What does one need to get pre-approval for getting a USDA Rural housing loan in San Antonio, FL?
It’s definitely still quite straightforward taking into consideration all the changes which have happened in the mortgage market in the last 5 years. Mortgages in 2013 will be “back to basics” most of the time. Gone are the days of being eligible for a loan without having any income, poor credit, etc. Homebuyers jn the market now with favorable credit, reliable documentation of source of income and potential debt usually have no trouble getting pre-qualification for a mortgage today.
All of the Govt home loans (VA, FHA and USDA) basically need the same things when getting pre-approval.
Listed below are quite a few main points to look for when looking for a government loan.
Your Credit Evaluation
In many instances a 640 credit rating is necessary to be pre-approved for the fed residential loans today, including USDA, VA and FHA. Even so don’t forget that a 640 overall credit score does NOT guarantee home loan approval as virtually all lenders and banks have further waiting prerequisites in terms of home buyers with any previous bankruptcy proceedings, home foreclosure, or short sale. Further time may be required for USDA Rural loans. A clear 12 month payment history on all other consumer credit trade lines is very important to manage.
Net income Level
It needs to be consistent and documented in 2013. The era of stated income or loans without documentation are gone. Documenting revenue properly can present a huge concern with the self employed or 1099 personnel, in particular those that have not been self-employed for at least a two year period. Banks and lenders usually want to see a Two year history of employment. Limited spaces in an individual’s history of employment are acceptable, just as long the time is not too long, or unexplained. New college or university graduates are often exempt from the 2 year employment history rule.
100% USDA Borrowing
These financing options are offered to pretty much any homebuyer thinking of buying a home within a rural specified locality. Click here for the USDA eligibility map. USDA loans also include income limitations as per the number of people in the home, county, etc. Please click here for more information on Florida USDA income constraints. USDA, collectively with VA, are the only mortgages in Florida which offer 100% funding with Zero downpayment.
More Pasco County and San Antonio, Florida mortgage picks:
FHA Home Loans
These financing options are accessible all over Florida for just about any home buyer that is eligible. FHA mortgages have to have a min 3.5% down-payment, there are no net income limitations, regulations or location demands. Contact us to learn all about FHA home loan standards in the state of Florida.
VA Lending options
Available for all qualified past and present armed forces members. Please contact us to find out about VA loans in Florida.
Home owners that presently have a VA, FHA and USDA loan need to examine the diversity of enhanced refinancing choices available at present. Many of these offerings enable home-owners to refinance their home REGARDLESS of the mortgage loan to value relative amount. If you now have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are now at all-time low levels!