What can I do to get pre-approval to acquire a USDA Rural housing loan in Sanibel, FL?
It’s actually still pretty easy taking into consideration all the changes that have happened in the mortgage industry over the last 6 years. Mortgage loans in 2013 will be “back to basics” in most cases. Gone is the time of qualifying for a mortgage loan devoid of income, poor credit, etc. Homebuyers today with pretty good credit, stable documentation of source of income and manageable debt typically have no issue acquiring pre-qualification for a home loan today.
All the Govt home mortgages (USDA, FHA and VA) largely require the same things in order to get pre-approval.
Below are quite a few tips to think about when deciding upon a federal loan program.
Your Credit Score
In most situations a 640 FICO score is needed to be approved for the government home loans today, including USDA, FHA and VA. But take into account that a 640 credit score doesn’t guarantee mortgage acceptance as virtually all banks and lenders have different waiting requirements concerning buyers having any earlier individual bankruptcy, real estate foreclosure, or short sales. Additional time may be required for USDA Rural loans. A clean One year payment history on all other credit trade lines is vital to look after.
It needs to be consistent and documentable in 2013. The times of stated income or no documentation loans are gone forever. Showing net income adequately can present a challenge with the self employed or 1099 workers, especially those which have not been self employed for a minimum of a couple of years. Banks and lenders commonly need to see a Two year history of employment. Limited holes in a person’s history of employment might be fine, as long as the gap isn”t too much time, or unexplained. Recent university or college grads are typically exempt from a Two year employment history regulation.
100% USDA Solutions
These financing options are offered to just about any home buyer thinking of buying a home inside of a rural listed geographic location. Click here for the USDA eligibility map. USDA loans have earning limitations dependent on the amount of family members in the household, area, etc. Please click here for more information on FL USDA income maximum. USDA, in addition to VA, are definitely the only two residential loans in Florida that have 100% funding with Zero down payment.
Additional Lee County and Sanibel, Florida mortgage choices:
FHA Home Loans
These loans are found all over Florida for just about any home buyer that is approved. FHA mortgages have to have a minimum 3.5% down payment, so there are no income constraints, regulations or property location disadvantages. Contact us to learn all about FHA mortgage loan qualifications in Florida.
Open to all qualified past and present military members. Please contact us to find out about VA lending options in Florida.
Home owners that presently have a VA, USDA and FHA loan should also look into the vast array of streamline loan refinancing alternatives available presently. Quite a number of options help home-owners to re-finance REGARDLESS of the mortgage to value relative amount. If you already have a USDA Home mortgage, contact us to find out more about the Pilot program. Interest rates are currently at record low levels!