebuyer that qualifies. FHA home mortgages require a minimum 3.5% down-payment, so there are no net income constraints, restrictions or location demands. Contact us to learn learn more about FHA loan conditions in Florida.
VA Home loans
Accessible to all qualified previous and present military service members. Please contact us to read more about VA home mortgages in Florida.
Home-owners that currently have a USDA, FHA and VA loan must investigate the range of streamline home refinance options available at this time. These types of offers empower home owners to re-finance REGARDLESS of the loan to value relative amount. If you now have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are now at all-time low levels!