So what does it take to get pre-approval for a USDA Rural housing loan in Vernon, FL?
It’s honestly still very easy taking into consideration all the changes which have happened in the mortgage market over the past 5 years. Mortgage loans in 2013 will be “back to basics” in most cases. Gone are the days of being eligible for a loan with no income, low credit scores, etc. Homebuyers jn the market now which have acceptable credit, reliable documentation of source of income and reasonable debt usually have no trouble acquiring pre-qualification for a mortgage right away.
All the Federal mortgages (USDA, VA and FHA) generally require the same things when getting pre-approved.
Below are a few key points to take into account when considering a federal government loan type.
Your Credit Report
Generally a 640 FICO score is needed to be approved for any of the federal residential loans today, including FHA, USDA and VA. Nevertheless keep in mind a 640 credit score DOES NOT assure you home loan affirmation as almost all lenders and banks have extra waiting standards when it comes to buyers with any prior individual bankruptcy, property foreclosures, or short sales. Further time is additionally needed for USDA Rural loans. A clear Twelve month monthly payment history on all other credit trade lines is essential to maintain.
Net income Level
It has to be reliable and documentable in 2013. The times of stated income or loans without documentation are gone. Recording net income adequately can sometimes pose a major problem with the self employed or 1099 labor, in particular those who’ve not been self employed for not less than a two year period. Banks and lenders usually are interested in a Two year employment history. Minimal spaces in ones history of employment might be acceptable, just as long the space is not too much, or unexplainable. Recent college or university grads are typically exempt from the Two year employment rule.
100% USDA Homeowner loans
These plans are available to any home buyer wishing to purchase a home in a rural listed location. Click here for the USDA eligibility map. USDA loans have earning limits dependent on the quantity of family members in the home, area, etc. Please click here for more information on FL USDA income limits. USDA, together with VA, are definitely the only mortgage loans in Florida that come with 100% financing with Zero down payment.
Some other Washington County and Vernon, Florida mortgage programs:
These financing options are found across Florida to any homebuyer that is approved. FHA home mortgages need a min 3.5% down-payment, there are no earnings limits, restrictions or property location policies. Contact us to learn learn more about FHA home loan specifications in Florida.
Available to all qualified prior and present military members. Please contact us to find out more on VA mortgages in Florida.
Home owners that currently have a VA, USDA and FHA loan need to investigate the selection of streamline home refinance loan options available on the market now. These packages allow home-owners to refinance their home REGARDLESS of the loan to value ratio. If you currently have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are presently at all time low levels!