What can I do to get pre approved for a USDA Rural housing loan in Valparaiso, FL?
It’s actually still quite easy considering all the changes which have occurred in the mortgage marketplace during the last 4 years. Mortgages in 2013 are “back to basics” in most instances. Long gone is the time of approval for a mortgage loan without any income, poor credit, etc. Homebuyers at present that have decent credit, stable documentation of source of income and workable debt will often have no trouble acquiring pre-qualification for a mortgage loan right away.
All the Govt mortgages (VA, FHA and USDA) largely need the same things to get pre-approval.
Listed below are a few main points to look for when selecting a federal government loan program.
Your Credit History
Most often a 640 credit rating is needed to get pre approved for any of the government residential loans today, including VA, USDA and FHA. However keep in mind a 640 credit score does NOT confirm loan affirmation as almost all lenders and banks have further waiting prerequisites regarding homebuyers due to any earlier bankruptcy, property foreclosure, or short sale. Even more time is typically required for USDA Rural loans. A clear Twelve month monthly payment history on any other credit lines is critical to manage.
It must be consistent and documentable in 2013. The days of stated income or loans without documentation are gone forever. Recording revenue adequately may pose a major issue with the self employed or 1099 individuals, in particular those which have not been independently employed for no less than a two year period. Banks and lenders normally need to see a Two year employment history. Modest gaps in your personal history of employment are just ok, as long as the gap is not too lengthy, or unexplainable. Fresh college or university grads are usually exempt within the Two year employment rule.
100% USDA Solutions
Alternatives are offered to any home buyer wishing to acquire a residential home within a rural outlined vicinity. Click here for the USDA eligibility map. USDA loans include earning rules according to the quantity of family members in the household, county, etc. Please click here for more information on Florida USDA income restrictions. USDA, accompanied by VA, are considered the only two mortgages in Florida that provides 100% funding with Zero downpayment.
Some other Okaloosa County and Valparaiso, Florida mortgage programs:
FHA Home Loans
These loans are found up and down Florida to any homebuyer that is eligible. FHA mortgage loans have to have a minimum 3.5% down payment, there are no net income constraints, boundaries or location disadvantages. Contact us to learn all about FHA loan prerequisites in Florida.
Obtainable by all qualified prior and existing military members. Please contact us to learn about VA mortgage loans in Florida.
Homeowners that presently have a FHA, USDA and VA loan must look at the range of streamline refinance mortgage loan options available at present. Quite a number of offers empower home owners to re-finance REGARDLESS of the mortgage to value percentage. If you currently have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are presently at all time low levels!