So what does it take to get approved to acquire a USDA Rural housing loan in West Melbourne?
It’s definitely still pretty simple taking into account all the changes which have happened in the mortgage market over the past 5 years. Mortgages in 2013 are “back to basics” in many instances. Gone forever are the days of being approved for a mortgage loan devoid of income, low credit, etc. Homebuyers jn the market now that have pretty good credit, reliable documentation of revenue and reasonable debt ordinarily have no issue finding pre-qualification for a home mortgage today.
All Federal government mortgage loans (VA, USDA and FHA) largely require the same things in order to get pre-approved.
Below are some tips to look for when selecting a federal government loan.
Your Credit Status
Typically a 640 FICO score is necessary to be pre-approved for the government mortgage loans today, including FHA, USDA and VA. But be aware that a 640 credit score does NOT guarantee home loan acceptance as most lenders and banks have added waiting conditions in regards to homebuyers having any preceding individual bankruptcy, home foreclosure, or short sales. Extra time will be required for USDA Rural loans. A clear Twelve month payment history on any other credit lines is crucial to maintain.
It must be reliable and documented in 2013. The era of said income or no documentation loans are long gone. Showing revenue adequately can cause a challenge with self employed or 1099 persons, especially those that have not been independently employed for at least a couple of years. Banks and lenders typically are interested in a 2 year history of employment. Reasonable spaces in ones employment history are just alright, as long as the time is not too lengthy, or unexplainable. Fresh university or college graduates tend to be exempt from the 2 year employment regulation.
100% USDA Mortgage loans
Alternatives are available to just about any home buyer looking to buy a house inside a rural listed location. Click here for the USDA eligibility map. USDA loans also include earning restrictions regarding the quantity of members in the home, area, etc. Please click here for more information on FL USDA income limits. USDA, and the VA, are considered the only two residential loans in Florida which offer 100% financing with NO down payment.
Different Brevard County and West Melbourne, Florida mortgage types:
FHA Home Loans
These financing options are offered throughout Florida for any homebuyer that is approved. FHA mortgage loans have to have a minimum 3.5% down-payment, there are no income limitations, boundaries or property location policies. Contact us to learn learn more about FHA loan requirements in the state of Florida.
Designed for all eligible previous and current military service members. Please contact us to learn about VA mortgage loans in Florida.
Home-owners that currently have a USDA, FHA and VA loan need to look at the wide variety of enhanced refinance options available today. Quite a number of offers will allow home-owners to re-finance REGARDLESS of the mortgage loan to value percentage. If you now have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are currently at historical low levels!