So what does it take to get pre-approved on a USDA Rural housing loan in St. Lucie Village?
It’s actually still pretty simple taking into consideration all the changes which have taken place in the mortgage market place over the past 5 years. Mortgage loans in 2013 are “back to basics” in most instances. Long gone are the days of being eligible for a loan devoid of income, low credit, etc. Homebuyers today that have really good credit, reliable documentation of salary and potential debt will have no issue finding pre-qualification for a home mortgage right away.
All Government home mortgages (USDA, VA and FHA) more or less need the same things when getting pre-approved.
Below are quite a few main points to take into consideration when considering a federal loan.
Your Credit Rating
Usually a 640 credit rating is needed to be pre-approved for the federal home mortgages today, including VA, FHA and USDA. In addition remember that a 640 fico score does NOT assure you home loan approval as all lenders and banks have additional waiting standards regarding homebuyers that have any recent bankruptcy proceedings, property foreclosure, or short sales. Increased time may be needed for USDA Rural loans. A clean Twelve month monthly payment history on any other credit trade lines is critical to take care of.
It has to be consistent and documentable in 2013. The era of said income or no documentation loans are long gone. Revealing revenue properly may present an issue with independently employed or 1099 workers, specially those who’ve not been self-employed for no less than two years. Finance companies and banks normally wish to see a 2 year history of employment. Small holes in a person’s employment history are acceptable, as long as the gap isn”t for too long, or unexplainable. Recent university or college grads are by and large exempt within the 2 year employment rule.
100% USDA Mortgages
These loans are available to pretty much any homebuyer thinking about purchasing a house inside of a rural specified geographic location. Click here for the USDA eligibility map. USDA loans include earning rules based on the number of members in the household, county, etc. Please click here for more information on FL USDA income limits. USDA, accompanied by VA, are definitely the only two mortgage loans in Florida which provide 100% loans with Zero down payment.
Different St. Lucie County and St. Lucie Village, Florida mortgage picks:
FHA Home Loans
These loans are available all over Florida for any homebuyer that qualifies. FHA mortgages have to have a minimum 3.5% down-payment, there are no earnings constraints, regulations or location disadvantages. Contact us to learn all about FHA home loan conditions in Florida.
Open to all qualified prior and current military members. Please contact us to learn about VA mortgages in Florida.
Home owners that currently have a FHA, USDA and VA loan need to check out the wide selection of streamline loan refinancing alternatives available on the market now. All these packages enable homeowners to refinance REGARDLESS of the mortgage to value percentage. 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!